Germany Industrial Rubber Market to Grow with a CAGR of 3.14% through 2028
Surge in research and development activities is expected
to drive the Germany Industrial Rubber Market growth in the forecast period,
2024-2028
According to TechSci Research report, “Germany
Industrial Rubber Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Germany Industrial Rubber Market stood at USD 324.15
million in 2022 and is anticipated to grow with a CAGR of 3.14% in the forecast
period, 2023-2028. The initiatives taken by government based on industrial
rubber has led to favorable market conditions for the Germany Industrial Rubber
Market. Several factors contribute to the growth of various industrial rubber
market products.
The German government is
actively advocating for the implementation of the National Action Plan for
Business and Human Rights (NAP), which goes beyond just promoting traceable and
deforestation-free supply chains. This comprehensive plan aims to have a
positive impact on various industries, including the rubber industry, by
ensuring that rubber is sourced ethically and sustainably. By doing so, the
German government aims to contribute to a more responsible and environmentally
conscious business environment.
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In recent years,
there has been a significant upsurge in research and development (R&D)
activities specifically focused on enhancing the properties of liquid synthetic
rubber and various other types of industrial rubber. This growing trend is
expected to continue in the foreseeable future, as researchers tirelessly
strive to develop advanced synthetic rubbers that can effectively meet the
ever-evolving and increasingly demanding needs of industries such as
automotive, construction, and manufacturing. These industries, driven by
technological advancements and evolving consumer expectations, require rubber
materials that exhibit superior durability, enhanced performance, and increased
resistance to various environmental factors.
By harnessing
the power of innovation and scientific expertise, researchers are diligently
working towards developing next-generation synthetic rubbers that can surpass
the limitations of traditional rubber materials, revolutionizing numerous
sectors and paving the way for unparalleled advancements in various industrial
applications.
The Germany
Industrial Rubber Market is segmented in type, application, regional
distribution, and company.
Based on its type, the synthetic rubber segment held
the largest share in the market. Synthetic rubber, a crucial raw material,
plays a vital role in the production of various products. It is widely used in
tire manufacturing, as well as in the production of industrial rubber goods
like hoses, belting, and footwear. Additionally, it is utilized in wire and
cable insulation. The growing demand for durable rubber in these sectors is
fueling the expansion of the synthetic rubber industry, making it a key driver
of the market. As the tire manufacturing industry continues to evolve and
innovate, the demand for synthetic rubber is expected to rise further, driving
the growth and development of this industry.
Based on region, North Rhine-Westphalia segment is
expected to grow during the forecast period.
In the state of North Rhine-Westphalia, Germany, the
rubber industry benefits from a highly skilled labor force. This is
particularly important given the technical and innovative nature of the
industry. The region's commitment to education and vocational training further
enhances this advantage, providing companies with a reliable and accessible
pool of well-trained workers. With their expertise and knowledge, these skilled
professionals contribute to the growth and success of the rubber industry in
North Rhine-Westphalia.
Major companies operating in Germany Industrial Rubber
Market are:
- TSRC Corporation
- The Goodyear Tire and Rubber
Company
- Zeon Corporation
- JSR Corporation
- Dow Chemical Company
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“Growing application of industrial rubber in various
end user industries are key drivers of the industrial rubber market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of industrial rubber with every
passing year are anticipated to register an impressive growth to Germany
Industrial Rubber Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Industrial Rubber Market By Type (Natural
Rubber, Synthetic Rubber), By Application (Automotive, Construction,
Manufacturing, Medical & Healthcare, Electrical & electronics, Others),
By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Germany Industrial Rubber Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge 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 Germany Industrial Rubber Market.
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