New York – The global industrial rubber market is set to grow at a CAGR of 5.2% between 2019 to 2026, according to a recent report by US market research company ReportLinker.
The market was valued at $29.8 billion (€26.8 billion) in 2018 and is projected to reach $44.6 billion by 2026, said the ReportLinker market study, published 7 Feb.
The study, which covered various rubber applications including tires, seals and gloves, predicted that the rise in demand from the automotive industry will drive the growth over the seven-year period.
While Asia-Pacific will remain a competitive market, "hazards related with rubber manufacturing" and high costs are expected to hamper the market growth, the report noted.
In addition, innovation and development in rubber industry, such as manufacturing of eco-friendly, rubber are expected to offer further opportunities for growth to the market.