Project Report For Rubber Band Manufacturing
Project report for Rubber Band Manufacturing is as follows.
A rubber band (also known as an elastic band, gum band, lucky band, or Hair Tie) is a ring-shaped loop of rubber that is often used to keep various things, such as hair, wrists, or bag ends together.
The rubber band is the most often used object in our everyday lives, and there is currently no effective alternative for rubber bands. The market propensity of rubber band manufacturing is enormous, and it is increasing on a large scale every year due to increased demand.
Rubber bands are a loop-shaped stretch of rubber and latex that is commonly used to keep things together. Rubber bands go by a variety of names, including binder, elastic, elastic bands, lacker bands, and gumband. These bands are commonly utilised in a variety of enterprises, industries, and even at home. They are ideal for keeping numerous things together and are reusable and cost-effective. Rubber band sizes differ depending on their intended function. The hues of these elastic rubber bands also vary. Rubber bands are now regarded as one of the handiest rubber goods in the twenty-first century.
Market potential & Strategy
It is also frequently used in agriculture, automobiles, packaging, and the newspaper business. It is also utilised as a consumer durable item in the home. The Rubber Product Manufacturing industry is made up of a large number of small businesses that generally specialise in a certain product category or market area. The market is massive, and there are several opportunities for creating a rubber band manufacturing operation.
India Industry Rubber Market is expected to expand at a double-digit CAGR over the forecast period. Expansion of fleet of cars, a surge in new vehicle sales, and a thriving construction sector are the key reasons predicted to drive tyre demand in India in the future years, and India’s developing tyre industry will further raise market growth rubber. Developing automobile production and sales, growing construction industry in the country, and rising urbanisation are the key drivers driving market expansion.
Automotive tyres and tubes account for more than 60 per cent of the entire rubber sector in India. Furthermore, one of the main reasons boosting the Indian industrial rubber market is the rising automobile industry. Furthermore, the country’s expanding building and construction industry is driving up demand for industrial rubber.
In 2016, the worldwide natural rubber market was valued at more than $26.6 billion. End consumers of the application can be classed as automotive, medical industrial usage, and consumer products. Automotive applications have been conventional, accounting for around 65.74 per cent of all applications, but consumer goods applications are more diverse. In general, medical use will continue to rise in the coming years due to rising demand in both developed and developing countries.
This industry makes significant contributions to other industries in India’s B2B sector, including railways, iron and steel, aviation, agriculture and food processing, healthcare, and mining, to mention a few. The Small Scale Sector now dominates the rubber sector in India and numerous other nations. It should also be noted that MSMEs account for around 90% of the six thousand or so rubber processing production units. They account for 40% of India’s total rubber product exports. Because India is the world’s second-largest consumer and third largest producer of rubber, the rubber sector employs around two million Indians.
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