India Synthetic Rubber Market: Growth, Size, Share and Forecast 2019-2025
Posted by Orion Market Research on January 30th, 2020
India synthetic rubber market is anticipated to grow at a significant growth rate during the forecast period. The largest synthetic rubber consumers in India are the automobile and medical sectors making it a major market for synthetic rubber. Based on consumption patterns, the rubber industry in India can be categorized into two sectors - the tire sector and non-tire sector. The tire sector comprises all types of automobile tires, conventional as well as radial tires - and tire exports. The non-tire sector comprises the medium-scale, small scale, and tiny units, which produce high technology and sophisticated industrial products. The high consumption of footwear in India additionally fuels the market for synthetic rubber. The country is the fourth largest vehicle manufacturer all across the globe in 2018. Moreover, the country is the largest market for the two-wheeler industry. An increase in demand for automotive in the near future is also expected to raise the demand of automotive tire. Due to this, tire companies are significantly expanding their manufacturing facilities in the country. For instance, in August 2019, Maxxis Tyres announced to set up five manufacturing plants in the country. In the same month, Mahansaria Tyres Pvt. Ltd., announced to start a new plant in Gujarat. In January 2019, Apollo Tyres Ltd. is planning to set-up a new plant in Andhra Pradesh.
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The market is segmented on the basis of type and end-user. By type, the market is further divided into Styrene Butadiene Rubber, Polybutadiene Rubber, Ethylene Propylene Rubber, Isoprene Rubber, and others. Styrene-Butadiene rubber is expected to hold the largest market share during the forecast period. By end-user, the market is further segmented into automobile components, industrial application, footwear, household, and others. By end-user, automobile components will have the largest market share during the forecast period.
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The companies which are contributing significantly in the market include ARLANXEO Holding B.V., Asahi Kasei Corp., Bridgestone Corp., Indian Synthetic Rubber Pvt. Ltd., LG Chem, Ltd., Reliance Industries Ltd., SABIC, The Dow Chemical Co., The Goodyear Tire & Rubber Co., The Michelin Group, Ube Industries, Ltd. and others. The market players are considerably contributing to the market growth by the adoption of various growth strategies including new product launch, merger, and acquisition, collaborations with government, and technological advancements to stay competitive in the market.
India Synthetic Rubber Market – Segmentation
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