Recently, the rubber and plastics mill from the commercial research company reported in the global market report on rubber products in 2017 that rubber tires, refurbishment, hoses, belts, sealants and other rubber products are accelerating in the global market. As of 2016, the annual growth rate is 3.5%. In 2016, the global rubber market value was 411 billion US dollars (about 272.27 billion US dollars). Now the market is growing at a rate of more than 5% per year, and will reach 507 billion US dollars by the end of 2020. RMB 3,568.6 billion).
Tires are the world's largest sales of rubber products, accounting for nearly three-fifths of the market, with a total value of approximately $240 billion (approximately RMB 1,899.9 billion) in 2016.
Asia is the largest and fastest growing region in the global rubber products market, accounting for 40% of the total in 2016. The current average annual growth rate is 5%. In Asia, China dominates, accounting for about 17% of the world's total value. Although the Indian market is much smaller, accounting for only 6% of the total, the Indian market is growing faster than China, with an average annual growth rate of about 10%. The Asian market is also undergoing constant changes. For example, in 2015, China Chemical acquired Pirelli, and its purchase was to use Pirelli's technology to produce high-grade tires for the Chinese market.
The five major manufacturers of Bridgestone, Michelin, Goodyear, China Chemical, and Youke's rubber market share together account for 20% of the global total.
At the same time, computer simulation and 3D printing technology have had a major impact on the rubber products manufacturing industry. For example, software-assisted systems provide 3D presentations during production and control the production process. 3D printing technology allows manufacturers to customize automotive tires to different hardness and elongation. Goodyear's eagle-360, 3D printed spherical tires are free to move 360 degrees. Michelin, the global leader in tires, has also introduced smart coral tires that can be used in 3D printing rubber mills to adapt to any road surface.
The global rubber product manufacturing market continues to grow in value, which is a big plus for many rubber tire companies, and the future is bright. However, as the strength of the company continues to increase and the technology continues to advance, the future competition will be more intense.