Global rubber processing chemicals market forecast with a CAGR of 4.9 percent by 2030

Pune, India – Reportlinker.com reports that the Global Rubber Processing Chemicals Market is to surpass USD 6.46 billion by 2030 from USD 4.88 billion in 2019 at a CAGR of 4.9% in the coming years, i.e., 2021-30.

Global Rubber Processing Chemicals Market is anticipated to witness lucrative growth opportunities in the near future. This growth is attributed to the mounting the awareness about health effects of molds. Additionally, the rising incidence of natural disasters aided the growth of the global market. Mergers & acquisitions, advancements in technology, and constant research & development activities are some of the few strategies opted by the key market players.

Global Rubber Processing Chemicals Market is bifurcated By Application into Tire and Non-Tire. Among these, Tire segment held the largest market share of 71.366.3% in the year 2020. Increased automotive production and sales across various vehicle segments, as well as increased rivalry among tyre producers, are driving the worldwide automotive tyre market. Furthermore, the automotive tyre market is expected to rise due to the use of improved technologies in the production process. In the coming years, the automobile sector will continue to be the greatest source of tyre demand, accounting for two-thirds of the total.

Based on Type, global Rubber Processing Chemicals Market fragmented into Anti-degradants, Accelerators, Processing Aids, Adhesion Promoters, Blowing Agents, Anti-Scorch Agents, Stabilizers, Polymerization Regulators and Other. Among these, Accelerators segment held the largest market share of 37.215.7% in the year 2020. As per the Fatpos Global Analysis, Accelerators Fire and Smoke Restoration is the most dominant segment ad thus, is expected to rise at a CAGR of 5.2%6.0% during the forecast period.

Increasing sales of vehicles, owing to the rising people per capital income across the world. For instance, as per the International Organization of Motor Vehicle Manufacturers, in 2014, 88.3 million of new vehicles were sold, while in 2019, the number reached to 91.3 million. Increasing demand for transportation is driving the sales of light, medium, and heavy-duty vehicles globally, which in turn is driving the growth of lubricants market.

Rising construction market development increase by 85 percent to $15.5 trillion by 2030, with three nations — China, the United States, and India – leading the way and accounting for 57 percent of total growth. As development in the world’s largest construction industry slows through 2030, China’s proportion of the global construction market will only increase modestly. In comparison, building in the United States will increase at a greater rate than in China during the next 15 years, averaging 5% each year. Meanwhile, construction rates in India are expected to rise as the country overtakes Japan to become the world’s third largest construction market by 2021 To 2030, India’s construction market will develop nearly twice as quickly as China’s, creating a new source of global growth in emerging countries. By 2030, India’s urban population is predicted to increase by 165 million, making Delhi the world’s second-biggest metropolis with a population of 10.4 million people.