Rubber Processing Chemicals Market
REPORT DESCRIPTION
Rubber Processing Chemicals Market - Global Industry Analysis , Size , Share , Growth , Trends and Forecast 2016 - 2024
The global rubber processing chemicals market is highly consolidated with the top four companies accounting for nearly 41 % of the overall market in 2015 . These companies were BASF SE , Eastman Chemical Company , LANXESS , and Akzo Nobel N . V . Of these , the dominant share was with BASF SE due to its persistent efforts toward technological innovations and launching novel products , finds Transparency Market Research ( TMR ) in a recent study .
The success of companies operating in the global rubber processing chemicals market is determined to an extent by their goodwill and product portfolio . Besides this , a considerable number of companies seek long-term contracts to sustain their market position .
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These forces have rendered the vendor landscape of the global rubber processing chemicals market highly competitive despite consolidation . In addition , the presence of numerous regional players has made the prevailing competition fiercer .
TMR forecasts the global rubber processing chemicals market to exhibit a CAGR of 4.7 % between 2016 and 2024 . At this pace the market , which stood at US $ 3.4 bn in 2015 , will reach US $ 5.1 bn by the end of 2024 . Based on type , the antidegradants segment emerged dominant with a valuebased share of 57.1 % in 2015 . The market share held by the segment is expected to remain more or less constant through the course of the forecast period . This in turn will seal its dominance in the market .
Regionally , Asia Pacific held the dominant value share of 62 % in the global rubber processing chemicals market in 2015 . Exhibiting a moderate growth , the region market will remain at the fore through the forecast period . In Asia Pacific , the market players will witness lucrative opportunities in China due to the strong growth witnessed in its automotive and manufacturing industries .
Transparency Market Research
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