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Industry Outlook

The coronavirus pandemic, which started in Wuhan, China, in late 2019, has impacted the U.S. rubber product manufacturing industry. Business lockdowns, transportation and travel restrictions, and social distancing requirements contributed to an economic slowdown. The research group IBISWorld reported that revenue in the U.S. rubber product manufacturing industry had plummeted in 2020 due to disruptions in supply chains. The U.S. tire manufacturing industry reported declining demand from downstream markets in 2020 due to the pandemic. Appreciation of the U.S. dollar from 2015 through 2020 caused further decline in revenue in this sector. Moving forward, however, the rubber industry overall was projected to "bounce back modestly due to pent-up demand and the recovery of downstream markets." The accelerated distribution of the COVID-19 vaccine in 2021 will lead to economic recovery, and with that growth in the rubber product manufacturing industry. Industry revenue growth will be due to increased demand for rubber goods from consumers and key markets. GlobeNewswire predicts a compound annual growth rate of 5 percent for the global rubber market from 2019 through 2026, estimating it will reach $45 billion in that time frame.

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