The rubber additives market is expected to grow from $5.6 billion in 2023 to $6.1 billion in 2024, at a CAGR of 9.0%. This growth is driven by the expansion of the automotive industry and advancements in rubber technology. By 2028, the market is projected to reach $8.6 billion, maintaining the same CAGR, supported by the shift towards sustainable and eco-friendly solutions.
Major Driver In The Rubber Additives Market
The rubber additives market is poised for growth due to the increasing demand for high-performance rubber. High-performance rubber exhibits resilience to harsh environmental conditions. A report from the Association of Natural Rubber Producing Countries (ANRPC) in April 2022 highlighted the improvement in the natural rubber (NR) market, with global consumption reaching 1.206 million tons in 2022, a 5.8% increase from the previous year. This surge in demand for high-performance rubber is a key driver for the rubber additives market, reflecting its growth trajectory as of 2024.
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Rubber Additives Market Competitive Landscape
China Petroleum & Chemical Corporation, BASF SE, MLPC International, Sumitomo Chemical Co Ltd., Toray Industries Inc., Solvay S.A., Arkema S.A., Akzo Nobel N.V., Eastman Chemical Company, Celanese Corporation, Wacker Chemie AG, Lanxess AG, Kraton Corporation, Emery Oleochemicals LLC, Behn Meyer Group, China Sunsine Chemical Holdings Limited, Emerald Performance Materials LLC, Peter Greven GmbH & Co KG, Rhein Chemie GmbH, Akrochem Corporation, King Industries Inc., Vanderbilt Chemicals LLC, R.T. Vanderbilt Holding Company Inc., Thomas Swan & Co Ltd., Struktol Company of America, Prisma Rubber Additives Ltd., Performance Additives LLC, Nocil Limited, Kemai Chemical Co Ltd., Addivant USA LLC, Albemarle Corporation, Cabot Corporation, Chemtura Corporation, Clariant AG, Croda International plc, Evonik Industries AG, Huntsman Corporation, Momentive Performance Materials Inc., PMC Group Inc.
Key Rubber Additives Market Trend
Major companies operating in the rubber additives market are focusing on innovative products such as TP 1862 and LP21-103 to address the need for a sustainable and high-performance solution for rubber-to-metal bonding. TP 1862 and LP 21-103 are two additives to create a sustainable and high-performance rubber-to-metal adhesive. The TP 1862 additive comes in granule form, reducing low zinc and heavy metals, simplifying formulas, increasing mechanical properties, and eliminating cobalt salts and resorcinol. For instance, in March 2023, Bruggemann., a Germany-based chemicals company, introduced a new technology that was recently featured in Rubber World. This innovation combines two additives, TP 1862 and LP21-103, to create a rubber-to-metal adhesive that eliminates the need for resorcinol and cobalt salt. Moreover, these additives offer a sustainable and high-performance solution for rubber-to-metal bonding, addressing the need for safer, more environmentally friendly, and cost-effective adhesives in various industries.
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Rubber Additives Market Segmentation
The rubber additives market covered in this report is segmented –
1) By Type: Activators, Accelerators, Vulcanization Inhibitors, Plasticizers, Other Types
2) By Application: Tire, Non-Tire
3) By End Use: Automotive, Consumer Goods, Building and Construction, Electrical Insulation
By Geography:The regions covered in the rubber additives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the rubber additives market in 2023.
The Rubber Additives Global Market Report 2024 furnishes information about the global rubber additives market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
