Rubber Processing Chemicals Market Growing at a Phenomenal Pace Surpassing USD 6.20 billion by 2029 witnessing a growth of 5% CAGR, Demand for rubber in the tires industry is bolstering the global rubber processing chemicals market growth

Rubber processing chemicals are specialty chemicals that are used for enhancing the physical properties of natural and synthetic rubber products. It is done to make it fit for the tire as well as non-tire applications

/EIN News/ -- Luton, Bedfordshire, United Kingdom, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Rubber Processing Chemicals Market.

Global Rubber processing chemicals Market was valued at USD 4 billion in 2021 and is expected to reach USD 6.20 billion by 2029, registering a CAGR of 5% during the forecast period of 2022-2029.

Rubber processing chemicals are classified as specialty chemicals in general. These chemicals can help improve rubber's resistance to heat, oxidation, sunlight, ozone, and mechanical stresses. Furthermore, rubber/processing chemicals improve the overall vulcanization process.

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Global Rubber Processing Chemicals Market is anticipated to witness lucrative growth opportunities in the near future. This growth is attributed to the mounting the awareness about health effects of molds. Additionally, the rising incidence of natural disasters aided the growth of the global market. Mergers & acquisitions, advancements in technology, and constant research & development activities are some of the few strategies opted by the key market players.

Recent Development

• Eastman Chemical Company announced plans in June 2021 to sell its rubber additives business, including the CrystexTM insoluble sulphur and SantoflexTM anti-degradants, to an affiliate of One Rock Capital Partners LLC for US$ 800 million in order to streamline its Additives & Functional Products business.
• BASF invested 16 Million Euros in Pyrum Innovations Inc., which specializes in pyrolysis of waste tires, in October 2020. The oil from the waste tires will be extracted and used to manufacture new products by the company.
  
  

Technology Assessment:

A combination of Analytical skills and strategically adoption of Emerging Market has directed us to make an understanding of supporting the companies of different scale of businesses. The technology-related future insights of our experts assist in achieving impactful growth by navigating the disruption in the Rubber Processing Chemicals Market.

Europe dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029.

Its major share is occupied by North America, Europe and Asia Pacific region. Europe shares 32% of total market. After that, Rest Of the world 68% of global market respectively. Asia Pacific is one of the biggest markets for rubber processing chemicals across the globe due to increased demand from the automotive and construction industries.

Report Scope:

Report Attribute/Metric	Details
Market Size	USD 6.20 billion by 2029 USD 4 billion in 2020
CAGR	5% (2022–2029)
Base Year	2021
Forecast Period	2022-2029
Historical Data	2017 & 2021
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, application, and region
Geographies Covered	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Vendors	Arkema SA, BASF SE, Crofa International Plc., Eastman Chemical Company, Kumho Petrochemical Co. Ltd., Lanxess AG, NOCIL ltd., Solvay SA, Sumitomo Chemical, The Chemours Co. and others.
Key Market Opportunities	Rubber processing chemicals enhance the properties of rubber to provide good resilience, hardness, abrasion resistance, and tensile strength.
Key Market Drivers	The growing construction industry with rising residential and commercial construction is likely to drive market growth during the forecast period.

Competitive Landscape

Chemical companies to small ones, many companies are actively working in the global rubber processing chemicals market. These key players include, are Arkema SA, BASF SE, Crofa International Plc., Eastman Chemical Company, Kumho Petrochemical Co. Ltd., Lanxess AG, NOCIL ltd., Solvay SA, Sumitomo Chemical, The Chemours Co. and others.

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Key Market Segments: Global Rubber Processing Chemicals Market

Global Rubber Processing Chemicals Industry by Product, 2020-2029, (USD Million)

• Antidegradants
• Accelerators
• Processing AIDS & Other RPC’S
  
  

Global Rubber Processing Chemicals Industry by Application, 2020-2029, (USD Million)

• Latex Products
• Footwear
• Belts & Hoses
• Non-Automotive
• Others
  
  

Global Rubber Processing Chemicals Industry by End User, 2020-2029, (USD Million)

• Tire
• Non-Tire
  
  

Global Rubber Processing Chemicals Industry by Region, 2022-2029, (USD Million)

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
  
  

Rubber Processing Chemicals Market: Snapshot

The increasing demand from the tire market and their application across diverse industries are boosting the global rubber processing chemicals market. On account of its inherent properties such as elasticity and molding, rubber has become the key materials used in tire manufacturing. Rubber provides strength to tires and enhances their ability to withstand wear and tear and maintain grip even in harsh conditions. With the demand for vehicles scaling high across the world, the rubber processing chemicals market is forecast to exhibit robust growth in the future.

Tires Segment to Remain Dominant throughout Forecast Period

Rubber processing chemicals have myriad applications, which be broadly classified under tire and non-tire applications. Use of rubber processing chemicals make tires durable and provides them strength to withstand harsh environment. On account of these, the demand from tire industry is the dominant contributor to the market. As per TMR, the tire segment held over 70% of the overall rubber processing chemicals market in 2015. Exhibiting a robust CAGR, the segment will remain dominant through the forecast period. Furthermore, with the expansion of the automotive industry, the demand from the tire segment is projected to rise.

Market Dynamics

Drivers

Growing Demand from Automotive Industry

Rubber processing chemicals are extensively used in the automotive industry in tires, blades, wipers, hoses, and belts. The consumption of rubber processing chemicals in the automotive sector is increasing owing to advantages such as molding and elasticity that assist the tires to maintain a grip on roads even in unfavorable conditions.

Restraint

Stringent Regulations

Rubber processing chemicals are hazardous to human health as well as to the environment due to which stringent regulations are imposed by the government regarding the use of rubber processing chemicals. Most of these chemicals are discharged into water bodies which is harmful to aquatic life. All these factors are expected to curb the rubber processing chemicals market size in the coming years.

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