Global Cellular Rubber demand is anticipated to be valued at US$ 8.4 Billion in 2022, forecast to grow at a CAGR of 5.91% to be valued at US$ 15 Billion from 2022 to 2032. Growth is attributed to increased demand for the automotive industries.
Report Attribute
Details
Estimated Base Year Value (2021)
US$ 8.1 Billion
Expected Market Value (2022)
US$ 8.4 Billion
Anticipated Forecast Value (2032)
US$ 15 Billion
Projected Growth Rate (2022 to 2032)
5.91% CAGR
The rubber, electrical, and automotive industries are the primary drivers of the cellular rubber market. Cellular rubber is particularly useful in end-use sectors such as the automobile industry, where it is used to make door seals and tubes, body and chassis parts, and weather-stripping, among other things. Cellular rubber is utilized in the space industry for sealing, stress absorption, and confinement, among other things.
Because of the existence of significant rubber and automotive sectors in the area, the markets in Asia Pacific and North America are expected to be the most promising for growth. The Asia Pacific region is expected to have relatively strong value growth as a result of customizable residences responding to unique needs. Furthermore, investments in the automobile sector are increasing on a regular basis. India and China are two key Asian Pacific areas that are expanding their manufacturing sectors, with India being a significant cellular rubber exporter. These factors are projected to drive cellular rubber market expansion throughout the forecast period.
Furthermore, foam blanks composed of cellular rubber are utilized for the shipping and installation of solar components. Furthermore, cellular rubber is employed in the space sector for engine seals and light seals. As a result, these factors are projected to account for the growth in the cellular rubber market over the forecast period.
Which are Some Prominent Drivers Spearheading Cellular Rubber Market Growth?
Major automobile manufacturers have collaborated with the material's sealing qualities and noise reduction properties to develop a method of automotive applications for the EPDM kind of cellular rubber. Cellular rubber is used by car makers to seal the doors and tubes, as well as to make tires and other vehicle components.
The growing popularity of electric cars, as well as the anticipated recovery of the automotive sector from the pandemic's effects by 2022, is pushing higher demand for cellular rubber. Asia Pacific is a significant automotive market, accounting for the majority of vehicle manufacturing, particularly in China, Japan, and India. Furthermore, there is a boom in global demand for electric automobiles. According to EVAdoption estimates, the sale of these cars in the United States is predicted to reach 3,000,000 units by 2028, up from 507,710 units in 2020.
Furthermore, the rubber has the ability to instantly connect with the metal and offer a robust screen against weather. The cellular rubber is employed in much electronic equipment for device sealing and vibration isolation. Furthermore, some features of cellular rubber may be tailored to meet specific needs in a variety of electronic device applications. The increased demand from numerous small and medium-sized businesses provides a sufficient cushion to the market. As a result, these factors are expected to drive the expansion of the cellular rubber market.
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What are the Challenges Faced by the Cellular Rubber Industry?
Many organizations are adopting unpredictable raw material costs in order to dominate the industry and obtain market share. Unexpected variations in raw material costs, as well as inclement weather, have an impact on the cellular rubber market. Furthermore, changes in raw material costs have a direct influence on the output of most sectors. These factors are projected to impede the growth of the cellular rubber market during the forecast period.
Why is Asia-Pacific emerging as an Opportunistic Cellular Rubber Market?
APAC's largest economies include China, India, Japan, South Korea, and Australia. Because of its advantageous qualities such as sealing, shielding, and high compressibility, the automobile sector is a major end consumer of cellular rubber. Cellular rubber is largely used in vehicles for HVAC system gaskets and seals, carburetor gaskets, noise, vibration, and harmonics pads, wiring harness gaskets, lighting gaskets (interior and exterior), antenna gaskets, and vehicle trunk and door sealers. Although the automobile sector has long been profitable, it has been severely impacted by the COVID-19 pandemic.
The growing popularity of electric cars, as well as the anticipated recovery of the automotive sector from the pandemic's effects by 2022, is pushing higher demand for cellular rubber. Asia Pacific is a significant automotive market, accounting for the majority of vehicle manufacturing, particularly in China, Japan, and India. Across the area, demand for electric vehicles is increasing. With an increase in electric vehicle sales, the manufacture of electric cars is also expanding, which is driving up demand for cellular rubbers in the APAC automotive sector.
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How is Europe Contributing to Growth of the Cellular Rubber Market?
Many well-known vehicle manufacturers are based in Europe. The European Union (EU) is a major producer of vehicles across the world, and the European automotive sector has the highest private investment in R&D. The European Automobile Manufacturers' Association (ACEA) estimates that the European Union will sell 9.9 million new passenger cars in 2020. The expansion of Europe's automotive sector is likely to benefit the cellular rubber market.
The increased demand for automobiles in the area is primarily driven by a rise in consumer buying power, an increase in the number of dual-income households, a larger working class, and the rapid economic expansion of European nations. Because of its sealing and noise-reduction capabilities, cellular rubber is becoming more popular in the automobile sector.
Furthermore, EPDM cellular rubber quickly combines with metal and offers a robust barrier against weather, the environment, road surface, and vibration. The many applications of cellular rubber, as well as the increasing demand from the automotive sector are the primary factors driving the growth of the Europe cellular rubber market.
Market Competition
Some of the key participants present in the global Cellular Rubber market include Chicago Wilcox Mfg. Co. Inc., Rogers Foam Corp, Stockwell Elastomerics, American Foam Rubber, LP, Foam Rubber LLC, and Saint Gobain Performance Plastics among others.
Companies in the market are using strategies such as product development, facility expansions, and mergers and acquisitions to extend their global presence and satisfy rising end-user demand.
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Report Scope
Report Attribute
Details
Growth Rate
CAGR of 6% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2015 to 2020
Forecast Period
2022 to 2032
Quantitative Units
Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
