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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