Rubber Testing Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted April 30, 2021 by Statzyreports

The rubber testing equipment market was valued at USD 12.40 billion in 2020 and is expected to reach USD 16.09 billion by 2026, at a CAGR of 5% over the forecast period 2021 - 2026.
The rubber testing equipment market was valued at USD 12.40 billion in 2020 and is expected to reach USD 16.09 billion by 2026, at a CAGR of 5% over the forecast period 2021 - 2026. The rubber demand is positively influenced by the constant efforts directed toward strengthening global economies, industrialization, and rapid urbanization. The intensifying construction activities, on account of industrialization and urbanization, combined with the steady rise in the production of automobiles, is expected to primarily contribute to the growth of the rubber testing equipment market.

- Owing to the snowballing consumer demand for long-lasting goods, products like hoses and belts are expected to witness a steady rise in the demand. There can be a substantial requirement for rubber roofing, as the construction sector witnessed robust growth. The manufacturing industry is also expected to contribute to the growing demand, as it continues to record growth at an effective rate.

- The market outlook is positive, and region-wise analysis of the market reveals that growth is mainly concentrated in Asia-Pacific, which is also the largest producer of rubber, globally.

- There have been several technological developments in the market, ranging from inclusion of automated techniques, to the advent of software management tools and intelligent testing techniques. In addition to the growing demand for durable goods, which require testing during design and production, these technological advancements are expected to majorly drive the market growth.

Key Market Trends

Tires Demand Have Driven the Rubber Testing Equipment Market

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- Rubber testing equipment for tires is widely used for determining the tensile strength and elongation of rubber and other materials. The equipment is specially designed for dynamic and static testing of tires. It identifies the tire performance and attributes and defines the effect of the tire design on the dynamics of the vehicles.

- Tire testing encompasses a detailed analysis of several properties, such as durability and endurance, force, moment, indoor tread wear, accelerated aging, government regulatory testing, and failure analysis.
- The increasing number of vehicles with the presence of off-the-road tires i.e. OTR, heavy truck tires, and light truck and passenger car tires, has driven the rubber testing equipment market, globally. Evolution of different types of tire testing techniques, such as endurance testing and radical run-out testing, has further boosted the growth of the market.

- Global sales of passenger cars reached over 78 million vehicles in 2017. Along with China, the United States is among the most significant automobile markets worldwide, both in terms of sales and production. Over 6.3 million passenger cars were sold to US customers, and around four million cars were produced in the United States in 2017.

North America is among the Largest Consumers of Industrial Rubber.

- Although there is a slight slump, the demand for industrial rubber products in North America is gradually recovering, owing to a drastic turnaround in motor vehicle production and recovering manufacturing sector.
- The United States is one of the largest automotive manufacturers in the world, manufacturing an average of over 8 million passenger vehicles annually. Since Honda opened its first manufacturing plant in the United States, almost every Japanese, Korean, and European automaker have established one or more manufacturing plants in the United States.

- The automotive industry in Canada is globally competitive and is a major contributor to the Canadian economy. Although the country is gradually losing its manufacturing base, it is still producing more than 2.1 million cars a year, thereby driving the market for rubber testing equipment.
- With over five heavy-duty assembly plants, over 540 OEM parts manufacturers, 400 dealerships, and many other automotive-related industries, Canada is the 8th largest vehicle producer in the world. This sector is the biggest contributor to the manufacturing industry of the country, thus driving the demand for rubber testing equipment.

Competitive Landscape

The rubber testing equipment market consists of a few major players. In terms of market share, few of the major players currently dominate the market. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability.

- April 2020 - GOETTFERT GmbH after successful completion of its Beta Test Phase for the new test software for Melt Flow Indexer (Plastometer) miCONNECT, made it available for all its customers. miCONNECT is basically a browser-based platform that allows, after a one-time installation, to create device-independent test plans and parameter sets on any number of end devices, to control the measurement live, to analyze the measurement results and to manage or export the generated test reports.

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Tags Rubber Testing Equipment Market , Rubber Testing Equipment Market size , Rubber Testing Equipment Market share , Rubber Testing Equipment Market forecast , COVID-19 Impact
Last Updated April 30, 2021