Rubber Molding Market size is forecast to reach $52.0 billion by 2026, after growing at a CAGR of 5.0% during 2021-2026. Physical attributes such as strength, stress and heat resistance, recyclability, flexibility, and ease moldability of rubber compounds are ideal components for rubber molding. Widespread application of rubber molding in healthcare, aerospace, automotive manufacturing, electronics, transportation, sports and recreation, EMI shielding and sound management, has been driven because of low energy usage and carbon footprint. Moreover, the synthetic rubber is getting used in numerous applications of healthcare industry because of its capabilities such as avoiding allergic reactions while transferring intravenous fluids.
Rubber Molding Market Segment Analysis – By Product Type
ABS segment is projected to grow at a fast rate of 7.5% through 2026. The EPDM (ethylene propylene diene terpolymer) rubber is mostly used in the manufacturing of rubber molds and attributing for a notable share in the rubber molding market. It is extensively used in the ever-growing automotive industry to prepare seals, o-ring and gaskets as it is known for its chemical and solvents resistance.
The rising automotive production combined with increased adoption of lightweight rubber molding such as EPDM rubber will drive this market. In addition to this, neoprene rubber molding is mostly used to create protective gear for fragile electronic devices in the electronics industry. This rubber molding stands as an ideal choice to satisfy the demand for gaskets, hoses, and timing belts in the automotive industry.
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Rubber Molding Market Segment Analysis – By Application
Notable market players are focusing on rubber molds parts manufacturing capabilities in order to meet the requirements of the automotive, plumbing, electronic, transportation, material handling, electrical, industrial, medical, home appliances and aerospace industries. Rubber molding parts are highly preferred in diverse applications because of their superior stability. Additionally, these products are manufactured using advanced technology and quality material to provide improved durability and high tensile strength. Furthermore, this rubber molding is adopted by the above-mentioned major industries to make rubber products. Among all the above-mentioned applications, the automotive industry is adopting rubber molding more in the manufacturing of tires, and satisfying the growing demand for vehicles, thereby boost the rubber molding market growth. The rise in automobile production further assists in the growth of the rubber molding industry. On the other hand, adoption of lightweight materials in vehicles, and increasing the use of electric vehicles are acting as the growth-promoting factors of the rubber molding market share. This will drive the interior rubber molding market at 6.9% through 2026.
Rubber Molding Market Segment Analysis – By Geography
APAC dominated the rubber molding market with a share of more than 36% in 2020, followed by North America and Europe. The share of APAC is mainly influenced by the developing nations namely China and India. According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2019, with South East Asian countries having huge potential to grow. Thus, the rise in demand for automobiles in Asian countries coupled with the increasing vehicle production in the APAC region is impacting the APAC rubber molding market revenue.
Rubber Molding Market Drivers
Growing demand for lightweight products in vehicles
Rising adoption of lightweight products to replace metal products in vehicle production to improve the durability and also to reduce the weight and cost of the vehicle. Liquid silicone rubber is one of the versatile material which is mainly used in molding applications. Owing to its flexibility this rubber is suitable for gaskets, lenses, connectors, and provides excellent thermal, chemical, and electrical resistance. In APAC, automobile manufacturers are experiencing the severe impact of fuel mileage regulations. In order to meet those higher mileage standards, automakers are focusing on preparing lighter cars. For that purpose, the carmakers are choosing a durable, strong, and ultralight material instead of high-strength steel and aluminum. For instance, in September 2018, a CRIDER was redesigned with a fuel mileage of 4.9L/100km to meet Chinese fuel mileage regulations for 2020.
Technological advancements – Injection molding
Injection molding supports cost-effective production of identical parts. The advanced technologies of injection moulding machine are utilizing rubber materials to produce many packaging products such as toys, caps for water bottles, home goods, components for cars and airplanes, appliances, TVs, electronic parts and medical products. For this, they are using resin molds to make specific molds of the above-mentioned objects. Organic rubber injection is beneficial as it eliminates operator placement of pre-forms and the decreased viscosity of rubber allow easy flow into the cavities. This is because, the machine is equipped with solenoid valves that control the direction of the hydraulic flow of fluids. In addition to this, liquid injection molding reduces contamination and provide enhanced cycle times, biocompatibility, flexibility, inertness, stability and superior heat resistance.
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Rubber Molding Market Challenges
Constraining factors involved in the rubber molding process
Shrinkage of the cured component, mold flash, porosity due to uneven curing, flow marks, surface delamination, short shot, warping, burn marks, set-up efficiency is the list of challenges need to rectified to enjoy the perfect rubber compression molding process. This shrinkage occurs due to the difference in expansion coefficients of mold and component. Whereas incomplete curing resulted in porosity. The fault on the mold surface results in flow marks which leads to a fault in the flow direction. All these glitches may decrease the growth of the rubber molding market size.
Product launches, acquisitions, and Technology launches are key strategies adopted by players in the rubber molding market. In 2020, the market of rubber molding has been consolidated by the top five players, accounting for a share of 60%. AB SKF, Continental AG, Cooper-Standard Holdings Inc., Sumitomo Riko Co. Ltd., Dana Holding Corporation, Federal-Mogul Corporation, Freudenberg & Co. Kg, Hutchinson SA, NOK Corporation, and Trelleborg AB are the Rubber Molding top 10 companies.
In November 2019, Jrlon Inc. and RotaDyne signed an agreement of acquisition to excel their presence in rubber manufacturing. This acquisition ultimate goal is to expand the sales of rubber molding business.
In August 2019, Vuteq USA Inc., a subsidiary of Japan’s Vuteq Corporation planned to invest an amount of $60 million to inaugurate an injection molding facility in Huntsville, Ala, in the U.S.
Asia-Pacific dominates the rubber molding market share owing to increasing demand from applications such as automotive and healthcare industries.
The growing usage of new technologies namely the liquid silicone injection and 3D printing by injection molding machines to prepare resin molds are likely to aid in the market growth of rubber molding.
Increasing the adoption of lighter weight products, implementation of stringent government regulations related to vehicular emissions are driving the market demand for rubber molding.
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