London, U.K. – The global rubber additives market is set to grow at a CAGR of over 5 percent during the forecast period, 2017-2021, according to the latest market report from Technavio. The market study covers the present scenario and growth prospects of the global rubber additives market for 2017-2021. The report also lists tire and non-tire as the two major application segments, of which the tire segment accounted for 58 percent of the market share in 2016. The global automotive industry is expected to grow at a moderate pace during the forecast period. The growth in the automotive industry will increase the demand for tires, which in turn will increase the demand for rubber additives. Rubber additives are used in the manufacturing of tires as they improve resistance to sunlight, ozone, heat and mechanical stress of tires.
According to Hitesh Bhatia, a lead analyst at Technavio for additives, adhesives and sealants research, “Rising demand for rubber tires in the automotive industry will drive the growth of the rubber additives market. As the demand for vehicles is increasing, the use of rubber additives is expected to have high demand during the forecast period. The growing population coupled with the increased spending on automobiles will drive the global rubber additives market.” In the medical and pharmaceutical industry, rubber additives have applications in injection vials, closures for infusion containers and blood collection tubes. Rubber additives are also used in plungers for applications such as infusion pumps, pre-filled syringes, insulin injectors and dental anesthetics. The automotive air-conditioning system uses rubber in the form of seals around the fittings and shafts, and in hoses. Rubber additives are also found in adhesives, which provide adhesive formulations for transparent tapes, mastic for pipe wrap tapes, hot melt pressure sensitive adhesives, vinyl floor tile adhesives and roofing adhesives. Rubber additives are also used in footballs to improve applicability and cure rates for natural rubber. The increase in the use of the non-tire application for rubber additives will increase the demand for rubber additives during the forecast period. APAC is the fastest growing rubber additives market in terms of global revenue. The reasons for the growth of the rubber additives market are the rapid growth of the automobile industry and rubber manufacturing. China is the leading country in APAC owing to increasing demand for rubber in the automobiles sector and the growing population. “India and Japan are the fastest-growing countries in this region. Vietnam is expected to be the emerging market in the global rubber additives market during the forecast period. The demand for rubber additives in the region is significantly driven by the increasing demand for consumption of rubber additives in electrical insulation industries and tire manufacturing industries,” says Hitesh.
Source : https://globalrubbermarkets.com