Cellular Rubber Market - Forecast (2024 - 2030)
Cellular rubber (also known as foam rubber) is primarily composed of materials such as neoprene, ethylene propylene diene monomer (EPDM), nitrile butadiene rubber (NBR), silicone, ethylene vinyl acetate blend (EVA) and polyurethane which is a thermosetting polymer made from a combination of methyl di-isocyanate and polyethylene. They are used in a wide range of industries, including automotive, aerospace, building & construction, electronics and other industries. The expansion of cellular rubber is primarily driven by its usage in the automotive industry. In 2020, the surge in the COVID-19 pandemic negatively impacted the automotive production activities as a result of the country-wide shutdown of automotive sites, shortage of labor and the decline of the supply and demand chain all over the world. These factors temporarily affected the growth of the cellular rubber industry. However, a steady recovery in automotive production activities has been witnessed since 2021, which in turn, is driving the demand for cellular rubber. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the total global automobile production reached 80.2 billion units in 2021, an increase of 3% as compared to 77.7 billion units in 2020. An increase in automotive production along with the surging demand from the aerospace industry is expected to drive the growth of the Cellular Rubber market size in the upcoming years. On the other hand, fluctuating prices of raw materials may confine the growth of the market.
Cellular Rubber Market Report Coverage
The "Cellular Rubber Market Report – Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Cellular Rubber Market.
By Material Type:?Neoprene, Ethylene Propylene Diene Monomer (EPDM), Nitrile Butadiene Rubber (NBR), Polyurethane, Silicone, Ethylene Vinyl Acetate Blend (EVA) and Others.
By Product Type: Sheet, Strip, Tape and Others.?
By Application: Electrical Insulation, Sealing, Shock Absorption, Electricity Connections, Air Handling Equipment (Air Conditioners), Noise Attenuation and Others.?
By End-use Industry: Automotive (Passenger Cars, Light Commercial Vehicle and Heavy Commercial Vehicles), Aerospace (Commercial, Military and Others), Construction (Residential, Commercial and Industrial), Electrical & Electronics (Semiconductor, Appliances and Others), Medical and Others.?
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Denmark, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World [the Middle East (Saudi Arabia, the UAE, Israel and the Rest of Middle East) and Africa (South Africa, Nigeria and the Rest of Africa)].
Key Takeaways
Figure: Asia-Pacific Cellular Rubber Market Revenue, 2021-2027 (US$ Billion)
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Cellular Rubber Market Segment Analysis – by Material Type
The silicone segment held a significant Cellular Rubber Market share of over 18% in 2021, owing to the range of characteristics and benefits it offers over other types of rubber material. For instance, silicone rubber offers higher resistance to harsh environmental factors such as extreme temperatures and UV radiation in comparison to neoprene, ethylene propylene diene monomer and other types of cellular rubber materials. It offers higher thermal stability, durability and flexibility even in extreme hot or cold temperatures. Moreover, silicone offers excellent resistance to moisture and is water-repellent, which makes it an excellent sealant as compared to other types of cellular rubber materials. Furthermore, silicone offers excellent resistance to harsh chemicals along with excellent insulation and mechanical properties. Hence, all of these benefits are driving its demand over other types of cellular rubber materials. These factors are expected to boost market growth during the forecast period.
Cellular Rubber Market Segment Analysis – by End-use Industry
The automotive industry held the largest Cellular Rubber Market share of over 25% in 2021, owing to the increase in automotive production across the world. For instance, recent insights from the European Automobile Manufacturers' Association (ACEA) state that total passenger car production during the fourth quarter of 2020 reached around 34 million in Asia-Pacific, 14 million in Europe, 1.3 million in the Middle East/Africa, 1.7 million in South America and 9.6 million in North America, respectively. Moreover, according to the International Organization of Motor Vehicle Manufacturers (OICA), the total production of passenger cars in South America, Asia-Pacific and Africa increased by 11%, 7% and 8%, respectively, in 2021 as compared to 2020.
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Cellular Rubber (also known as foam rubber), composed of materials such as neoprene, ethylene propylene diene monomer (EPDM), silicone and methyl di-isocyanate, is primarily used in car trunk systems, dashboard fillers, door panels, bumpers, car battery insulation systems, cable sleeves & wire wraps and other automobile components, owing to its excellent sealing, shock absorption and electrical insulation properties. Thus, such a boost in automobile production is expected to increase the demand for Cellular Rubber. This is expected to expand the Cellular Rubber Market size during the forecast period.
