Monday, November 12, 2018 - New York, NY - Higher capacity for suppression and reusability of rubbers make them an ideal raw material for almost every other industry in the world. The versatile applicability of industrial rubbers keeps raking in billions of dollars, and also manages to save loses worth millions. From aerospace to automotive, Persistence Market Research’s latest report on the global industrial rubber market highlights key end-uses of rubber products across multiple industries. The report reveals how years and years of surplus demand has led the global industrial rubber market towards its present value, which is estimated to be US$ 93,067.7 Mn. Much like the last decade, the global demand for industrial rubber is less likely to halt, and will bring in around US$ 167,935 Mn revenues by the end of 2026. During these years, the global market for industrial rubber has also been anticipated to soar at an impressive CAGR of 6.1% according to Persistence Market Research. Cushioning rough surfaces and controlling incidence of abrasion-based damages makes adoption of rubber solutions quite practical for industries. By the end of 2026, nearly 55 million metric tons of industrial rubber will be consumed across the globe. In the report, titled “Industrial Rubber Market: Global Industry Analysis and Forecast, 2016-2026,” Persistence Market Research has attributed the market’s growth to factors such as rising global construction output, soaring sales of industrial rubber through digital marketing, technological advancements improving large-scale production of industrial rubber, and effective application of industrial rubber in automotive as well as emerging industrial verticals. Although, global consumption of industrial rubber will remain at the mercy of fluctuating raw rubber prices and stringent environmental regulations regarding production, use & disposal of rubber products. The report also highlights the downtrend in global demand for natural rubber products. In 2017 and beyond, industrial use of natural rubber is projected to slow down, procuring just over 37% of global market value. With respect to synthetic industrial rubbers, the global consumption of styrene butadiene rubber will be growing at 7% CAGR during the forecast period. Besides, the market is also likely to exhibit higher growth in demand for polybutadiene rubber, ethylene-propylene rubber and silicone rubber. Leading manufacturers of industrial rubber include: Lanxess AG, Dow Chemical Co., E.I. duPont de Nemours & Company, Asahi Kasei Corporation, JSR Corporation, Exxon Mobil Corporation, Sumitomo Chemical Co. Ltd., Denka Company Limited, Ube Industries Ltd., and Zeon Corporation Prominent manufacturers of industrial rubber products include: Bridgestone Corporation, Bando Chemical Industries, Ltd., Goodyear Tire & Rubber Corporation, Eaton Corporation, Trelleborg AB, Continental AG, Parker-Hannifin Corporation, Nichirin Co. Ltd., Yokohama Rubber Company Ltd., and Carlisle Companies Inc.

Monday, November 12, 2018 - Seregno, Italy – Balkrishna Industries Limited (BKT) announced a $100 million construction project for a new production site to serve not only the U.S. markets, but the entire American region. This new production site will be the multinational group’s first manufacturing site outside of India. It is commonly known that Europe is presently BKT’s largest sales market accounting for more than half of the company’s overall turnover. Yet, the Americas are becoming an increasingly interesting and expanding market. The more than positive outlook led to the decision of establishing a new wholly-owned subsidiary company in the USA to set up a greenfield project for the construction of a new tire manufacturing plant in the USA designed for a yearly production capacity of about 20,000 metric tons in the entire off-highway tire segment. Target markets are both the replacement market and OEMs in the USA. The remaining tire demand will still be catered for directly from India. The project has been approved by the board of directors and was for the first time announced on the occasion of the TIA Hall of Fame Award Ceremony in Las Vegas on October 29. While the prestigious award was received by Rajiv Poddar, joint managing director of BKT, on behalf of his father, Arvind Poddar, chairman and managing director of BKT, the latter disclosed the company project in a video message. The project for the construction of a U.S. tire manufacturing plant providing for a total capital expenditure of approximately $100 million is presently at its initial stage. The company is looking for an appropriate terrain, which will be defined by the end of this year, so that land acquisition will take place by the end of the first quarter 2019. Project completion is expected by March 31, 2021.

