Rubber molding market size is forecast to reach $52.0 billion by 2026
Hyderabad, India – Rubber Molding Market size is forecast to reach $52.0 billion by 2026, after growing at a CAGR of 5.0% during 2021-2026 according to IndustryARC. Physical attributes such as strength, stress and heat resistance, recyclability, flexibility, and ease moldability of rubber compounds are ideal components for rubber molding. Widespread application of rubber molding in healthcare, aerospace, automotive manufacturing, electronics, transportation, sports and recreation, EMI shielding and sound management, has been driven because of low energy usage and carbon footprint. Moreover, the synthetic rubber is getting used in numerous applications of healthcare industry because of its capabilities such as avoiding allergic reactions while transferring intravenous fluids.
ABS segment is projected to grow at a fast rate of 7.5% through 2026. The EPDM (ethylene propylene diene terpolymer) rubber is mostly used in the manufacturing of rubber molds and attributing for a notable share in the rubber molding market. It is extensively used in the ever-growing automotive industry to prepare seals, o-ring and gaskets as it is known for its chemical and solvents resistance.
The rising automotive production combined with increased adoption of lightweight rubber molding such as EPDM rubber will drive this market. In addition to this, neoprene rubber molding is mostly used to create protective gear for fragile electronic devices in the electronics industry. This rubber molding stands as an ideal choice to satisfy the demand for gaskets, hoses, and timing belts in the automotive industry.
Notable market players are focusing on rubber molds parts manufacturing capabilities in order to meet the requirements of the automotive, plumbing, electronic, transportation, material handling, electrical, industrial, medical, home appliances and aerospace industries. Rubber molding parts are highly preferred in diverse applications because of their superior stability. Additionally, these products are manufactured using advanced technology and quality material to provide improved durability and high tensile strength. Furthermore, this rubber molding is adopted by the above-mentioned major industries to make rubber products. Among all the above-mentioned applications, the automotive industry is adopting rubber molding more in the manufacturing of tires, and satisfying the growing demand for vehicles, thereby boost the rubber molding market growth. The rise in automobile production further assists in the growth of the rubber molding industry. On the other hand, adoption of lightweight materials in vehicles, and increasing the use of electric vehicles are acting as the growth-promoting factors of the rubber molding market share. This will drive the interior rubber molding market at 6.9% through 2026.
APAC dominated the rubber molding market with a share of more than 36% in 2020, followed by North America and Europe. The share of APAC is mainly influenced by the developing nations namely China and India. According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2019, with South East Asian countries having huge potential to grow. Thus, the rise in demand for automobiles in Asian countries coupled with the increasing vehicle production in the APAC region is impacting the APAC rubber molding market revenue.
Shrinkage of the cured component, mold flash, porosity due to uneven curing, flow marks, surface delamination, short shot, warping, burn marks, set-up efficiency is the list of challenges need to rectified to enjoy the perfect rubber compression molding process. This shrinkage occurs due to the difference in expansion coefficients of mold and component. Whereas incomplete curing resulted in porosity. The fault on the mold surface results in flow marks which leads to a fault in the flow direction. All these glitches may decrease the growth of the rubber molding market size.
Product launches, acquisitions, and Technology launches are key strategies adopted by players in the rubber molding market. In 2020, the market of rubber molding has been consolidated by the top five players, accounting for a share of 60%. AB SKF, Continental AG, Cooper-Standard Holdings Inc., Sumitomo Riko Co. Ltd., Dana Holding Corporation, Federal-Mogul Corporation, Freudenberg & Co. Kg, Hutchinson SA, NOK Corporation, and Trelleborg AB are the Rubber Molding top 10 companies.