Midwest Industrial Rubber, commonly known as MIR is the top-most provider of conveyor belts. The company has been lately attained by Incline Equity Partners. This firm holds widespread service offerings across several industry verticals. It is headquartered in St.Louis and specifies in engineering, fabrication and customer design for critical belting applications. Likewise, several industrial giants associated with rubber industry are currently involved in mergers and acquisitions in order to expand their product portfolio across the globe. Rubber business is more than 100 centuries old and is dominated by tires, one of the major product. In the coming years, the industrial rubber market is said to gain significant momentum with the extensive growth in consumption of rubber in the tires application.
The Worldwide Industrial Rubber Market to Grow At the Lucrative Pace
Although, stringent environmental regulations regarding the production, use & disposal of rubber products along with fluctuating raw rubber prices may act as the confining factor. Further, the industrial use of natural rubber may face sluggish demand with consumption of around 37% of the total values. Styrene butadiene rubber will face substantial demand in the coming years. It will expand at the healthy CAGR of over 7% during the projected period of 2016-2024.
In the past years, industrial rubber market has experienced considerable demand from various industrial sectors across the globe. In 2015, the worldwide industrial rubber market was valued at US$ 89 Bn and is anticipated to rise at the CAGR of 6.1% in the coming times. It is likely to cross US$ 168 Bn by the 2026 end. Volumes in the global industrial rubber market will escalate at the decent CAGR of 5.6% during the assessment period.
Automotive- The Industrial Leader for Rubber in APEJ region
In the coming years, the automotive industry will unquestionably be the prime end-user of industrial rubber in the world. Projections say that currently over 40% of total industrial rubber production is attributed by the automotive & transportation industries. Geographically, APEJ has a substantial role in the worldwide industrial rubber market. Further, it holds for the maximum shares in the global market with the chief production and consumption of rubber.
APEJ region has the robust market for automotive both in terms of production and sales of automobiles. The construction market is likely to exhibit the highest demand in the industrial rubber market during the forecast period. Also, mechanical goods will gain significant shares and the other construction-related products including rubber roofing will further rise at the healthy pace. Moreover, providers of hose and belts may face high customer demand for the durable goods such as predominantly machinery and equipment.
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Extensive manufacturing of motorcycle and bicycle tires in APEJ region is said to play a vital role in the industry growth. This is encouraging many stakeholders to escalate their investment in the production of car and truck tires, therefore, trembling the stable business for bicycle and motorcycle tire in the region. Furthermore, regions such as the Middle East & Africa will record a flourishing growth by displaying a vigorous CAGR of 6.6%.