Rubber Market Size To Reach $65.65 Billion By 2030

Rubber Market Growth & Trends

The global rubber market size is expected to reach USD 65.65 billion by 2030 and is projected to grow at a CAGR of 5.08% from 2024 to 2030, according to a new study by Grand View Research, Inc. The tire industry, a major consumer of rubber, is highly influenced by the automotive industry. The expansion of the vehicle sector across countries is expected to enhance demand for natural rubber manufacturing.

Moreover, growing demand growth is attributed to factors such as increased vehicle manufacturing, increased construction activity, high demand for footwear, and increased airplane production. Furthermore, natural rubber is a key raw material utilized in the production of a wide range of end-use items, including medical equipment, surgical gloves, vehicle tires, toys, clothes, pacifiers, industrial components, mattresses, and others.

Rubber has high elasticity, flexibility, and abrasion resistance, rendering it an ideal raw material for automobile tires, floor mats, window seals, and shock absorbers. The volume of rubber used in the automotive industry has increased due to technical improvements and rising demand for passenger automobiles.Additionally, the increasing use in textiles and industrial items is predicted to be a driving element in market expansion.

Furthermore, the rubber industry’s overall growth rate depends upon high potential regions such as Asia Pacific due to a considerable rise in consumerism which is driven by economic growth, favorable credit landscape, and increased disposable income.This, in turn, steers the demand for rubber products for matting and roofing applications. An increase in construction activities, particularly in developing economies including India, China, Brazil and others, is expected to fuel the demand for rubber

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Rubber Market Report Highlights

• Asia Pacific dominated the overall market in terms of revenue over the forecast period. Rubber is in high demand in construction and manufacturing in the region due to rapid urbanization, infrastructure development, and increased industrial activity.

• Synthetic rubber dominated the application segment of the market in 2023. The rapid growth rate in aerospace, automotive, and construction, along with rising rubber demand from tire and electronic applications, will contribute to market expansion.

• Automotive dominated the car class segment in market accounting for over 70.0% in terms of revenue.Rubber is widely utilized in the automobile sector due to properties such as abrasion and temperature resistance. Rapid growth in the automotive industry, combined with increased R&D efforts, will drive up product demand.

• In May 2023, KUMHO Petrochemical Co., Ltd., Idemitsu Kosan Co., Ltd., and Sumitomo Corporation have signed a Memorandum of Understanding (MOU) to form a long-term collaboration for the development and expansion of the Asian market for sustainable polymers and chemicals. Idemitsu, will produce bio-SM using the mass balance method, and KUMHO Petrochemical Co., Ltd., will produce bio-SSBR (Solution Styrene Butadiene Rubber). Sumitomo Corporation will coordinate the collaboration and help to build the biomaterials market. The businesses intend to begin producing biopolymer in 2024.

Rubber Market Segmentation

Grand View Research has segmented the global rubber market on the basis of type, end-use, and region:

Rubber Type Outlook (Volume, Million Sq. Ft, Revenue, USD Million, 2018 - 2030)

• Natural

  • Ribbed Smoked Sheet Type

  • Solid Block Rubber Type

  • Concentrated Latex Type

  • Others

• Synthetic

  • Styrene Butadiene Rubber

  • Nitrile Rubber

  • Polybutadiene Rubber

  • Butyl Rubber

  • Others

Rubber End-Use Type Outlook (Volume, Million Sq. Ft, Revenue, USD Million, 2018 - 2030)

• Automotive

• Construction

• Industrial

• Healthcare

• Consumer goods

• Packaging

Rubber Regional Outlook (Volume, Million Sq. Ft, Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • U.K.

  • France

  • Italy

  • Spain

  • The Netherlands

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Malaysia

  • Singapore

  • Thailand

  • Vietnam

• Central & South America

  • Brazil

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players of Rubber Market

• Sinopec

• DuPont

• The Dow Chemical Company

• Exxon Mobil Corporation

• Kumho Petrochemical Company Ltd.

• The Goodyear Tire and Rubber Company

• JSR Corporation

• Denka Company Ltd.

• Vietnam Rubber Group

• Southland Holding LonzaAsahi Kasei Corporation