The rubber testing equipment market was valued at USD 11.91 billion in 2022 and is expected to reach USD 16.09 billion by 2031, at a CAGR of 5% over the forecast period. 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.
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Key Market Trends
Tires Demand Have Driven the Rubber Testing Equipment Market
– 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’s 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.
Rubber Testing Equipment Market Size Growth Analysis, Outlook by – Trends, Opportunities and Forecast 2022-2031
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