Rubber Vulcanization Market size was USD 18.5 billion in 2024 and is estimated to reach USD 55.3 billion by the end of 2037, expanding at a CAGR of 8.8% during the forecast period, i.e., 2025-2037. In 2025, the industry size of rubber vulcanization is assessed at USD 20.1 billion.
Vulcanized rubber is gaining widespread applications in conveyor belts, gaskets, seals, hoses, and vibration-damping materials. The swift growth in industries such as construction, mining, manufacturing, and aftermarket is influencing the sales of rubber vulcanization products. High-potential economies including Asia Pacific, Latin America, and the MEA are the most opportunistic marketplaces for rubber vulcanization companies owing to rapid industrialization and urbanization. The trade of automobiles, footwear, and industrial products is high in these regions, which opens lucrative doors for market players.
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Vulcanized Rubber Thread and Cord |
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Country |
Export Value in USD Million |
Country |
Import Value in USD Million |
|
Thailand |
386 |
China |
308 |
|
Malaysia |
168 |
Bangladesh |
45.3 |
|
China |
107 |
Vietnam |
28.1 |
|
India |
19.6 |
Indonesia |
25.6 |
|
Vietnam |
9.57 |
Italy |
21.2 |
Source: OEC
The Observatory of Economic Complexity (OEC) study reveals that the vulcanized rubber thread and cord trade amounted to USD 756.0 million in 2022, holding the 2489th position as the most traded product. The product complexity index (PCI) of vulcanized rubber thread and cord ranked 1916th in 2022. Thailand and China are top exporters and importers of vulcanized rubber threads and cords, representing significant trade activities saturated in Asia Pacific. The market concentration, in 2022, using Shannon Entropy was captured at 2.29, explaining the dominance of 4 countries on export trade.
Growth Drivers
Challenges
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Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
8.8% |
|
Base Year Market Size (2024) |
USD 18.5 billion |
|
Forecast Year Market Size (2037) |
USD 55.3 billion |
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Regional Scope |
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Application (Automotive, Medical, Industrial, Consumer Goods, Others)
The automotive segment is set to capture a dominant rubber vulcanization market share throughout the forecast period. The EV trend and high automobile ownership rates are fueling the sales of vulcanized rubbers. The growing demand for high-performance tires with specific characteristics such as durability, strength, and flexibility is propelling the sales of vulcanized rubbers. Thus, a global increase in automobile production is set to promote the sales of vulcanized rubber products. For instance, the International Energy Agency (IEA) revealed that around 14.0 million electric car sales were registered across the world, in 2023 and this number is expected to double in the years ahead. Furthermore, the OEC report estimates that the rubber tire trade stood at USD 95.4 billion in 2022. The exports were dominated by China (USD 19.6 billion) and imports by the U.S. (USD 19.0 billion). The rubber tire export trade registered a CAGR of 9.17% between 2021 to 2022.
Type (Accelerator, Vulcanizing Agent, Activator, Others)
The accelerator segment is poised to capture 46.5% of the global rubber vulcanization market share by 2037. The main reason backing the demand for accelerators is its ability to minimize the vulcanization process and ensure quality and faster production cycles. Vulcanized rubbers are exhibiting high demand from the construction, automotive, and manufacturing sectors and to meet these robust requirements manufacturers are making high consumption of accelerators. Apart from these industries, the use of vulcanized rubber is gaining traction in medical facilities for the production of tubes, gloves, and various other products. Overall, accelerators are set to hold a dominant share throughout the study period owing to high production requirements.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Application |
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North America Market Forecast
North America rubber vulcanization market is expected to capture revenue share of over 35.1% by 2037. The strong presence of automotive component and medical product manufacturing companies is majorly propelling the sales of vulcanized rubbers in the region. The strict environmental regulations and innovations in rubber processing are propelling the market growth in the U.S. and Canada.
The U.S. automotive sector is a major driver for the sales of vulcanized rubbers as they are extensively used in the manufacturing of tires, seals, belts, gaskets, and hosses of automobiles. The growing demand for electric, hybrid, and ICE vehicles is pushing the demand for durable and high-performance vulcanized rubber products. For instance, the National Automobile Dealers Association (NADA) stated that new light-vehicle sales in the U.S. totaled a SAAR of 15.7 million units in April 2024. Furthermore, the IEA report estimates that 1.4 million electric vehicles were sold in the U.S. in 2023, 40% higher than the previous year. Thus, the U.S. is the most lucrative rubber vulcanization market companies.
Similar to the U.S., Canada’s strong automotive and tire manufacturing industry is pushing the sales of vulcanized rubbers. The majority of global automakers have manufacturing units in the country, which is propelling the consumption of vulcanized rubbers in these plants. The dominant mining and oil & gas sectors of the country are also major consumers of vulcanized rubber products. The expansion of these industries is directly fueling the sales of rubber vulcanization technologies. For instance, the Mining Association of Canada states that there are over 200 active mines in the country. Mining, quarrying, and oil and gas extraction contributed 7.8% to the country’s gross domestic product (GDP), in 2022. Overall, Canada is a win-win pool for rubber vulcanization companies.
Asia Pacific Market Statistics
The Asia Pacific rubber vulcanization market is poised to expand at the fastest pace during the study period. Expanding mining projects, a hike in automobile registrations, a boom in the footwear industry, and robust urban and industrial activities are fueling the sales of rubber vulcanization solutions. China and India are high-earning marketplaces for rubber vulcanization companies owing to a strong industrial and manufacturing base. Whereas, Japan and South Korea are expected to offer innovative rubber vulcanization technologies in the coming years.
China known as the largest industrial hub globally is set to witness robust sales of rubber vulcanization technologies in the coming years. High automobile production, the strong presence of chemical companies, and thriving manufacturing activities are augmenting the sales of rubber vulcanization solutions. The IEA study reveals that around 60% of the total EV sales were registered in China. It highlights that the automotive sector is the major user of rubber vulcanization solutions in the country.
In India, the supportive government policies for chemical production, swift mining activities, the positive market for EVs and other engine vehicles, and expanding medical solution manufacturing plants are propelling the sales of vulcanized rubber products. For instance, the India Brand Equity Foundation (IBEF) report states that the chemical and petrochemical demand in the country is anticipated to triple and reach USD 1.0 trillion by 2040. Being the 6th largest producer of chemicals, India is estimated to offer lucrative opportunities for rubber vulcanization market players in the coming years.
The rubber vulcanization market is competitive owing to the strong presence of industry giants. Innovations, investments in research and development activities, collaborations and partnerships, mergers and acquisitions, and global expansion are some of the marketing strategies widely employed by leading companies. Organic tactics are often observed to offer positive margin rates to key players. Industry giants are forming strategic collaborations with other players to drive innovations and boost market reach. To earn high profits, key players are also entering into untapped markets. Developing regions are offering high-earning opportunities for rubber vulcanization manufacturers due to swift industrial and urban activities.
Some of the key players include in market:
Author Credits: Rajrani Baghel
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