UAE Industrial Rubber Market to Grow with a CAGR of 3.87% through 2028
Surge in research and development activities is expected to drive the UAE
Industrial Rubber Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “UAE
Industrial Rubber Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the UAE Industrial Rubber Market stood at USD156.25 million in
2022 and is anticipated to grow with a CAGR of 3.87% in the forecast period,
2023-2028. The initiatives taken by government based on industrial rubber has
led to favorable market conditions for the UAE Industrial Rubber Market.
Several factors contribute to the growth of various industrial rubber market products.
Operation 300bn
is a significant initiative by the UAE government, aiming to develop the
industrial sector and enhance its role in stimulating the national economy.
This comprehensive program encompasses various industries, including the
production of industrial rubber, which plays a vital role in the larger
industrial landscape that the initiative targets. The goal is ambitious yet
promising to more than double the contribution of industrial manufacturing to
the UAE's GDP, raising it to an impressive 25 percent.
The UAE
government's commitment to reducing industrial emissions is evident in the
recently released Third Update of Second NDC for the UAE. This comprehensive
plan addresses the environmental impact of various industries, including industrial
rubber manufacturing, as it recognizes their potential contribution to CO2
emissions. By implementing sustainable practices and adopting cleaner
technologies, the UAE aims to strike a balance between economic growth and
environmental stewardship.
In a related and
forward-thinking development, the UAE and the U.S. have forged a strategic
partnership to invest in clean energy projects and reduce fossil fuel
emissions. Although this agreement is not specific to the industrial rubber
sector, its ripple effects are likely to influence all sectors, including the
industrial rubber market. As the UAE and other nations transition towards
cleaner energy sources, the demand for sustainable rubber products is expected
to grow, presenting new opportunities and challenges for manufacturers.
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In recent years,
there has been a significant rise in research and development (R&D)
activities in line with the growing demand for industrial rubber across key
sectors such as automotive, manufacturing, and construction. This surge is
primarily driven by the automotive industry, which heavily relies on industrial
rubber for the production of various critical components.
These components
include not only tires but also belts, hoses, gaskets, and seals, which play
vital roles in ensuring the overall performance, safety, and efficiency of
vehicles. The increased focus on R&D in the industrial rubber sector aims
to further enhance the durability, versatility, and sustainability of these
components, meeting the evolving needs and stringent requirements of the modern
automotive, manufacturing, and construction industries.
The UAE
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. One of the significant factors influencing the
shift towards synthetic rubber is the volatility in the supply of natural
rubber. The worldwide decline in rubber plantations, caused by various factors
such as diseases and climate change, is leading to a gradual decrease in the
availability of natural rubber. As a result, the price of natural rubber has
been experiencing an upward trend, making it more expensive for industries that
heavily rely on this material.
The price instability of natural rubber, combined with
concerns about the resilience of the supply chain, has prompted industries to
explore alternative options. Synthetic rubber, which is derived from petroleum
products through a complex manufacturing process, offers a more stable and
reliable supply. This stability in supply makes synthetic rubber an attractive
choice for industries seeking a consistent and affordable material.
Furthermore, synthetic rubber has the advantage of
being customizable to meet specific requirements. Its properties can be
tailored to suit different applications, such as automotive tires, industrial
belts, and consumer products. This versatility adds to the appeal of synthetic
rubber, as it provides industries with the flexibility to optimize their
products for performance and durability.
Based on region, Dubai segment is expected to grow
during the forecast period.
Dubai's dominance in the UAE industrial rubber market
can be attributed not only to its strategic location and robust infrastructure
but also to the extensive use of rubber products across various industries. For
instance, the automotive industry, which includes the tire market, heavily
relies on industrial rubber for manufacturing high-quality and durable tires.
Moreover, other sectors such as construction, manufacturing, and transportation
also heavily depend on industrial rubber for various applications. With the
rising demand for industrial rubber from these sectors, Dubai's position as a
key player in the market is expected to strengthen further in the coming years.
Major companies operating in UAE Industrial Rubber
Market are:
- TSRC Corporation
- The Goodyear Tire and Rubber Company
- Zeon Corporation
- JSR Corporation
- Versalis S.P.A.
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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 UAE Industrial
Rubber Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“UAE Industrial Rubber Market By Type (Natural
Rubber, Synthetic Rubber), By Application (Automotive, Building &
Construction, Healthcare, Coating, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of UAE 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 UAE Industrial Rubber Market.
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