Sales of the rubber testing equipment market have likely documented a Y-o-Y growth rate worth 4.6% in 2022 as compared to 2021. By 2022-end, the market was poised to reach US$ 13.7 Billion. As of 2021, rubber testing equipment demand was valued at US$ 13.1 Billion. From 2022-2032, a CAGR of 3.3% has been anticipated, with an expected closing value of US$ 19 Billion.
As rubber is made up of various polymers, which allows it to be used in a variety of industries. Rubber is classified into two types: natural rubber and synthetic rubber. Natural rubbers are derived from rubber trees and are composed of isoprene, an organic compound, and polymers. The obtained rubber contains very few impurities. Natural rubber is dominated by Indonesia and Malaysia. Synthetic rubber is also known as synthetic rubber, artificial rubber, or elastomer. These rubber products are made from petroleum by-products. Annually, approximately 15 billion kg of petroleum rubber is produced, with synthetic rubber accounting for two-thirds of that total.
The vast majority of synthetic rubber produced is used in the mechanical industry to manufacture tires, matting, belts, flooring, and other machine parts. Rubber testing equipment is used to inspect the quality and functionality of these rubber materials.
Electronic testing equipment, electrical testing equipment, and mechanical testing equipment are examples of testing equipment used in various fields. Rubber testing equipment is used to ensure the viability, stability, and durability of rubber materials before they are used in any industry. Because rubber is a growing market in the automotive industry, rubber testing equipment is expected to grow rapidly in the coming years.
Which are Some Prominent Drivers Spearheading Rubber Testing Equipment Market Growth?
The equipment is specifically designed for tire dynamic and static testing. It defines the effect of tire design on vehicle dynamics and identifies tire performance and attributes. Tire testing includes a thorough examination of several properties, including durability and endurance, force, moment, indoor tread wear, accelerated aging, government regulatory testing, and failure analysis.
The growing number of vehicles equipped with off-the-road tires, such as OTR, heavy truck tires, and light truck and passenger car tires, has fueled the global rubber testing equipment market. The evolution of various tire testing techniques, such as endurance testing and radical run-out testing, has boosted market growth even further.
Products such as hoses and belts are expected to see a steady increase in demand as consumer demand for long-lasting goods grows. As the construction industry continues to expand, there may be a significant demand for rubber roofing. The manufacturing industry is also expected to contribute to rising demand, as it continues to expand at a rapid pace.
What are the Challenges Faced by the Rubber Testing Equipment Industry?
Rubber testing equipment has a high ownership cost, making it prohibitively expensive for small and medium-sized businesses. Some of the equipment is costly to purchase and install, resulting in a high deployment. Aside from being expensive, they necessitate a large amount of space to be set up. As a result, the value proposition for industries is reduced because they are expensive and require a lot of space to set up.
How is North America Contributing to the Growth of the Rubber Testing Equipment Market?
Despite a slight downturn, demand for industrial rubber products in North America is gradually recovering as a result of a significant turnaround in motor vehicle production and a recovering manufacturing sector.
The United States is one of the world’s largest automakers, producing an average of over 8.1 million passenger vehicles per year. Almost every Japanese, Korean, and European automaker have established one or more manufacturing plants in the United States since Honda opened its first plant there.
Canada’s automotive industry is globally competitive and a significant contributor to the Canadian economy. Although the country is gradually losing its manufacturing base, it still produces more than 2.2 million cars per year, fueling the market for rubber testing equipment.
Why is Asia-Pacific Emerging as an Opportunistic Rubber Testing Equipment Market?
In Asia-Pacific, more than 4Hz dominates in China market as China is the largest manufacturer and exporter of rubber testing equipment. China will remain among the fastest-growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$ 2.7 Billion by the year 2032.
Market Competition
There are a few major players in the rubber testing equipment market. In terms of market share, the market is currently dominated by a few major players. These market leaders are concentrating their efforts on expanding their customer base in foreign countries. These businesses are utilizing strategic collaborative initiatives to increase their market share and profitability.
Major players include U-Can Dynatex Inc., Alpha Technologies, TA Instruments, Ektron Tek, Presto Stantest, Gibitre Instruments Srl, Prescott Instruments, Montech Rubber Testing Instruments, Goettfert Inc., and Norka Instruments among others.
