According to the new market study World Industrial Rubber Products by the Freedonia Group, global demand for industrial rubber products is forecast to climb 4.3 % annually through 2013 to USD 97.8 billion. Market advances in developing areas will be fuelled by healthy economic growth, ongoing industrialisation efforts and rising personal income levels, reports the study.
The industrial equipment market, which includes industrial machinery and equipment as well as off-road vehicles, will continue to comprise the largest share of aggregate demand in 2013.
Freedonia's analysts expect that China, which will surpass the USA to become the largest national market for industrial rubber products, will account for over one-third of all additional demand generated through 2013. India is also estimated to record strong gains.
Furthermore, mechanical rubber goods, which comprised the largest product segment in 2008, will benefit from gains in global motor vehicle production through 2013. Advances will be stronger in the hose and belt segments, reflecting their wide diversity of applications, predicts the study.