What is the global rubber market size?

The global rubber market size was valued at USD 46.95 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 5.08% from 2024 to 2030.

Which countries dominated the rubber market in 2023?

Asia Pacific dominated rubber market and accounted for the largest revenue share of over 34% in 2023. Asian countries such as China, Vietnam, Indonesia, India, and Thailand, Japan are expected to emerge as primary markets for rubber due to extensive rubber tire production in these countries.

Why is the rubber market growing in the United States?

Rubber market in the U.S. is predicted to witness significant growth in recent years, with several factors driving this expansion. U.S. is one of the prominent importer of rubber tires and one of the major importers of rubber owing to high demand for product from automotive, construction, and electrical industries.

What is the market share of synthetic rubber in 2023?

The synthetic rubber type segment led the market and accounted for revenue share of over 57% in 2023. Synthetic rubber is being more widely used in a variety of industries, including construction, automotive, textiles, medicines, and defense, due to its low cost and lightweight properties.

What is the demand for rubber components in industrial machines & equipment?

Rise of automation and smart manufacturing is predicted to drive up demand for rubber components in industrial machines and equipment. Rubber components are in high demand in a variety of industries, including manufacturing, mining, and energy. The synthetic rubber type segment led the market and accounted for revenue share of over 57% in 2023.

Why is rubber demand increasing?

Rubber demand is increasing due to its distinctive characteristics, such as high tensile strength, vibration dampening, and tear and abrasion resistance, which makes it suitable for manufacture of seals, tires, and others in automotive industry.