CLEVELAND—The worldwide market for rubber processing chemicals is poised to grow 4.9 percent annually, from $3.63 billion last year to more than $5.31 billion by 2025, according to new research from Global Market Insights.
The CAGR figure is in line with other markets reports on the rubber processing chemicals sector. Some studies, however, project the market value to approach $7 billion with volumes of around 45 million metric tons by 2026.
In its latest market study, GMI said it expects the rubber-curing accelerators segment to deliver the highest levels of growth, building on 2017 revenues estimated at over $1.5 billion.
The pace of demand, it noted, reflects the contribution of accelerators to reducing production times and facilitating fast and economical production of rubber parts to required quality standards.
Demand for anti-degradant rubber chemicals alsp is set for to grow significantly to 2024, the report also indicated.
Overall, GMI said rubber chemicals demand mainly is being driven by the automotive industry and, to a lesser extent, by growing demand in construction applications, such as roofing materials, floor coverings and sealants. On the other hand, the report noted market pressures around stringent regulations linked to human health and environmental concerns, as well as from a shift to the production of "green" tires.
GMI listed major players in the rubber chemicals industry as including: BASF S.E., Solvay S.A., Kumho Petrochemicals Co. Ltd., Eastman Chemical Co., AkzoNobel N.V., Emerald Performance Materials L.L.C., Linkwell Rubber Chemicals Co. Ltd., Sumitomo Chemicals Co. Ltd., RT Venderbilt Holding Co. Inc., Merchem Ltd. and Pukhraj Additives L.L.P.