Non-tire Rubber Products Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Non-tire Rubber Products Industry Hit Worst due to Russia-Ukraine War Impact?
The global non-tire rubber products market size is expected to experience substantial growth during the forecast period. The growth is attributable to the increasing demand for non-tire rubber products such as sterile gloves from the healthcare sector and the rising automotive sector worldwide. This information is published by Fortune Business Insights in its latest report, titled, “Non-tire Rubber Products Market Size, Share & Industry Analysis, By Product type (Rubber Gloves, Rubber Hoses, Medical Equipment and Devices, Rubber Belts, Roofing (Rubber), Mechanical Rubber Goods), By Application (Textiles, Leathers, Others), By Rubber Type (Ethylene-propylene, Nitrile Butadiene Rubber, Styrene Butadiene Rubber), By Application (Aerospace, Printing, Agriculture & forestry) and Regional Forecast, 2021-2028.”
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Non-tire Rubber Products Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Non-tire Rubber Products Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
What does the Report Provide?
The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. The report further provides insights into the regional analysis covering different regions, contributing to the market growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
Increasing Demand from Healthcare Sector to Accelerate Growth
The COVID-19 pandemic has led to an increased focus of the healthcare industry towards treating the patients. This has surged the demand for non-tire rubber products such as sterile gloves to combat the coronavirus across the globe. Moreover, the rising automotive sector is likely to boost the adoption of non-tire rubber products that aid in reducing the overall weight of the vehicles to enable better performance and efficiency. These factors are expected to contribute to the global non-tire rubber products market growth between 2020 and 2027.
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Presence of Established Domestic Manufacturers in Asia-Pacific to Aid Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the global non-tire rubber products market during the forecast period. This is attributable to the presence of major domestic manufacturers that play a vital role in propelling the demand for non-tire rubber products in the region.
The market in North America is anticipated to showcase considerable growth backed by the increasing awareness regarding the adoption of non-tire rubber products for industrial applications such as automotive, medical, and others.
Key Players Focus on Collaboration to Expand Their Product Portfolio and Boost Sales Revenue
The global non-tire rubber market comprises small, medium, and large companies focusing on maintaining a stronghold and gaining a competitive edge over their rivals. They are doing so by collaborating with other companies to develop advanced non-tire rubber products to cater to the growing end-user industrial demands. Moreover, other key players are striving to maintain their presence by adopting strategies such as merger and acquisition and collaboration that will favor the market growth.
- December 2020 – Vystar Corporation signed a Memorandum of Understanding (MoU) with the Indian Rubber Manufacturers Research Association (IRMRA). The MoU is aimed at collaborating to develop several tire and non-tire rubber products that are sustainable and eco-friendly.
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List of the Companies Profiled in the Market:
- Exxon Mobil
- Goodyear Tire and Rubber Company
- Kumho Petrochemical
- Lion Elastomers, LLC
- Zeon Corporation
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