Rubber MaterialsConference

The unprecedented Covid pandemic brought along unforeseen challenges for the global rubber material industry. Uncertainties are still looming over production supply chain management and price volatility. Despite all the new challenges that are pushing companies to redraw their strategies, according to a research report, the global rubber market size stood at USD 36.5 billion in 2021 and is now projected to surpass USD 50 billion by 2028 on account of the increasing production of automobile rubber parts, tyres, medical equipment and industrial goods. Despite many challenges infused by the Covid pandemic, the global production of natural
rubber is estimated to have a CAGR of five percent during 2022-2027.

The global synthetic rubber market is likely to be USD 23.2 billion by 2026, growing at a CAGR of four percent between 2021 and 2026, from the USD 19.1 billion in 2021. Regionwise, APAC is expected to be the largest consumer of natural rubber and synthetic rubber owing to the growth of the automotive sector, including tyres, in the countries like China, India and other Southeast Asian countries. Coupled with these, the growing demand for medical devices and equipment, especially surgical gloves, tubes, stoppers, breathing bags, catheters and others, due to the increasing prevalence of various acute and chronic diseases will also boost the demand for rubber. Lastly, the innovation and technological advancements in the rubber material segment will primarily be influenced by the growing emphasis on ‘Sustainability’, transition to net-zero economy and proliferation of green energy vehicles, which will again open a new business
avenues for companies.