Ribbed Smoked Sheet Market - Forecast(2023 - 2028)

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. 

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.