Harrisburg, North Carolina – The global rubber processing chemicals market is set to surpass $6.28 billion (€5.43 billion) by 2030 from $4.11 billion in 2020, according a recent research by US-based consulting firm Market Insights Reports.
The growth, said the report, will represent compound annual growth rate (CAGR) of 4.32%, driven by “escalating demand” from various end-use industries including automotive and building and construction.
Furthermore, the growing adoption of rubber in manufacturing of sealants, insulating agents, roofing materials, and floor coverings is anticipated to induce the market growth over the next few years.
Other factors, said the report, such as the advancement of chemicals with better ease of handling, along with rapid urbanisation, are projected to improve the prospects of demand.
In terms of product type, rubber processing chemicals include antidegradants, accelerators, processing aids, flame retardants, blowing agents and anti-scorch agents, among other products.
According to Market Insights Reports, the accelerator-based segment, used to speed up the vulcanisation process, held the largest market share in the year 2020.
In terms of markets, the tire segment was the biggest consumer while in the non-tire segment the automotive industry is anticipated to see further growth in demand.
Furthermore, the report noted the increasing use of rubber products in the construction industry for floor coverings, roofing materials, sound insulation, and sealants.
Despite the prospect of growth, the report warned that stringent regulations regarding the potential harm of the chemicals on humans, the environmental and aquatic life could curb the market size.