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Thursday, August 11, 2022

Industrial rubber product demand to hit $24 billion in 2019

CLEVELAND—Demand for industrial rubber products in the U.S. is forecast to expand 3.4 percent per year to $24.4 billion in 2019 according to a new study from Freedonia Group Inc., an industry research firm based in Cleveland.

The study, Industrial Rubber Products, was published in July and is available from the Freedonia Group for $5,300. More information can be obtained from the firm’s website.

The firm said construction market for rubber products is expected to post the strongest gains through 2019, while rubber roofing and other construction-related products are forecast to register the healthiest growth of any major product category.

Mechanical goods will continue to account for the largest share of total demand in 2019, the study said, however sales gains in this segment will not be as strong as those forecast for others. Suppliers of hose and belts will benefit from increased output of the durable goods, particularly machinery, in which they are used.

The study said, in general, gains will be fueled by increased production of machinery and healthy growth in nonresidential construction spending. Increase in motor vehicle production also will provide industrial rubber manufacturers with new sales opportunities, though the study projects it to slow considerably from the strong output increases from 2009-14.

These goods will continue to face competition from less expensive plastic products in a number of applications, Freedonia Group’s study said.

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