The global rubber market will exceed 3 trillion yuan by 2020
Recently, a report on the global market for rubber products made by commercial research companies in 2017 stated that the growth rate of rubber tires, retreads, hoses, belts, and sealants in the global market is accelerating. As of 2016, the annual growth rate is 3.5%. In 2016, the value of the global rubber market was US$411 billion (approximately RMB2722.7 billion). Now the market is growing at a rate of more than 5% per year and will reach US$507 billion by the end of 2020. RMB 3358.6 billion).
Tire is the world's largest rubber product sales product, accounting for nearly three-fifths of the market's share. The total value in 2016 was approximately US$240 billion (approximately RMB 1.5899 billion).
Asia is the largest and fastest growing region in the global rubber products market, accounting for 40% of the total in 2016. The current average annual growth rate is 5%. In Asia, China dominates, accounting for about 17% of the world's total value. Although the Indian market is much smaller, accounting for only 6% of the total, the Indian market is growing at a faster rate than China, with an average annual growth rate of about 10%. The Asian market is also undergoing changes, such as the purchase of Pirelli by China Chemical in 2015. Its purpose is to use Pirelli's technology to produce high-grade tires for the Chinese market.
Bridgestone, Michelin, Goodyear, China Chemical Industry, and YukonHoma rubber market, the top five manufacturers, together accounted for 20% of the global share.
At the same time, computer simulation and 3D printing technology have had a major impact on the rubber product manufacturing industry. For example, software assisted systems provide 3D demonstrations during production and control the production process. 3D printing technology allows manufacturers to customize automobile tires with different hardness and elongation. Goodyear introduced the eagle-360, a 3D-printed spherical tire that can move 360 degrees freely. Michelin, the global leader in tires, has also launched smart coral tires that can be printed in 3D to fit any road.
The increasing value of the global rubber product manufacturing market is a big plus for many rubber tire companies and the future is bright. However, as the company`s strength continues to increase and technology continues to advance, competition in the future may also become more intense.