Rubber Market Size, Share, Growth Analysis, By Type(Natural, Synthetic), By Application(Tire, Non-Tire Automotive, Footwear, Industrial Goods), By Region - Industry Forecast 2024-2031

Rubber Market size was valued at USD 45.18 Billion in 2019 and is poised to grow from USD 47.62 Billion in 2023 to USD 72.53 Billion by 2031, at a CAGR of 5.40% during the forecast period (2024-2031).

Rubber is a highly beneficial and important raw material in a variety of end-use industries due to qualities like heat and abrasion resistance. The majority of its applications are in the production of goods like tyres, waste tubes, adhesives, hoses, gaskets, and roll covers. One of the main trends in the rubber market is the increasing demand from the automotive sector for tyre and non-tire applications. It is mostly utilized in the production of tyres because of its robust qualities, including toughness and tear resistance. Commercially, industrial rubber is mostly used to create tyres for vehicles including cars, lorries, aero planes, and bicycles. However, industrial rubber is also utilized in a variety of other industrial applications, such as hoses, gaskets, sealing goods, conveyor belts, and other items like floor and wall coverings, mechanical rubber products, wiper blades, high-pressure hoses, roll covers, large bore dredging hoses, vibration control products, transmission belts, belt drive systems, molded rubber goods, weatherstripping products, flat belts, non-flat belts, rubber belting, sheet & film, rubber hoses, elevators, conveyor belting, geo-membranes, and fabricated rubber products are some examples.

US Rubber Market is poised to grow at a sustainable CAGR for the next forecast year.