Rubber chemicals market to reach USD 5.3 billion by 2024
The worldwide market for rubber processing chemicals is poised to grow 4.9 percent annually, from USD 3.63 billion last year to more than USD 5.31 billion by 2025, according to new research from Global Market Insights. The CAGR figure is in line with other markets reports on the rubber processing chemicals sector. Some studies, however, project the market value to approach USD 7 billion with volumes of around 45 million metric tons by 2026. In its latest market study, GMI said it expects the rubber-curing accelerators segment to deliver the highest levels of growth, building on 2017 revenues estimated at over USD 1.5 billion. The pace of demand, it noted, reflects the contribution of accelerators to reducing production times and facilitating fast and economical production of rubber parts to required quality standards. Demand for anti-degradant rubber chemicals also is set for to grow significantly to 2024, the report also indicated.