Monday, November 12, 2018 - Gurgaon, India - The Government of Japan, in its 2018 Autumn Imperial Decorations, conferred upon Onkar S. Kanwar, chairman, Apollo Tyres Ltd., the Order of the Rising Sun, Gold and Silver Star. He received this recognition for his contributions towards strengthening the economic relations between Japan and India, and for promoting Japanese companies’ entry into the Indian market. Commenting on receiving the honor, Onkar S. Kanwar, chairman, Apollo Tyres Ltd., said, “I would like to thank the government of Japan for bestowing me with this order. I am truly honored to receive it. I would also like to thank the Indian Government, especially, the Federation of Indian Chambers of Commerce and Industry (FICCI) for giving me this opportunity to work towards boosting trade ties between India and Japan.” Onkar S. Kanwar has served as the chairman of FICCI India, Japan Business Cooperation Committee, since 2005. Kanwar actively participated in the discussions that led to the conclusion of the Japan-India Comprehensive Economic Partnership Agreement (CEPA). Through the convening of regular joint meetings on business cooperation with the Japan Chamber of Commerce and Industry (JCCI), Kanwar has tremendously contributed to strengthening economic relations between Japan and India, and towards Japanese private investments into India. As chairman of Apollo Tyres Ltd., Kanwar has supported the entry of Japanese automotive industries into the Indian market, and their market expansion by supplying compatible quality tires to Japanese manufacturers. Under his leadership, Apollo Tyres has also introduced Total Quality Management (TQM) and other Japanese philosophies within the organization.

Monday, November 12, 2018 - Piscataway, NJ - While family-owned businesses are perhaps stereotypically thought of as smaller firms, some 35 percent of them are actually Fortune 500 companies, and all family businesses combined account for approximately 50 percent of the United States' GDP. It was Sally Glick, principal and chief growth strategist at the accounting firm Sobel & Co., who regaled the audience with these and other statistics at the October 24, 26th Annual New Jersey Family Business of the Year Awards Luncheon, held at the Crystal Plaza in Livingston, and sponsored by: the Rothman Institute of Innovation and Entrepreneurship at Fairleigh Dickinson University, PNC Bank, Sobel & Co., the New Jersey Business & Industry Association (NJBIA), Coughlin Duffy, Crystal Plaza and NEW JERSEY BUSINESS magazine. Glick added, "With all of their succession, managerial, operational, leadership challenges, [family businesses] are – nonetheless – the single biggest job creators, not just locally, but nationally. The family business is responsible for 60 percent of the nation's employment, and 70 percent of all new jobs created, overall." Nominations were in two categories, sales up to $10M and sales $10M and over. Tingley Rubber Corporation was announced as the award-winning family businesses of the year, in the sales $10M and over. The award was accepted by Tingley's ownership, Bruce and J.B. McCollum. Throughout the 26-year history of the New Jersey Family Business of the Year Awards program, it has nominated and recognized 1,071 companies, honored 250 semi-finalists, 130 finalists and 54 category winners, and generated event proceeds that are applied toward entrepreneurial scholarships at Fairleigh Dickinson University ($150,000 has been raised toward the scholarship fund). Tingley is a 122-year-old, fifth generation owned business, headquartered in Piscataway, N.J. Tingley is a leader in the manufacture of protective footwear and clothing. Generations of workers have trusted the Tingley name for quality and service since 1896.

Monday, November 12, 2018 - Ho Chi Mihn City, Vietnam - In October alone, Vietnam exported 184,000 tons of rubber latex worth US$238 million. China, India, Malaysia were the largest rubber importers in the reviewed period, accounting for 66%, 7% and 5% of market share in Vietnam’s total rubber export value, respectively. The nation’s rubber exports to key markets saw a decline compared to last year’s corresponding period, exclusive of India and Indonesia, which recorded respective increases of 53% and 5%. Despite positive signs in the global rubber market, Vietnam’s average rubber export prices remain low due to the impact of the US-China trade war, according to the Agro Processing and Market Development Authority (Agrotrade) under MARD. Agrotrade said China is the key tire manufacturer and exporter to the US market while accounting for 66% of Vietnam’s rubber export turnover. After the US imposed high tariffs on Chinese products, China’s rubber processing industry has been greatly affected, resulting in the reducing import of rubber raw material. To confront the situation, Vietnamese rubber producers should diversify products and boost market expansion, especially market reporting high growth such as India, Agrotrade analyzed.