The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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Due to the growing demand from important end-use industries such as the tires industry, the global rubber processing chemicals market is exhibiting a steady growth. There is a growing demand for rubber in the automotive sector due to its various inherent advantages. This increasing demand from the automotive industry, especially in the developing countries, is boosting revenue growth of the global rubber processing chemicals market. A new report prepared by Persistence Market Research titled ‘Rubber Processing Chemicals Market: Global Industry Analysis 2012-2016 and Forecast 2017-2026’ studies the global rubber processing chemicals market in great detail and gives out the projections of this market over a nine year assessment period starting from the year 2017 and ending in the year 2026. This report presents the value forecast of the global rubber processing chemicals market and studies in detail the key market dynamics operating in the global rubber processing chemicals market in the form of drivers, restraints, opportunities and trends. As per the projections of Persistence Market Research, the global rubber processing chemicals market was estimated to be valued at nearly US$ 4,750 Mn at the end of the year 2017 and is likely to reach a figure of nearly US$ 7,000 Mn at the end of the period of forecast in the year 2026, and in the process exhibit a CAGR of 4.5% during the time span of 2017-2026.
Antidegradants Largest Product Type in Terms of Revenue
The antidegradants product type category is the largest segment by value and is slated to display a CAGR Of 4.4% during the period of forecast. This segment is likely to reach a market valuation of nearly US$ 4,500 Mn by the end of the period of forecast in the year 2026.
Tires and Related Products Largest Application Segment
The tires and related products segment in the application category of the global rubber processing chemicals market is likely to exhibit a CAGR of 4.2% during the period of forecast. This segment was estimated to be valued at nearly US$ 3,300 Mn in 2017.
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Tire End Use Segment to Witness the Fastest Growth
The tire segment in the end user industry category of the global rubber processing chemicals market is slated to exhibit the fastest CAGR of 4.6% during the period of forecast and is likely to reach a market valuation of nearly US$ 5,000 Mn by 2026 end.
APEJ to Dominate the Global Rubber Processing Chemicals Market in Terms of Value
The APEJ regional market leads the global rubber processing chemicals market and is expected to display a CAGR of 5.6% during the period of forecast. The APEJ rubber processing chemicals market is anticipated to reach a valuation of nearly US$ 4,500 Mn by the end of the period of assessment in 2026.
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