Automotive industry will boost the Rubber Additives Market
According to Technavio, technology research and advisory company, the global rubber additives market will grow at a CAGR of more than 5% during the forecast period.
The report features a scenario of the market for 2017-2021
The report also presents tire and non-tire as the two major application segments. However, the tire segment accounted for 58% of the market share in 2016.
Technavio lays emphasis on three market drivers that are contributing to the growth of the global rubber additives market: the growing automotive industry, the increasing demand for rubber additives in non-tire applications and the increase in the demand for rubber additives in APAC.
As far as the automotive industry is concerned, rubber additives are used in the manufacturing of tires as they improve resistance to sunlight, ozone, heat, and mechanical stress of tires.
Indeed, “rising demand for rubber tires in the automotive industry will drive the growth of the rubber additives market,” Hitesh Bhatia, lead analyst at Technavio thinks. “As the demand for vehicles is increasing, the use of rubber additives is expected to have high demand during the forecast period. The growing population coupled with the increased spending on automobiles will drive the global rubber additives market.”
As for non-tire applications, notice is to be made that in the medical and pharmaceutical industry, rubber additives have applications in injection vials, closures for infusion containers, and blood collection tubes. Rubber additives are also used in plungers for applications such as infusion pumps, pre-filled syringes, insulin injectors, and dental anesthetics. The automotive air-conditioning system uses rubber in the form of seals around the fittings and shafts, and in hoses.
For further information about this report, contact Technavio.
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