Thailand Rubber Chemicals Market to Grow with a CAGR of 3.76% through 2028
Growth in research and development activities is expected to drive the Thailand
Rubber Chemicals Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Thailand
Rubber Chemicals Market – By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Thailand Rubber Chemicals Market stood at USD 685.32
million in 2022 and is anticipated to grow with a CAGR of 3.76% in the forecast
period, 2023-2028. The initiatives taken by government based on rubber chemicals
has led to favorable market conditions for the Thailand Rubber Chemicals Market.
Several factors contribute to the growth of various rubber chemicals market products.
In recent discussions on the SNR-i under
the International Rubber Study Group (IRSG), significant developments have
taken place. Recognizing the importance of the natural rubber production system
in Thailand, which predominantly involves small-scale farmers, this initiative
has been established to support and promote sustainable practices. By doing so,
the aim is to enhance the overall quality of rubber, which plays a pivotal role
in the rubber chemicals industry.
As part of the
broader Thailand 4.0 initiative, the country is undergoing a comprehensive
transformation of its economic foundation. This visionary approach entails a
shift away from traditional heavy industries and agriculture towards an
innovative and technology-driven economy. By embracing high-tech industries and
fostering a culture of innovation, Thailand aims to position itself as a global
leader in various sectors. Consequently, the rubber chemicals industry
indirectly benefits from this initiative, as it encourages technological
advancements and fosters a climate of innovation within the sector.
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An upsurge in
research and development (R&D) investment by key players in the rubber
chemicals market is a primary driver for growth. Recognizing the importance of
staying ahead in a rapidly evolving industry, companies are strategically
allocating resources to develop new and innovative products. These investments
not only aim to meet current market demands but also anticipate future trends,
ensuring a competitive edge. By prioritizing R&D, these companies can
produce superior rubber chemical products that offer enhanced performance,
durability, and sustainability, thus further solidifying their position in the
market.
The Thailand
Rubber Chemicals Market is segmented in type, application, regional
distribution, and company.
Based on its application, the automobile segment held
the largest share in the market. Thailand's rubber industry plays a pivotal
role in the global market, as it is heavily export-oriented. Countries from all
around the world depend on Thailand for its exceptional quality rubber goods,
which are known for their durability and versatility. From automotive parts to
consumer products, Thailand's rubber industry caters to diverse sectors,
contributing significantly to the country's economy and establishing a strong
reputation as a reliable supplier in the international trade of rubber goods.
Based on region, Central segment is expected to grow
during the forecast period.
The central region, known for its thriving automotive
and tire manufacturing sectors, boasts a remarkable concentration of end-use
industries. With its robust market dominance, fueled by the consistently high
demand for rubber chemicals from these sectors, the central region continues to
solidify its position as a key player in the industry.
Major companies operating in Thailand Rubber Chemicals
Market are:
- Cosan Thailand Co. Ltd.
- Sumitomo Corporation Thailand Ltd.
- Sunny World Chemicals Co. Ltd.
- NOCIL Ltd.
- Linkwell Rubber Chemicals Co. Ltd.
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“Growing application of rubber chemicals in various
end user industries are key drivers of the rubber chemicals market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of rubber chemicals with every
passing year are anticipated to register an impressive growth to Thailand
Rubber Chemicals Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Thailand Rubber Chemicals Market By Type (Anti-Degradants,
Accelerators, Retarders, Blowing agents, Peptizers), By Application (Automotive,
Belting, Consumer Goods, Footwear, Molded Rubber Goods, Profile Hoses, Seals
Gaskets, Tires, Wire Cable), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Thailand Rubber Chemicals 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 Thailand Rubber Chemicals Market.
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