Industrial Rubber Products Market - Forecast(2022 - 2027)
Industrial Rubber Products Market Overview The industrial rubber market size is forecast to reach US$160 billion by 2026, after growing at a CAGR of 7% during 2021-2026. Natural rubber and synthetic rubber are often used in various end-use industries for applications such as belts, hoses, tubes, and bearings. The rapid growth in tire manufacturing has been contributing towards the industrial rubber products industry growth. In addition, there is a surge in the production of medical equipment, which as a result is increasing the demand for industrial rubber for the manufacturing of medical equipment . Furthermore, for the manufacturing of vehicles, the automotive industry uses industrial rubber in many of its parts and components, which is also set to accelerate the market growth during the forecast period. COVID-19 Impact The industrial rubber products market was affected by the COVID-19 pandemic in 2020, due to the strict lockdown guidelines. The lockdown enforced the closure of non-...