The global industrial rubber products market is fragmented; it is dominated by major multinational companies. Market concentration can be ascribed to barriers to entry, such as the influence of brand loyalty, high capital requirements related to building or modernizing manufacturing facilities, and maintenance of highly-advanced research & development facilities.
Two prominent companies operating in the global industrial rubber products market are Bridgestone Corporation and The Goodyear Tire & Rubber Company.
On April 10, 2019, Bridgestone Corporation’s Australian subsidiary, i.e. Bridgestone Mining Solutions Australia Pty. Ltd., established the Hunter Valley Mining Solution Center. The subsidiary sells and provides services pertaining to tires used in mining vehicles and conveyor belts.
On June 19, 2018, The Goodyear Tire & Rubber Company and Bridgestone Americas, Inc. jointly formed TireHub LLC, a joint venture for the distribution of passenger vehicle and light truck tires. TireHub LLC would be providing tire dealers and retailers in the U.S. with a wide range of passenger vehicle and light truck tires.
The Goodyear Tire & Rubber Company focuses on expanding its presence in emerging markets across the globe. In November 2016, the company expanded its tire factory in Pulandian, China. This expansion aims to increase the capacity of the factory by approximately 5 million tires a year. The new plant is expected to be operational by 2020.