Chennai, 21st Sept 2023: The 24th Rubber Conference organised by Indian Rubber Manufacturers Research Association (IRMRA) was inaugurated by Sanjiv Joint Secretary, DPIIT at Chennai Trade Centre.
Sheela Thomas, Anshuman Singhania, MD, JK Tyre Industries, Dr. K. Rajkumar, Chairman, IRMRA, Dr. R.Mukhopadhyay, President, IRMRA were also present at the inauguration.
Sharing details about the expo and rubber industry Dr. K. Rajkumar, Chairman, IRMRA, Dr. R.Mukhopadhyay, President, IRMRA said, “The objective of the conference and expo is to bring in the classic innovations in sustainability and circular economy and the alignment of the theme to the trending technology from various sectors. The event provides a unique platform to cover the complete spectrum of the industries involved at every stage of product lifecycle.
The Global Rubber Economy is expected to reach USD 50 Billion by CY 2028 mainly due to owing to the expanding production of automobiles, propelling demand for tyres and other automotive components such as shock absorbers, protective pads, etc. Furthermore, the expanding use of rubber in the production of non-industrial goods such as cooking spatulas, shower mats, dishwashing , gloves, etc.
Indian Rubber Economy is 2nd Largest in Total Rubber Consumption and 5th Largest in overall Total Rubber Production. India exported 3700 MT of Natural Rubber in FY 2022-23 as compared to 3560 MT in FY 2021-22. The increase in export of NR by India in FY 22-23 w.r.to FY 21-22 is almost 4%.
Export of Rubber & Articles thereof in FY 22-23 is Rs. 37597 Cr as compared to 34559 Cr in FY 21-22.
Natural rubber is one of the key productive assets of our country. There is a need to encourage growers by not only protection of their interest by means of imposing duty; but also to help them take periodic stock, planting and replanting initiatives.
Technology demonstration centre and skilling centres are needed to be set up in more numbers all across the country for the MSME sectors to avail facilities.
Govt. should encourage the MSME by developing friendly policies to develop indigenized rubber products aligned with ‘Atmanirbhar Bharat’ and ‘Make in India’ and craet roadmap for ‘Global competitiveness’
The Challenges the Industry is Currently Facing are Shortage of Rubber Chemicals as well as key Raw Materials required for their manufacturing.
With an annual growth rate of 8 – 9%, rising foreign exchange reserves, rapid expansion in capital markets, and FDI inflows, India proudly claims the title of the world’s second-fastest-growing major economy. It has a high concentration of vehicle manufacturing and the existence of large and medium companies in South India. The global market for rubber products which is estimated at around USD 212 billion today is also expected to grow by 2025 by double margin.
Indian footwear industries are expected to grow at a CAGR of 10-11% in next five years.