CLEVELAND - The global market for rubber processed chemicals is expected to grow at an annual rate of 4.9 percent, from $3.63 billion last year to $5.31 billion in 2025, according to a new study by Global Market Insights.
The CAGR figures are consistent with other market reports in the rubber processing chemicals sector. However, some studies predict that the market will be worth close to $7bn by 2026, with a volume of about 45m tonnes.
GMI said in its latest market research that it expects the highest level of growth in the rubber curing promoter sector, based on an estimated revenue of more than $1.5 billion in 2017.
It noted that the pace of demand reflected the contribution of facilitators to reducing production time and facilitating rapid and economical production of rubber parts to meet the required quality standards.
The report also notes that the demand for anti-degradable rubber chemicals will increase significantly by 2024.
GMI in general says the demand for rubber chemicals is largely driven by the automotive industry and, to a lesser extent, by increased demand for construction applications such as roofing materials, floor coverings and sealants. On the other hand, the report points to stringent regulations surrounding human health and environmental issues and market pressures to shift from production to "green" tyres.