Growth of Tire Market Driving the Global Rubber Processing Equipment Market Until 2020, Says Technavio
By Business Wire News
By Business Wire News
The global rubber processing equipment market is expected grow at a CAGR of nearly 10% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global rubber processing equipment marketfor 2016-2020. The market is further categorized into two end-user segments, including tire manufacturing and non-tire manufacturing, of which the tire manufacturing segment dominated the market with approximately 75% of the overall market share in 2015.
The automotive sector is linked to various sub-sectors like tires, plastics, and metals. The tire manufacturing industry has witnessed steady growth due to the increasing sales in automobiles. “Since the global recession of 2008, many automobile companies and second-hand car owners are investing in new sets of tires. The growth in income levels and disposable income will lead to car ownership and will spur demand in the original equipment manufacturing sector. The demand for light vehicles is also expected to be on the rise to curb carbon dioxide emissions,” says Gaurav Mohindru, lead analyst at Technavio for unit operations research.
Technavio heavy industry research study segments the global rubber processing equipment market into the following regions:
In 2015, with a market share of over 62%, APAC dominated the global rubber processing equipment market, followed by EMEA with over 19% and the Americas with nearly 18%.
APAC: largest market for rubber processing equipment
The rising disposable income of consumers in the APAC region will boost the demand for motor vehicle manufacturing, which will create greater demand for natural rubber. The automotive industry will majorly drive the demand for tires in the region, as countries like China and India are popular for lightweight automobile production.
Gaurav says, “The progress in manufacturing activities will support augmented demand for rubber in non-tire applications such as automotive components, medical products, industrial rubber products, and footwear. Indonesia is anticipated to experience the fastest growth during the forecast period due to the rapid improvements in manufacturing activities across the region.”
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Growth in tire industries fueling the rubber processing equipment market in EMEA
The rubber processing equipment market in EMEA is driven by growth of the tire industry in regions like Africa and the Middle-East. The European automotive industry is a pioneer in technological advances and innovations. The government in Europe has imposed strict regulations to reduce automotive CO₂ emissions. This agenda has led to the manufacturing of lightweight vehicles by the automotive OEMs in the region.
Additionally, passenger car manufacturing is significantly on the rise in Germany, creating a potential market for tire manufacturers. This will, in turn, raise the demand for rubber, which will impact the demand for rubber processing equipment.
Americasto post a CAGR of close to 7% during the period 2016-2020
The rubber processing equipment market in the Americas witnessed sales of over 733 million units in 2015 and is expected to surpass 1 billion units by 2020, growing at a CAGR of approximately 7%. The Americas is a significant importer of natural rubber from Southeast Asian countries. Canada, Mexico, and Brazil are the key rubber producers in the Americas, as demand in these regions is fueled by the increase in automotive manufacturing. This has encouraged several rubber processing facilities to be opened in Mexico, which is becoming an important base for the region’s automotive manufacturing industry.
In North America, the US is a leading market for automotive manufacturers. The country has a huge consumer base with high disposable income that drives the demand for automobiles, which pushed the OEMs to increase their manufacturing capabilities.
Mexico closely follows the US in automotive production in North America. The availability of cheap labor and land and close proximity to major export destinations have attracted major automotive OEMs like Toyota, General Motors, Chrysler, Ford, Nissan, BMW, Honda, Volkswagen, Audi, and Mazda to the country. In 2014, Mexico produced a record three million light vehicles. It is estimated that the production figures will reach the five million mark by 2020.
The top vendors in the global rubber processing equipment market highlighted in the report are:
- Bosch Rexroth
- Guilin Rubber Machinery (GRM)
- Kobe Steel
- Wuxi Double Elephant
Browse Related Reports:
- Global Rubber Processing Chemicals Market 2015-2019
- Passenger Car Tires Market in Indonesia 2015-2019
- Agriculture Tires in Europe – Market Research Report 2015-2019
- Passenger Car Tire Market in Malaysia 2015-2019
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