[Industry News]: Industry 4.0 technology helps upgrade the rubber industry, and emerging markets show huge potential
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March 1, 2024, 8:53 AM The global industrial rubber market showed strong growth. According to PMR's latest research data, global industrial rubber market sales have reached US$57.2 billion in 2022. It is expected that by the end of 2032, this market will continue to expand at a compound annual growth rate of 6.4%, and the market value is expected to climb to US$106.4 billion. During this period, East Asia is expected to continue to be a major market for industrial rubber suppliers, leading global growth.
Currently, the industrial rubber market is undergoing a series of profound changes. These changes are driven by multiple key factors and reshaping the market landscape. The booming development of the automotive and transportation industries, especially the rise of electric vehicles (EVs) and advances in autonomous driving technology, has created huge demand for industrial rubber. Rubber products such as tires, hoses, seals and gaskets are widely used in the automotive and transportation sectors, where demand for high-performance, high-durability specialty rubber parts is growing rapidly.