LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Natural Rubber Market – Procurement Intelligence Report.
The spend growth in the natural rubber market will be directly proportional to the recent increase in the frequency of automobile manufacturing activities. By virtue of its beneficial aspects such as strength, resiliency, and wear-resistance characteristics, natural rubber is used as one of the essential raw materials to manufacture a range of auto components such as tires, gaskets, hoses, battery boxes, and seals of the window. Such an extensive usage will serve as one of the primary growth drivers in the natural rubber market and will drive its spend momentum at a CAGR of more than 3% in the years to come.
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“The recent price trends that are characterizing the natural rubber market across regions will render the procurement terrain difficult for buyers. Increasing expenses incurred by suppliers will have a significant impact on buyer’s procurement expenditure in this market,” says SpendEdge procurement expert Tridib Bora.
Some Insights into the Natural rubber Price Trends
The slowdown in the production of natural rubber in some of the key supply areas such as China and the US is creating a severe supply shortage. This will agitate the supply and demand equilibrium, thereby resulting in an increase in the price of procurement.
- An increase in oil and gas prices is expected to drive up the logistics costs of transporting raw materials to suppliers' facilities as well as processed natural rubber to buyers' facilities. This will have an inflationary impact on the price in the natural rubber market.
Is your business challenged with price dynamism? With SpendEdge, you can now get free access to real-time procurement strategies to address such price dynamism and secure your position in the natural rubber market. To try our procurement platform for free, request a free demo.
What are the scopes of optimizing procurement spend in the natural rubber market
Strategic supplier selection is the key to optimizing procurement spend in the natural rubber market. In view of this, this report has enlisted the key natural rubber suppliers selection criteria, the leading supplier names, the SLA terms, among others that will aid buyers to make the most of their partnership and achieve cost-savings during the contract tenure with the suppliers.
- It is advised that buyers adopt the spot-market strategy that involves purchasing the product within the cash market. The strategy allows immediate possession by buyers and establishes direct contact with suppliers. It also helps in reducing the inventory costs, as no storage is required if the purchase is strictly aligned with the production needs.
- Raw material prices are predicted to undergo frequent phases of volatility. It is prudent for buyers to collaborate with suppliers who are strategically partnered with rubber farmers. Such a strategic partnership will enable the suppliers to fortify their raw material supply chain and mitigate sudden price hikes of the same.
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Some of the key topics covered in this report are:
- Natural rubber market spend segmentation by region
- Total cost of ownership analysis in the natural rubber market
- Regional spend opportunity for natural rubber suppliers
- Natural rubber suppliers cost structure
- Natural rubber suppliers selection criteria
- Natural rubber suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the natural rubber market
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