However, rubber chemicals are facing stringent regulations by government due to hazardous impact of the product on human health and environment. This is likely to hamper the product demand over the forecast timespan. Furthermore, the tire industry is shifting from conventional tires to green tires. This shift in the industry is anticipated to curb the rubber processing chemicals market size in near future.
in 2017, accelerator product segment generated revenue over USD 1.5 billion in rubber processing chemicals market and it is projected to experience a highest CAGR during the forecast period. These are used to accelerate the production speed. It reduces the rubber production time up to one tenth and contribute to fast and economical production of good quality rubber. Crude rubber can acquire high elasticity by using the accelerators while rubber manufacturing. With increasing usage and application of rubber across the globe, accelerators rubber chemicals are anticipated to experience a healthy growth in demand near future. Anti-degradant rubber chemicals are likely to experience the significant growth number over the forecast period. Anti-degradant rubber chemicals improve the rubber’s resistance to the effects of sunlight, oxidation, ozone, mechanical stress and heat.
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The aforementioned investment has been touted to emerge rather beneficial for Versalis and will increase its production capacity to nearly 50,000 metric tons per annum. In addition to the capacity expansion, the company is also looking forward to establishing a research center at the same location. Collectively, the increasing investments by chemical companies in the development of new rubber manufacturing plants will have a positive influence on the Europe rubber processing chemicals market share.
In the past two decades, India and China have emerged as prominent business hubs for automakers and chemical companies owing to the surging demand for vehicles. It is prudent to note however, that after the use of vehicles and auto parts such as tires, window housing, and other rubber products, there is a rise in the level of rubber wastage. In fact, over the last few years, the solid waste from used tires has been increased tremendously which has led to major environmental issues. In accordance, several rubber manufacturing companies have been coming forward to recycle tires post usage. The shifting focus of rubber manufacturers toward the adoption of recycling technologies for maintaining the environmental decorum is poised to fuel the demand for rubber processing chemicals on a large scale.
Speaking along the same lines, in South Africa, the Mathe Group recently decided to develop a new recycling facility. Earlier before the establishment of recycling plants, only 4% of waste tires had been recycled, however, the number has considerably increased now. As per estimates, in 2016, at one of its recycling plants, Mathe processed nearly 65,000 tires, and currently, the Mathe Group has been processing nearly 30 to 40 tons of used truck tires per day. Mathe’s proactiveness proves that the growing concern about the need for waste tire processing is slated to impel rubber processing chemicals market outlook over the years ahead.
Tire was the largest application segment for rubber processing chemicals market in 2017 and is forecast to grow with a highest CAGR due to escalating automobile sales across the globe. Non-tire application segment is likely to experience increasing demand during the forecast period. This can be attributed to the increasing industrialization and construction activities in major part of the world.
Asia Pacific is anticipated to grow with a highest CAGR over the forecast timeframe 2018-2025. Automobile is the major end-user in rubber chemicals market and 40% of automobile production is done China, due to which Asia Pacific registered highest product demand in 2017 with holding more than 60% market share. North America rubber processing market shall grow with a prominent CAGR in near future, owing to the presence of major automobile manufacturers in the U.S.
Giant multinational players are operating in the rubber processing chemicals market. Some major players working in the industry includes, BASF SE, Solvay S.A., Kumho Petrochemicals, Eastman Chemical Company, AkzoNobel N.V., Emerald Performance Materials, Linkwell, Sumitomo Chemicals, R.T. Venderbilt Holding Company, Inc., Merchem Ltd and Pukhraj Additives LLP.