Saudi Arabia Industrial Rubber Market to grow with a CAGR of 5.16%
Growth in research and development related to industrial
rubber are the major drivers for the Saudi Arabia Industrial Rubber Market.
According to TechSci Research report, “Industrial
Rubber Market – Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the Saudi Arabia Industrial
Rubber Market is valued at 207.23 million and is expected to grow with a
CAGR of 5.16% through 2028. This can be ascribed to collaborations and
partnerships among leading companies with a diverse approach to merge the
expertise of individual companies and to strengthen their position in the
market.
Industrial rubber is
widely used for electrical insulation in cables, wires, and electronic
components. Rubber-based materials, such as silicone rubber, provide excellent
electrical insulation properties, ensuring the safe transmission and
distribution of electricity. Insulation materials made from rubber prevent
electrical leakage, protect against short circuits, and enhance the overall
safety and efficiency of electrical systems. In addition to this, industrial rubber
is used for vibration damping and shock absorption purposes in electronic
equipment, such as servers, control panels, and sensitive instruments. Rubber
mounts, pads, and bushings help minimize vibrations, reduce noise levels, and
protect electronic components from damage caused by mechanical stress. For
instance, Arkema introduced Sartomer (meth)acrylate coagents are
high-performance functional additives that are used in various rubber
applications like wire, cables, etc. All these factors are anticipated to boost
the market growth in the projected years.
In an era where
innovation is the cornerstone of progress, the industrial rubber sector in
Saudi Arabia is leveraging R&D to unlock new horizons of growth, product
diversification, and enhanced competitiveness. R&D initiatives are leading
to the development of novel rubber formulations with enhanced properties, such
as improved durability, resistance to extreme temperatures, and optimized
performance under specific conditions. These innovations empower industries to
achieve higher levels of efficiency and reliability in their operations. R&D
efforts are driving the adoption of cutting-edge manufacturing techniques, such
as additive manufacturing (3D printing) and precision molding.
These techniques optimize
production processes, reduce waste, and enable the creation of intricate rubber
components. Through R&D, the potential applications of industrial rubber
are expanding. From automotive components to medical devices, rubber's
versatility is being harnessed in innovative ways, broadening its presence
across diverse industries. Collaborations allow industry players to tap into
each other's specialized knowledge. Manufacturers with expertise in rubber
compounding, formulation, or processing can partner with experts in
engineering, material science, or polymer technology to create cutting-edge
solutions. Collaborative endeavors enable the co-creation of tailor-made rubber
products that address specific industry needs. By pooling knowledge and resources,
partners can develop bespoke solutions for diverse sectors such as automotive,
construction, oil, and gas, and more. Collaborations often provide access to
new markets and customer segments.
Partnering with
distributors, suppliers, or businesses in complementary industries can open
doors to a wider customer base, fostering market growth and penetration. Partnerships
can help mitigate risks associated with market fluctuations, supply chain
disruptions, or regulatory changes. Diversified partnerships create a more
resilient ecosystem capable of adapting to challenges. For instance, ARLANXEO,
a leading company in synthetic elastomers, has successfully increased its sales
of EPDM (Ethylene Propylene Diene Monomer) rubber in the Kingdom of Saudi
Arabia. This rubber is marketed under the brand name Keltan® KSA and has shown
promising results throughout 2019. The marketing and sales of the new EPDM
grades are a result of an agreement between ARLANXEO and Saudi Aramco, which
was concluded in 2018. The collaboration has been further strengthened by Saudi
Aramco's full ownership of ARLANXEO since the beginning of 2019.
However, lack of
availability and fluctuations in prices of industrial rubber are expected to
slow down the growth of the market in the coming years.
The Saudi Arabia
Industrial Rubber Market segmentation is based on Type, Product, Application, End
User, By Company, and Region.
Some of the major companies
operating in the Saudi
Arabia Industrial Rubber Market include:
·
Saudi
Basic Industries Corporation
·
Arkema
Chemicals Saudi Arabia
·
Evonik
Tasnee Marketing LLC
·
eni
Saudi Arabia
·
Saudi
Aramco
·
General
Industries Co. Ltd
·
Saudi
Rubber Products Co.
·
Saudi
Arabian Amiantit Co.
“Certain regions, particularly the Northern and
Central region, are projected to exert significant demand for industrial rubber
in the country. The growth in the competitive landscape and the presence of
well-established companies in the market, committed to enhancing their
productivity of industrial rubber each year, are expected to contribute to a
remarkable growth of the Saudi Arabia Industrial Rubber Market in the forecast
period," said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based Global management consulting firm.
Saudi Arabia Industrial Rubber Market, By Type (Natural Rubber,
Synthetic Rubber), By Product (Mechanical Rubber Good, Rubber Belt, Rubber
Hose, Rubber Roofing, Others), By Application (Automotive, Construction,
Manufacturing, Medical & Healthcare, Electrical & electronics, Others),
By End User (Commercial, Industrial, Residential), By Region, Competition,
Forecast & Opportunities, 2018-2028F has evaluated the future growth potential of Saudi Arabia Industrial
Rubber Market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide innovative market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Saudi Arabia Industrial
Rubber Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web: https://www.techsciresearch.com