Vietnam Industrial Rubber Market - Opportunities, Size & Growth Projections
Vietnam Industrial Rubber Market is projected to grow at a robust CAGR during the forecast period owing to growing tire industry in the country, growing demand for automobiles and growing economy of the country. Moreover, in 2018, the Government of Vietnam approved the Automobile Sector Development Strategy and Master Plan 2024. As per the plan, the country is expected to manufacture 227,000 units of automobiles and establish itself as the global supplier of spare parts and high-value items by 2024. These factors are expected to positively influence the country’s industrial rubber market during the forecast period. Increasing demand from the automotive industry and growing application of rubber products in the end use industry are the main drivers of the industrial rubber product market. Based on product type, the market has been segmented into Mechanical Rubber Good, Rubber Belt, Rubber Hose, Rubber Roofing, and Others. In 2021, mechanical rubber goods witnessed the large...