Ribbed Smoked Sheet Market - Forecast(2024 - 2030)
Ribbed Smoked Sheet Market Overview
Ribbed Smoked Sheet Market size is forecasted to reach US$5.4 billion by 2027, after growing at a CAGR of 4.3% during the forecast period 2022-2027. Ribbed smoked sheets are processed smoked rubber sheets from the unsmoked sheets (USS). Smoking allows the sheets to absorb creosotic and other antiseptic compounds, giving the rubber a preservative and anti-oxidant action. The additives such as sodium sulphite, thermoplastic natural rubber, and other additives are added to ensure that no pre-coagulation occurs. Furthermore, when the latex is collected, it is preserved using ammonia so that it is preserved for a longer time. The growth of the automotive industry is fueling the growth of the global ribbed smokes sheet market. Moreover, the growth of the aerospace sector is anticipated to boost the demand for ribbed smokes sheets. This, in turn, will drive market growth in the upcoming years.
COVID-19 Impact
The Covid-19 pandemic impacted the growth of the global ribbed smokes sheet market in 2020. The production activities related to various industries such as vehicles, aerospace, and more were halted because major economies all across the world were under lockdown. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2019 the global automotive vehicle production was 92,175,805 units, and in 2020 it was 77,621,582 units, a decline of 15.8% when compared with 2019. Thus, the decline in automotive production hampered the tires' demand, which resulted in losses for the global ribbed smokes sheet market. Nevertheless, in 2021 industrial production was set back to pace, this increased the demand for tires, which benefited ribbed smoked sheet market growth. For instance, according to the Organisation Internationale des Constructeursd'Automobiles (OICA), in 2021 the global automotive production increased to 80,154,988 units, which was about 3% higher than in 2020. Moreover, in the upcoming years, the impact of the Covid-19 pandemic will be phased out. This will result in the global ribbed smoked sheet industry growth scenario similar to pre-Covid time.
Report Coverage
The report: "Ribbed Smoked Sheet Market–Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Ribbed Smoked Sheet Market.
Key Takeaways
- Asia-Pacific region dominated the ribbed smoked sheet market, owing to the growing automotive industry in the region. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2021 the total automotive vehicle production in China was 26,082,220 units, an increase of 3%.
- The higher quality of RSS1 grade ribbed smoke fuel is encouraging its surging adoption in industries such as automotive, healthcare, and other such sectors, which is resulting in the growth of the market.
- Moreover, the surging application of conveyor belts in the new factory establishments is expected to create an opportunity for the ribbed smoked sheet market growth during the forecast period.
- However, the quality constraints associated with the manufacturing process of the ribbed smoked sheet are expected to restrict the market growth during the forecast period of 2022-2027.
Figure: Asia-Pacific Ribbed Smoked Sheet Market Revenue, 2021-2027 (US$ Billion)
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Ribbed Smoked Sheet Market Segment Analysis – By Application
The tires segment held the largest share in the ribbed smoked sheet market in 2021 and is forecasted to grow at a CAGR of 4.9% during the forecast period 2022-2027. Ribbed Smoked Sheet (RSS) is the main rubber product that is used as a raw material in the manufacture of tires. It prevents air, water, and other fluids from leaking out of tires and saves maintenance costs. The production of tires is increasing due to its growing demand from the automotive and aerospace industry. For instance, according to European Tyre &Rubber Manufacturers Association (ETRMA), in 2019 the production of tires in Europe was 5.05 thousand tons, an increase of 1% over the previous year. Hence, the growth of the tire industry is fueling the demand for ribbed smoked sheets. This, in turn, is accelerating the growth of the market.
Ribbed Smoked Sheet Market Segment Analysis – By End-Use Industry
The automotive segment held the largest share in the ribbed smoked sheet market in 2021 and is forecasted to grow at a CAGR of 5.5% during the forecast period 2022-2027. In the automotive industry, the ribbed smoked sheet is utilized as a sealing material. It helps to keep air, water, and other fluids from leaking out of engines, tires, and other components. It also serves as an insulator, preventing heat escape or gain. As a result, the ribbed smoked sheet contributes to vehicle fuel efficiency. The factors such as increasing disposable income and surging industrialization are fueling the growth of the automotive industry. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020 the global passenger car production was 55,908,989 units, and in 2021 it was 57,054,295 units, an increase of about 2%. Thus, the growing automotive production at the global level is expanding the growth of tires, automotive parts, and more, which is propelling the growth of the ribbed smoked sheet market.
