Global automotive production grew by approximately 2.5% in 2017 from 2016 and is expected to register a healthy CAGR during the review period .The increasing use of rubber processing chemicals in footwear coupled with changing fashion trends and growing per capita income is likely to drive market growth during the review period. However, stringent environmental regulations to mitigate the harmful impact of rubber processing chemicals is likely to hamper market growth in the coming years.
The global rubber processing chemicals market is poised to exhibit a stupendous growth rate during the forecast period primarily due to the automotive industry. Rubber processing chemicals are used for the production of hoses, belts, wiper blades, and tires. The large automobile production in China, Thailand, and India is expected to influence market demand heavily.
Based on application, the market has been segmented into tire and non-tire. The tire segment accounted for the larger market share in 2017. This can be credited to the growing demand for tires in the automotive industry. The non-tire segment comprises footwear, floor covering, roofing material, industrial rubber products, hoses and belts, and others.
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Based on region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Henan Xuannuo Imp & Exp Co., Ltd, PMC Rubber Chemicals India Private Limited, Behn Meyer, Merchem Limited, Arkema, Solvay, Vanderbilt Chemicals, LLC, Lanxess, Emery Oleochemicals, Nocil Limited, BASF SE, Eastman Chemical Company, and PMC Group, Inc. are prominent players of the global rubber processing chemicals market.
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Yokohoma Tires has introduced has 2 new tires for medium trucks in the 19.5-inch range.
Skechers and the Goodyear Rubber & Tire Co. are collaborating for bringing the technology of the latter in its footwear collection. This can lead to good shoes which have higher durability and stability through various climes.
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