San Francisco, CA – A market study published by Global Industry Analysts Inc., states the global industrial rubber products market is projected to register healthy growth over the near-to-long term. The market, estimated at $100.1 billion in 2020, is projected to reach $136.5 billion by 2026, registering a compounded annual growth rate (CAGR) of 5.4 percent over the analysis period. China represents the largest regional market for industrial rubber products, accounting for an estimated 25.1 percent share of the global total in 2020. The country is also expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.3 percent over the analysis period. The market is expected to progress steadily to evolve as a major regional market for Industrial rubber products, supported by various factors conducive to healthy growth.
The industrial rubber products market in the U.S. is estimated at $20.1 billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of $36 billion by the year 2026, trailing a CAGR of 6.3 percent over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3 percent and 4.5 percent, respectively, over the 2020-2027 period. Within Europe, Germany is forecast to grow at an approximately 4.9 percent CAGR.
The mechanical rubber goods segment is predicted to reach $56.7 billion by 2026. The global market for mechanical rubber goods is estimated at $42.7 billion in 2020, and is projected to reach $56.7 billion by 2026, reflecting a compounded annual growth rate of 5.0 percent over the analysis period. Europe constitutes the largest regional market for the mechanical rubber goods segment, accounting for 25.7 percent of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 5.6 percent over the analysis period, to reach $12.1 billion by the year 2027.