According to the latest report of Transparency Market Research Corporation, the global rubber product market is expected to reach 151 billion US dollars (about 944.32 billion RMB) by 2025.
The development of global rubber products industry relies heavily on natural rubber as raw material. The natural rubber market is still in a state of oversupply, mainly attributed to the expanding planting area of natural rubber in the main producing areas and the slowing growth of tire industry. The report predicts that the global production of natural rubber will remain excessive by 2025.
Global rubber consumption grew by about 3% in 2016. The automotive industry's demand for global rubber products accounted for a large proportion of the total, which was also the main driving force for the development of the industry.
The fluctuation of raw material supply and rubber price are the main restrictive factors in the forecast period of industrial rubber products market. Due to the highly volatile price and unstable supply of natural rubber, more and more consumers are forced to switch from natural rubber to rubber rubber. Styrene butadiene rubber, nitrile butadiene rubber and other synthetic rubber are expected to grow at a remarkable rate.
In developed countries, more than 50% of rubber is used for automobile tires and pipes, and modern cars have more than 300 components made of rubber.
Regionally speaking, the Asia-Pacific market occupies the largest share of the global rubber products industry market, reaching at least one third.
In particular, the report mentions that large and medium-sized rubber products production facilities are located all over China. As the competitiveness of China's rubber industry is increasing, to a certain extent, this has reduced the profit space of all participants in the global rubber product market.