CLEVELAND—World demand for rubber is to rise 3.9 percent per year to 31.7 million tons by 2019, according to a recent report by U.S.-based industry market research firm Freedonia Group.
According to the report, gains will be driven by increased tire manufacturing, which represents the largest application for rubber.
Rising income levels in developing regions, particularly in the Asia-Pacific region, will support gains in motor vehicle manufacturing and usage, fueling demand for tires and rubber.
“Growth in manufacturing activity will also support increased demand for rubber in non-tire applications such as automotive components, industrial rubber products, medical products, and footwear,” analyst Elliott Woo said.
The report projects that Asia-Pacific will post the fastest growth in rubber consumption through 2019 and will account for nearly 67 percent of global demand in that year.
“Through 2019, six of the seven fastest growing national rubber markets worldwide—with Iran as the seventh—will be located in the Asia-Pacific region,” according to the report.