The market for cellular rubber is anticipated to record a CAGR of around 6% over the forecast period 2020-2028. The automotive, rubber, electronic and space industries will account for the rise in the market growth. Cellular rubber in automotive industry is used for various purposes, such as, load supports, sealing strips, rattle protection and other uses.
The market is segmented by product type, by application type, by material type, by end user and by region. The well targeted research and development in the chemical, automotive and other industries will lead to the largest share in the market in the forecast period. The use of the cellular rubber for its application such as confinement and sealing will fuel the market growth.
Research Nester published a report titled “Cellular rubber market– Global Demand Analysis and Opportunity Outlook 2020-2028” which delivers detailed overview of the cellular rubber market in terms of market segmentation by product type, by material type, by application type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Based on the regional analysis, the market for cellular rubber is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Owing to the presence of major rubber and automotive industries in the region, the cellular rubber market in Asia pacific and North America is estimated to be the most potential market over the forecast period. Moreover, the investments in the automotive industry are increasing which are scaling up the size of the manufacturing industries in countries such as India and China. These factors are expected to drive the market growth over the forecast period.
The automotive industry manufacturers are working with the sealing properties of the material with the noise reduction property. The cellular rubber is used for various purposes, such as, sealing door and tubes of vehicles, for making tires, providing strong shield against weather and other body parts of vehicle. However, the use of cellular rubber is not limited to vehicles only; it also creates many benefits for the electronic devices. It is used for the isolation of vibrations and sealing of the electronic devices. Additionally, rising demand from small & medium size enterprises and customization of the cellular rubber to cater some specific requirements is also fueling the market in positive direction. These factors will also account for the growth in the market over the forecast period.
However, variations in the price of raw materials and stiff competition between most of the key players of cellular rubber is expected to operate as key restraint towards the growth of cellular rubber market over the forecast period.