According to a new report from the Grand View Research Company in San Francisco, California, the global market for silicone rubber products is expected to reach $6.11 trillion by 2024. The increasing demand for tires or non-tire silicone rubber products with good durability and high performance in extreme weather is expected to increase the demand for rubber chemicals. Increased demand for cars and their aftermarket is expected to drive demand for tires and exceed the forecast period.
The growth of the market depends mainly on the growth of the tire industry, which also includes natural rubber and synthetic rubber. Factors such as green tires and high-performance tires have driven the development of low-fuel tires in emerging countries and promoted the demand for rubber chemicals. Further research results indicate that the market value of the global rubber chemicals market was approximately US$4.215 billion in 2015 and is expected to reach US$6.155.8 billion by 2024. It will increase at an annual rate of 4.3% from 2016 to 2024. The Asia Pacific region has a 47.2% share, so in 2015 the global market was dominated by emerging economies such as China and India that developed higher demand for chemical products in the automotive industry. Due to the ever-increasing population and the presence of the second largest manufacturing product manufacturing country, China has become the largest producer and consumer of rubber chemicals.
China's rubber chemical market is expected to reach $1.93 billion by 2024. Flame retardant accounted for 5.6% of the total volume in 2015. However, due to constant attention to safety protection issues, the product is expected to exceed the fastest growth rate of the expected share. The implementation of fire safety regulations by some countries around the world has the potential to increase the demand for fire-retardant rubber products. In 2015, non-tire rubber products accounted for 43.5% of the total. Non-tire rubber products are mainly used in industrial conveyor belts. With the rapid industrialization of the high growth rate manufacturing industry will promote the market growth of non-tire rubber products. The Latin American rubber chemical market is estimated to be approximately 185.6 tons in 2015. Automotive manufacturers are currently focusing on demographic trends, such as the production of low-cost cars for middle-class people. The increase in car consumption in this region is expected to increase the growth of rubber tires, which is also the main application of silicone rubber products.