Cellular Rubber Market Trends

Growth Drivers

• Growing Demand for the Sale of Vehicles - The top manufacturers in the automotive industry have partnered with the sealing properties of the material with the noise reduction property and have come up with a means of automotive applications for the EPDM type of cellular rubber. In order to seal the doors and tubes of the vehicle, for making tires and other components of the vehicle, the manufacturers use cellular rubber. Moreover, the rubber has the property to bond quickly with the metal and provide a strong shield against the weather. According to the International Organization of Motor Vehicle Manufacturers (OICA), worldwide vehicle sales enhanced to 56 million in 2021 from 53 million in 2020. In comparison, worldwide car manufacturing was expected to reach 57 million in 2021.
• Rising Requirement of Electronic Devices -Cellular rubber is used in many electronic devices for the sealing and isolation of the vibrations in the devices. Further, there are certain properties of cellular rubber that can be customized to cater to the specific requirements in the range of applications for electronic devices. The increasing demand from many small and medium enterprises is giving enough cushion to the market. Hence, these factors are anticipated to account for the growth of the cellular rubber market. Global revenue in the Consumer Electronics market is expected to reach $1,028.00 billion in 2023. 
• Increased Utilization of Sports Equipment- Sports like cricket and basketball, for instance, necessitate the use of rubber to create balls for the internal framework. Wetsuits for scuba diving can also be manufactured of cellular rubber. In 2019, 19.3 percent of the U.S. population participated in sports and exercise on a daily basis, according to the Bureau of Labour Statistics.
• Rising usage in Environmental Sealing- Silicone cellular rubber is employed in environmental sealing to prevent dust, air, and moisture from penetrating exterior additions such as HVAC systems, lighting fixtures, and electronic enclosures. Air pollution is responsible for 11.65% of all fatalities worldwide. It is also a major risk factor for the burden of illness.

Challenges

• Variations in the Cost of Raw Material and Competition among Top Market PlayersTo dominate the market and gain market share, many companies are adopting unstable prices of raw materials. Unexpected fluctuations in the prices of raw materials and unstable weather conditions affect the market for cellular rubber. Further, the increase or decrease in the prices of raw materials directly impacts the production of most industries. These factors are expected to hamper the market growth of cellular rubber over the forecast period.
• Increased competitiveness in the oil and gas industry.
• Unpredictable weather conditions.