CLEVELAND—Global demand for industrial rubber products is expected to grow 6.6 percent a year and reach $158 billion in 2018, according to Freedonia Group Inc.'s study, World Industrial Rubber Products.
There are two big factors for the projected growth in the global market. The developing markets will continue to lead the charge over the next five years, said Ken Long, analyst at Freedonia, while developed markets will rebound.
China is set to post the strongest gains in any national market in value terms, he added, even though its economy has slowed down a bit.
“Developed markets, which have kind of been serious laggers as a whole over the last five years, are going to contribute more to the growth equation in the next five years,” Long said.
“Even though they are relatively slow growing markets, they are pretty sizable markets. And they use a lot of the more expensive rubber products that contribute to companies' bottom lines, so that's something that rubber product companies should consider as they move forward.”