Cellular Rubber Market Segment Analysis – by Geography
Asia-Pacific held a dominant Cellular Rubber Market share of around 35% in the year 2021. The consumption of cellular rubber is particularly high in this region due to its increasing demand in the automotive sector. For instance, recent insights published by the OICA (International Organization of Motor Vehicle Manufacturers) during the fourth quarter of 2020 state that around 25 million, 3.5 million, 8 million and 3.4 million units of vehicles were produced in China, South Korea, Japan and India, respectively. This, in turn, contributed to approx. 50% of the global automobile production during the year 2020. Moreover, according to the South Korean Ministry of Trade, Industry and Energy, automobile production in South Korea amounted to 271,054 units in December 2021. It further stated that Hyundai Motor and GM Korea accounted for about 53.3% of total domestic automobile production in the country. Furthermore, in December 2021, the automobile manufacturers in South Korea such as Hyundai Motor produced 119,621 units, while Kia produced 115,941 units.
In this way, such a boom in automobile production across multiple countries in the APAC region is expected to increase the demand for Cellular Rubber for its use in car trunk systems, dashboard fillers, seating elements, door panels, bumpers, car battery insulation systems, cable sleeves & wire wraps and other automobile components, owing to its excellent noise reduction, shock absorption, lightweight, dustproof, moisture resistance and electrical insulation properties. This is expected to drive the growth of the market during the forecast period.
Cellular Rubber Market Drivers
An increase in automotive production
The properties of Cellular Rubber such as excellent shock absorption, noise reduction, electrical insulation, lightweight, dustproof, moisture resistance and more make them ideal for use in various automobile components, including door panels, shock-absorbing components, car trunk systems, dashboard fillers, seating elements, automobile battery insulation systems, gas tank pads and more. According to a study published by the German Association of Automotive Industry during the fourth quarter of 2020, the new registration of motor vehicles reached up to 16,763 units in Europe, 37,467 units in Asia, 3080 units in South America, 17,421 units in North America, 12,733 units in Western Europe and 5180 units in other regions worldwide. Moreover, according to the International Organization of Motor Vehicle Manufacturers (OICA), the production of heavy-duty vehicles in Europe reached 308,300 units in 2021, an increase of 31% as compared to 236,328 units in 2020. It further stated that the total automobile production in 2021 in Europe, America, Asia and Africa increased by 25%, 17%, 28% and 37% respectively as compared to 2020. Hence, an increase in global automotive production is expected to increase the demand for Cellular Rubber for use in various components of an automobile, owing to its above-mentioned properties. This is expected to fuel the growth of the market in the upcoming years.
Surging demand in the aerospace industry
Cellular Rubber (also known as foam rubber), composed of materials such as neoprene, ethylene propylene diene monomer (EPDM), silicone and methyl di-isocyanate, is primarily used in the aerospace industry for multiple applications involving interior components of the aircraft which include overhead lockers, vent ducts, entertainment system seals and LED lighting system. It is also used for gaskets in the aircraft engines, along with electrical components within the aircraft to seal instrument panels and other electrical systems, while protecting wires and electrical components from dust and moisture. The properties of cellular rubber such as excellent electrical insulation, sealing, lightweight, dustproof, moisture resistance and flame retardancy are driving its demand in the aerospace industry for use in those applications. For instance, according to the Federal Aviation Administration (FAA), the total production of commercial aircraft fleet is estimated to reach up to 8,270 by the end of 2037, owing to the growth in air cargo activities. It further states that the development of the US mainliner carrier fleet is estimated to increase at a rate of 54 aircraft per year. In November 2021, the Indian government announced its plan to launch its military aviation project that aimed at building a fifth-generation fighter or medium combat aircraft incorporated with advanced stealth features and capabilities. The aircraft is scheduled for launch by the end of 2022. Moreover, the Indian Air Force (IAF) announced its plans to deliver 73 Tejas Mark-1A fighter jets which are scheduled to be delivered from 2024 to 2030. Such surging production in the aerospace industry is expected to increase the demand for cellular rubber for use in multiple components of aircraft. This is expected to accelerate the growth of the Cellular Rubber market in the upcoming years.
Cellular Rubber Market Challenge:
Fluctuating prices of raw materials
Some of the raw materials required for the production of cellular rubber are obtained from crude oil. As a result, fluctuations in the prices of crude oil may hinder the growth of the market. For instance, in 2020, the international benchmark for petroleum prices across the world, also known as Brent crude prices, decreased to US$9.12 per barrel. This was the lowest record since December 10, 1998. Similarly, in April 2020, India’s Crude Oil Basket (COB) reached US$19.90 per barrel, which was the lowest record since February 2002. During the first 11 months of the year 2024-2030, the average annual price of India’s COB was around US$42.72 per barrel, which decreased by 30% more than the average COB price in 2019-20. Furthermore, as per revised estimates for 2024-2030, the COB increased by around 35% from its initial budget estimate. In this way, such uncertainty regarding the price of crude oil may affect the prices of raw materials that are used in the production of synthetic Cellular Rubber. Thus, such instability and fluctuating prices of raw materials may limit the growth of the Cellular Rubber industry during the forecast period.
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