Ribbed Smoked Sheet Market Segment Analysis – By Geography
Asia-Pacific region is the dominating region as it held the largest share in the ribbed smoked sheet market in 2021 up to 38%. The industrial growth of the Asia-Pacific countries is fueled by the growth of the sectors such as automotive, aerospace, and more. The rising consumer demand for passenger automobiles and the Asia-Pacific expanding business sector is fueling the region's automotive industry's growth. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the total automobile production in India reached 43,99,112 units in 2021, an incline of 30% from 33,94,446 units in 2020. Moreover, in 2020, the automotive production in Indonesia was 690,176 units, and in 2021 it was 1,121,967 units, an increase of 63%. Also, in 2020, the automotive production in Taiwan was 245,615, and in 2021 it was 265,320 units, an increase of 8%. Therefore, the growth of the automotive industry is projected to boost the demand for automotive components and parts. This will expand the ribbed smoked sheet market growth during the projected forecast period.
Ribbed Smoked Sheet Market Drivers
Growth of the Aerospace Industry
The ribbed smokes sheet is utilized in the aerospace industry to ensure superior tire durability. The factors such as a rise in demand for air travel as a result of technological advancements and a rise in disposable income are some of the key factors accelerating the growth of the aerospace industry. For instance, according to airbus the widebody aircraft production in the year 2019 was 153, an increase of 59.4% over the previous year. Furthermore, according to the Aerospace Industries Association (AIA), the US aerospace and defense sales were in 2019 it was US$909 billion, an increase of 6.9% over the previous year. Thus, the growth of the aerospace industry is projected to expand the growth of the ribbed smokes sheet market.
The Increasing Adoption of Conveyor Belts
In conveyor belts, ribbed smoke sheets are employed to ensure superior shelf life because the acetic acid mixed during the process reduces the impact of corrosion. The ongoing new facility development related to the food & beverage, automotive, textile, and more such industries are fueling the adoption of conveyor belts. For instance, in 2021, Diana Pet Food acquired 3,400 sq. meters of land to build a new food processing plant in Mexico. The development of the new food processing plant is scheduled to be completed by the end of 2024. Also, in May 2021, Bunge Loders Croklaan invested more than EUR 300 million (US$ 346.5 million) to build a new sustainable food processing facility in Amsterdam, Netherlands. The development of the facility is estimated to be completed by the end of 2024. Additionally, in August 2021, Ford commenced the development of its automobile plant in Germany. The new facility will be responsible for the assembly of a new electric vehicle and aims at increasing electric vehicle production in the country. The facility construction is scheduled to be completed by end of 2022. Hence, the growth of the new food & beverage and textile facilities is fueling the demand for conveyor belts is projected to drive the growth of the ribbed smoked sheet market.
Ribbed Smoked Sheet Market Challenges
Quality Issues Related to Sheet Processing
The primary advantage of the ribbed smoked sheet is the superior durability, which results in lower maintenance costs. Nevertheless, on the flip side, there are certain quality-related challenges encountered by the manufacturers during the manufacturing of ribbed smoke gear. Pinhead bubbles may occur in the manufacturing process if pre-coagulation, this impacts the durability of the sheet. Moreover, too high drying temperature and high thickness of sheets can cause the problem of large bubbles. Thus, due to these factors, the qualities of the ribbed smoked sheet are affected. This is creating a major roadblock to the growth of the ribbed smoked sheet market in the projected forecast period.
Global Ribbed Smoked Sheet Industry Outlook
Technology launches, acquisitions, and increased R&D activities are key strategies adopted by players in the ribbed smoked sheet market. Global ribbed smoked sheet top 10 companies are:
- GMG Global
- HS RUBBER
- Kuala Lumpur Kepong Berhad
- Bakrie Sumatera Plantations
- Royal Latex
- Shree Tirupati Rubber
- SouthLand Rubber
- Sri Trang Agro-Industry Public
- Srijaroen Group
- SSP Rubber
Relevant Reports
Report Code: CMR 0416
Report Code: CMR 48561
Report Code: ATR 0009
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LIST OF TABLES
1.Global Ribbed Smoked Sheet Market, by Type Market 2023-2030 ($M)2.Global Ribbed Smoked Sheet Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
3.Global Ribbed Smoked Sheet Market, by Type Market 2023-2030 (Volume/Units)
4.Global Ribbed Smoked Sheet Market Analysis and Forecast by Type and Application Market 2023-2030 (Volume/Units)
5.North America Ribbed Smoked Sheet Market, by Type Market 2023-2030 ($M)
6.North America Ribbed Smoked Sheet Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
7.South America Ribbed Smoked Sheet Market, by Type Market 2023-2030 ($M)
8.South America Ribbed Smoked Sheet Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
9.Europe Ribbed Smoked Sheet Market, by Type Market 2023-2030 ($M)
10.Europe Ribbed Smoked Sheet Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
11.APAC Ribbed Smoked Sheet Market, by Type Market 2023-2030 ($M)
12.APAC Ribbed Smoked Sheet Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
13.MENA Ribbed Smoked Sheet Market, by Type Market 2023-2030 ($M)
14.MENA Ribbed Smoked Sheet Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)