Global Rubber Testing Equipment Market - Segmented by Type of Testing (Density Testing, Compression Testing, Hardness Testing), End-user Application (Tires, General Rubber Goods - Floor Mats, Door Trims, etc., Industrial Rubber Products - Hoses, Belts, Pipes, etc.), and Region - Growth, Trends, and Forecast (2018 - 2023)
The rubber testing equipment market was valued at USD 11.26 billion in 2017 and is expected to reach a value of USD 14.32 billion by 2023, at a CAGR of 4.93%, over the forecast period (2018-2023). The scope of the report includes insights on the solutions offered by major players, including providers of hardware, professional services, and integration solutions. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also offers insights on various end-user-based applications such as industrial rubber products - hoses, belts, and pipes, general polymers, compounds, etc., and type of testing such as laboratory and ageing ovens testing, hardness testing, specimen preparation testing, flex testing, etc.
Technological Advancements in Rubber Testing has Improved Market Demand
Rubber testing techniques have come a long way since Dr. Melvin Mooney presented the first practical viscometer for gauging the viscosity of rubber batches. The formulation of ASTM standards proved to be quite beneficial for the rubber testing market. The increase in the production of synthetic rubber has augmented the demand for testing equipment. Automation has empowered the rubber testing market by offering better control over test samples and managing the data obtained. Automation has reduced manual intervention in loading and unloading samples from the testing equipment. Initially, rubber testing vendors offered semi-automation services along with systems like Mooney viscometer and Moving Die Rheometer (MDR). However, testing biases proved to be a major deterrent, as external conditions like temperature influence the test results.
Asia-Pacific has the Highest Market Share in Natural Rubber Production
Asia-Pacific is the largest consumer and producer of industrial rubber, and hence, holds the highest share of the rubber testing equipment market, with tire products showing an unprecedented growth rate. 11 countries in Asia-Pacific accounted for approximately 90% of natural rubber produced in 2016.
Healthy economic growth, growing industrialization efforts, rising disposable incomes, the growth in manufacturing activity all over the world, and increasing demand for durable products are some of the factors driving the market for rubber testing equipment. China holds the largest share of rubber used in motor vehicle tires and represents the largest market in Asia-Pacific. The country is estimated to overtake the United States to become the largest market for industrial rubber products, hence driving the market for rubber testing equipment as well. Apart from China, India will also record a strong growth rate in the rubber industry, along with Indonesia, Thailand, and Malaysia.
Key Developments in the Market