Global Industrial Power Supply market research 2024, Forecast To 2033
4 Mar, 2024
The industrial power supply market has seen significant growth, projected to increase from $8.66 billion in 2023 to$9.31 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. This growth is attributed to market competitiveness, the demand for uninterrupted power supply, and infrastructure development initiatives. Forecasts suggest continued growth, with the market expected to reach $12.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. Anticipated drivers include industry digitization, renewable energy integration, and the transition to electric vehicles. Major trends include IoT-based solutions, product innovations, and collaborations for advanced material technologies.
Global Industrial Power Supply Market Key Driver
The industrial rubber market is expected to witness substantial expansion, driven by the growth in the automotive industry globally. The automotive sector, characterized by increasing production and demand for electric vehicles and hybrid vehicles, is experiencing a significant surge. As per the European Automobile Manufacturers Association, 79.1 million motor vehicles were produced worldwide in 2021, reflecting the burgeoning automotive demand. The surge in automotive production has led to increased demand for industrial rubber, utilized in various vehicle components. Hence, the growth in the automotive industry is poised to drive the industrial rubber market in the foreseeable future.
Get A Free Sample Of The Global Industrial Power Supply Market ReportGlobal Industrial Power Supply Market Segments
The global industrial rubber market covered in this report is segmented –
1) By Rubber Type: Natural Industrial Rubber, Synthetic Industrial Rubber
2) By Processing Type: Injection Melding, Compression Melding, Extrusion, Others Processing
3) By Product: Mechanical Rubber Good, Rubber Hose, Rubber Belt, Rubber Roofing, Others Products
4) By Application: Automotive, Building and Construction, Industrial Manufacturing, Polymer Modification, Wire and Cable, Electrical and Electronics, Bitumen Modification, Coating, Sealant, and Adhesive, Medical and Healthcare, Others Applications
By Geography: The regions covered in the industrial power supply market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the industrial rubber market share in 2023. The regions covered in the industrial rubber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Industrial Power Supply Industry Players
LANXESS AG, Bridgestone Corporation, Taiwan Synthetic Rubber Corporation, JSR Corporation, Zeon Corporation, LG Chem Co. Ltd., Toyo Tire & Rubber Co. Ltd., The Yokohama Rubber Co. Ltd., Kumho Petrochemical Co. Ltd., Cooper-Standard Holdings Inc., The Gates Corporation, Asahi Kasei Corporation, Exxon Mobil Corporation, Continental AG, Greenville Industrial Rubber & Gasket Co. Inc., ITT Corporation, Mitsubishi Chemical Corporation, NOK Corporation, Parker Hannifin Corporation, Pirelli & C. S.p.A., PolyOne Corporation, Qingdao Huahan Machinery Co. Ltd., R.D. Abbott Company Inc., Rubberlite Inc., Saint-Gobain S.A., Shin-Etsu Chemical Co. Ltd., Sumitomo Riko Company Limited, Trelleborg AB, Trinseo S.A., U.S. Rubber Corp., Veyance Technologies Inc.
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Industrial Power Supply Market Overview
Industrial rubber refers to rubber used in manufacturing various rubber-related industrial products ranging from mining to power generation. These industrial rubber goods have different performance standards, including fluid resistance, conductivity, friction coefficient, permeation, and dynamic qualities. The form of rubber materials used during manufacturing influences the product's strength, durability, and capacity.
Industrial Power Supply Global Market Report 2023 provides data on the global industrial power supply market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The industrial power supply market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.