Rubber Processing Chemicals Market to Reach US$5.1 Bn by 2024, Staggering Rise in Demand for Automobiles Bolsters Uptake in Manufacturing Tires - TMR

ALBANY, New York, January 21, 2019 /PRNewswire/ --

The global rubber processing chemicals market is prognosticated to expand notably in the coming years, with a decent competitive scenario, says Transparency Market Research (TMR) in its recent report. The four major players in the market are BASF SE, Akzo Nobel N.V., Lanxess Aktiengesellschaf, and Eastman Chemical Company. These players, in 2015, held the collective share of whooping 41%. The key players are foreseen to sustain their lead owing to their improved product portfolios along with better global reach. The other important players in the rubber processing chemicals market include Solvay, Emerald Performance Materials, Merchem Limited, Sumitomo Chemical Company, and China Petroleum & Chemical Corporation. The companies are putting in constant efforts so as to manufacture and launch more and more innovative products to the market that is likely to result in great degree of competitive scenario in future years.

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As per the research report by Transparency Market Research (TMR), the global rubber processing chemicals market is anticipated to project a steady CAGR of 4.7% within the forecast period from 2016 to 2024. In 2015, the market was valued worth US$3.4 bn. The global market is projected to touch a valuation of US$5.1 billion by 2024 end

The usage of rubber processing chemicals in tires help produce more strong and durable tires, so that they can bear the extreme environmental conditions. Owing to this, the segment of tire sector is likely to emerge as a key contributor in the market growth. Geographically, Asia Pacific region was foreseen to lead the entire rubber processing chemicals market in 2015, owing to the surging demand from rapidly growing construction and automobile industries in nations like Japan. This is also to provide huge scope of opportunities in future, for market players.

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The rubber processing chemicals market is majorly fueled by the flooding demand for such chemicals for non-tires and tires applications in several sectors, for example, the electric and electronics, construction, aerospace, footwear production, and medical. The ongoing efforts taken by these sectors is contributing majorly in the growth of the entire market.