The global rubber processing chemicals market features a fairly competitive landscape, notes Transparency Market Research (TMR). The top four players—BASF SE, Lanxess Aktiengesellschaf, Akzo Nobel N.V., and Eastman Chemical Company—accounted a combined share of nearly 41% in 2015.
Leading players are likely to retain their dominance on account of their wide product portfolio and a robust geographic reach. Some of the other prominent manufacturers in the rubber processing chemicals are Emerald Performance Materials, Solvay, Merchem Limited, China Petroleum & Chemical Corporation, and Sumitomo Chemical Company.
TMR observes that relentless efforts by market players to bring product innovations will lead to intense degree of competition in the rubber processing chemicals market in the coming years. The entry of regional players in recent years and their focus on high-performing rubber processing chemicals will offer stiff competition to the incumbent players.
The global rubber processing chemicals market stood at a revenue worth of US$3.4 billion in 2015. Rising at 4.7% CAGR during 2016–2024, the global market is projected to touch a valuation of US$5.1 billion by 2024 end.
Among the broad applications types, the demand for rubber processing chemicals in making tires is by far the dominant and it accounted for a whopping share exceeding 70% in 2015 in the global market. The demand for these in manufacturing tires is likely to rise at substantial pace driven by the vast strides being witnessed in the manufacturing of new vehicles. The use of these chemicals enhances the functionality of rubber tires.
Of all the key regional markets for rubber processing chemicals, Asia Pacific held the major share in 2015 amounting to 62%. A thriving demand for rubber processing chemicals in the automotive and construction industries is bolstering the regional market growth, especially witnessed in emerging economies.
Environmental Toxicity of Some Chemicals may be Setback to their Demand
The steady growth of the rubber processing chemicals market is also suffering from certain setbacks. The toxicity of some of the rubber processing chemicals may hinder their demand in some end-use industries. Concerns related to the adverse impacts of these chemicals on the environment are expected to hamper their demand in various parts of the world. This is backed by government regulations in some countries.