Rubber Products Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Rubber Products Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Rubber Products Global Market Report 2024, The rubber products market size has grown strongly in recent years. It will grow from $398.29 billion in 2023 to $424.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to automotive industry growth, industrialization and manufacturing, tire industry evolution, consumer goods manufacturing, healthcare sector growth, elasticity and versatility of rubber.

The rubber products market size is expected to see strong growth in the next few years. It will grow to $536.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to focus on sustainable and recyclable materials, smart and intelligent rubber products, infrastructure investments, renewable energy sector growth, advanced sealing solutions. Major trends in the forecast period include smart rubber technologies, customized rubber solutions, rubber recycling, 3d printing of rubber components, innovations in rubber formulations.

Technological advancement is expected to be a continued driver of market growth during this period. Industries that involve technology, such as this one, benefited from this trend during this period. For example, technologies such as Green Tires, where 20-30% of a vehicle’s fuel consumption is related to tire performance, took off during this period. Green Tires offer wet grip, durability and low rolling resistance, reducing fuel consumption by 5-7%. Thus, technological advancement which enabled improved performance, reduced fuel consumption contributed to the market growth.

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The rubber products market covered in this report is segmented –

1) By Type: Tire, Hoses And Belting, Other Rubber Product

2) By Process: Molded, Extruded, Fabricated, Latex-based, Other Processes

3) By End-User Industry: Construction & Infrastructure, Automotive, Electrical & Electronics, Other End Users

Subsegments Covered: Radial Tires, Bias Tires, Rubber Hoses, Rubber Belts

Computer simulation and 3D printing technology is expected to have a significant impact on the rubber product manufacturing industry. An increasing number of companies are adopting 3D technology to design and develop rubber products. Software aided system offers 3D presentations on production line processes, including potential fault lines and also provides control on the manufacturing process. For example, Stratasys develops 3D printing technologies to produce automotive tires that can be customized to different levels of hardness, and elongation.

The rubber products market report table of contents includes: