Natural
rubber is an elastic material that is obtained from the latex sap of trees,
like genera Hevea, Ficus. This can be vulcanized and finished into various
products used in daily purposes. It a vital agricultural commodity, which is
used for manufacturing an extensive range of products. It is used in consumer
good, automotive, manufacturing, and medical industries.
Based
on type, the Vietnam natural rubber industry is segmented into concentrated
latex, ribbed smoked sheets (RSS), solid block rubber, and others (crepe rubber
and reclaimed rubber). Concentrated latex holds largest market share owing to
its increased use in industrial applications. RSS natural rubber is generally
made from unsmoked rubber sheets. RSS segment is further sub-segmented into
RSS1, RSS2, RSS3, RSS4, and RSS5 that depend on elasticity, color, and purity
where RSS1 type denotes the best quality of RSS natural rubber while RSS5 type
denotes the least quality. In addition, based on application, market is
segmented into automobile tires and other automotive parts, conveyor belts,
gloves, footwear, rubber pipes, and others for instance general and industrial
rubber good. In addition, based on end-use industry, market is segmented into
medical & healthcare sector, automotive industry and other industries. In
medical & healthcare sector, the natural rubber is used for the treatment
of degradation of extensive range of bacteria and products are manufactured for
allergic reactions. In automotive industry, it is used for the manufacturing of
tubes and tires. The automotive industry is expected to witness higher growth
rate due to rise in application in the consumer goods and manufacturing
industries such as footwear, cement industry, insulating blankets, balloons,
air hoses, balls and cushions.
The
Vietnam natural rubber industry is driven by rise in demand for gloves,
followed by increase in middle class population, growth in automobile
production is increasing the demand for car tires, rise in crude oil prices and
increase in disposable income. However, threat of substitutability from
synthetic rubber and volatility in raw material prices of petrochemicals are
subjected to foreign currency exchange rates may impact the market. Moreover,
growth in investments by research & development (R&D) is a key
opportunity for market. Furthermore, rise in intense competition is a major
challenge for market.
Currently,
Vietnam is the third largest rubber exporter in the world, followed by Thailand
and Indonesia owing to rise in product demand such as rubber and wood
products, natural rubber materials and
furniture made from rubber wood in the country. China country continued to be
Vietnam's country largest export market. In upcoming years, it is projected
that future of the Vietnam natural rubber industry will be bright as a result
of increase in production of motorcycle tyres, agricultural tyres and bicycle
tyres during the forecast period.
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