The Automotive Industry is a prime consumer of Natural Rubber globally and is expected to drive the future market. The Natural Rubber's high tensile strength, abrasion resistance, adhesiveness to metal, and capability to dampen vibrations make it a preferred choice for automotive manufacturers globally. The increasing population and rapid urbanization have increased the sales of automotive vehicles globally, driving the tire industry. Owing to the rapid urbanization in emerging countries like China and India, the sales of commercial vehicles such as trucks, tractors, and trailers are on the surge. Furthermore, the automotive industry is experiencing a boom in the electric vehicle market. The environmental awareness amongst citizens coupled with the government offering subsidies on its purchase further propels the automotive industry. Urbanization has also led to a surge in the construction industry, with demand for construction material expected to rise over the forecasted year. Thus, the increasing demand for automotive and construction material demand is all set to propel the future natural rubber market.
Major global players in the industry were Cheng Shin Rubber Industry Co. Ltd ., JSR Corporation , IMERYS , Toyoda GOSEI , Sumitomo Rubber Industries , Yokohama Rubber Company , Zeon Corporation , and Nankang Rubber Tire among others.
The Asia Pacific has been the dominating region both, in production and consumption of Natural Rubber and is expected to continue at the same pace in the future. China is a leader in importing Natural Rubber due to its high requirement in its booming automotive and construction industry. According to Food and Agriculture Organization (FAO), in 2018 China's import stood at 813,016 metric tons and consumption was 4,680,000 metric tons of natural rubber thus making it a net importer. The leading global natural rubber producing countries- Thailand, Indonesia, Vietnam, Myanmar, and Laos are all located in the Southeast Asia region, which portrays the capability of Natural Rubber in the region. The high demand is attributed to the increasing population in the region coupled with the rapid industrialization and urbanization which increase the demand for natural rubber directly or indirectly. With the increasing mean annual income, the region experiencing an automotive boom with China as the leader. Thailand witnessed a healthy growth in exports to countries with free trade agreement like China (130% rise to USD 31 million), Australia (79% rise to USD 9.6 million), South Korea (55.3% rise to USD 7.9 million), and India (28.5% rise to 8.3 million) in 2019. Factors like the growth of the automotive, construction, and medical sector are expected to drive the natural rubber consumption in the region.
The tire manufacturers in India are investing USD 150.8 million to produce Natural Rubber in Northeast India after a 40% import cap imposed by the Indian government.
Global Natural rubber Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Natural rubber market by segmenting based on the Product (Ribbed Smoked Sheet (RSS), Concentrated Latex, Block Rubber (TSR), Others), End-User Industry (Automotive, Footwear, Medical, Construction, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market share, trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.
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