Rubber industry plays an important role in global economy, with its applications spread across various sectors such as automotive, manufacturing, consumer goods and medical industries. Generally, rubber is classified into two types, namely, natural and synthetic rubbers. Demand for both natural and synthetic rubber is broadly similar as both of them compete for the same market demand and have high degree of substitutability. Natural rubber is an agriculture product whereas synthetic rubber is a by-product of petroleum refining process. Synthetic rubber is a good substitute for natural rubber, however there are some properties of natural rubber which cannot be reproduced in laboratories.
Geographically, majority of natural rubber is produced and exported from Asia pacific region. In addition, Asia Pacific is also a major market for total rubber consumption. Especially, countries like China, Indonesia, India, Thailand and Vietnam are expected to witness higher growth in rubber consumption, primarily supported by rising manufacturing activities in these countries.
Global demand of rubber is primarily driven by tire market, which accounts more than half of the total rubber consumption. In addition, demand of rubber in non-tire automobile components such as belts, gaskets and hoses is expected to grow, owing to rising output of motor vehicles. While natural rubber is a major raw material for tire industry, demand of synthetic rubber is expected to be bolstered by growing disposable rubber gloves market.
Rubber gloves market is the major consumer of rubber. Increasing incidences of viral outbreaks, growing electronic manufacturing market, increasing healthcare expenditure and ageing population are some of the factors that will drive the growth of rubber gloves market.
In addition, rubber processing chemicals are also an integral part of overall rubber industry. Generally, rubber chemicals are used to process rubber in order to make it resistance to heat, sunlight and mechanical stress. Rubber processing chemicals are used across wide range of applications with tire manufacturing being the major consumer.
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