Worldwide rubber processing chemicals market is likely to grow over the coming years. This is mainly due to its rising demand in automotive industry. Rubber processing chemicals finds major application in automobile industry as it helps in advancing the product properties against effects of heat, ozone, oxidation, sunlight and mechanical stress.
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Rubber processing chemicals enhances the overall vulcanization process. The global market is segmented into different groups such as blowing agents, shortstops, anti – degradants, processing aids and polymerization regulators. Increasing use of these products in production of tires is anticipated to increase its usage in automobile sector over the coming years. These products improve the process of manufacturing and adds quality. Although, government regulations coupled with rising environmental concerns are estimated to be a key restrain for industry growth over the forecast period.
Rubber is a polymer and is divided widely into natural and synthetic type. More than 70% of the worldwide consumption is dominated by synthetic type. This is due to ability of synthetic type that adapts chemical formulation easily. Moreover, rising demand for natural type owing to its intrinsic antioxidative properties that needs fewer loadings is major factor likely to contribute to rapid growth over the coming years. Growing population coupled with rising disposable income of consumer has been increasing the automobile demand. These products play a vital role in enhancing the characteristics of rubber for further use in automotive tires. Hence, it is projected to be the major driver for global market demand.
China is the major manufacturer of rubber processing chemicals. Additionally, they are used in secondary product manufacturing industries exist in large quantity in the region. China is anticipated to increase the market demand for rubber .This will drive growth over the forecast period.
Europe is expected to be the largest consumer of rubber processing chemicals. Also this region dominates the automobile sector .Automobile industry broadly uses these products due to its high performance requirement and superior quality. Due to stringent government regulations in North America, requirement for rubber processing chemicals is likely to drive.
Leading companies in rubber processing chemicals market are Lanxess Corporation, Merchem, BASF, Vanderbilt Chemicals, Emerald Performance Chemicals, AkzoNobel and Georgia Pacific Chemicals.
Information Source: Radiants Insights