Global Industrial Rubber market trends 2024, Forecast To 2033
4 Mar, 2024
The industrial rubber market has experienced robust growth, escalating from$42.01 billion in 2023 to$44.86 billion in 2024, with a compound annual growth rate (CAGR) of 6.8%. Historical factors driving growth include industrialization, automotive industry expansion, construction boom, advancements in material science, and safety and performance requirements. Anticipated strong growth in the upcoming years will propel the market to$58.05 billion by 2028, driven by customization and innovation, supply chain optimization, integration with healthcare and medical sectors, adoption of Industry 4.0 technologies, and evolving material science. Major trends in the forecast period include adherence to regulatory standards, strategic collaborations, product innovations, and advanced material technologies.
Global Industrial Rubber Market Key Driver
The rise in demand for confectionery products such as dairy items is expected to propel the industrial sugar market going forward. Dairy items refer to products primarily made with or containing milk from mammals such as cows. The growth of the worldwide industrial sugar market can be attributed to the increased usage of confectionery in the production of a wide range of beverages and confectionary goods, including cakes, milkshakes, croissants, and hot sugar. For instance, in August 2023, according to the Department of Agriculture, Fisheries, and Forestry, an Australia-based government division, dairy exports are anticipated to grow by 2% in 2023–24, to 679 kilotonnes, an increase from 663 kilotonnes in 2022–23. Therefore, the rise in demand for confectionery products such as dairy items is driving the growth of the industrial sugar market. The industrial sugar market witnessed significant growth in 2023, reaching a value of $XX billion, and this growth trajectory is expected to continue through 2024 and beyond.
Get A Free Sample Of The Global Industrial Rubber Market ReportGlobal Industrial Rubber Market Segments
The global industrial sugar market covered in this report is segmented –
1) By Type: White Sugar, Brown Sugar, Liquid Sugar
2) By Source: Cane, Beet
3) By Form: Granulated, Powder, Syrup
4) By Application: Dairy, Bakery, Confectionary, Beverages, Frozen Foods, Other Applications
By Geography: The regions covered in the industrial rubber market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the industrial sugar market share in 2023. The regions covered in the industrial sugar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Industrial Rubber Industry Players
Cargill Incorporated, Tereos India Private Limited, Nordzucker AG, EID Parry Ltd., Südzucker AG, Louis Dreyfus Company B.V., British Sugar PLC, Shree Renuka Sugars Ltd., Archer Daniels Midland Company, Raízen S.A., Tongaat Hulett Sugar Limited, Cosan SA Indústria e Comércio, Mitr Phol Sugar Corporation, Associated British Foods PLC, Wilmar International Limited, American Crystal Sugar Company, Lantic Inc., Michigan Sugar Company, Imperial Sugar Company, Guangxi Guitang Group Co. Ltd., Rizhao Lingyunhai Sugar Group, Bunge Limited, Thai Roong Ruang Group, Suem do Brasil Embalagens LTDA, China National Cereals Oils & Foodstuffs Corporation, Ingrain Systems Inc., Dhampur Sugar Mills Ltd., Balrampur Chini Mills Ltd., MSF Sugar Ltd., Danone SA
Get The Full Global Industrial Rubber Market ReportIndustrial Rubber Market Overview
Industrial sugar is made from sugarcane molasses or sugar beets and goes through a number of process cycles, including extraction, cleaning, crystallization, and drying. Industrial sugar is used as a preservative to prevent the growth of microorganisms and the formation of large ice crystals in frozen products such as ice cream.
Industrial Rubber Global Market Report 2023 provides data on the global industrial rubber market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The industrial rubber market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.