Other Rubber Product Manufacturing (U.S., NAICS 32629) — A Rollup Primer

An investor's primer — relevant to both public-market and private investors. This is a rollup: it synthesizes the two child industries beneath NAICS 32629 and adds the federal statistics for the level as a whole.

1. Overview

NAICS (North American Industry Classification System, the U.S. government's standard scheme for grouping businesses) code 32629 — Other Rubber Product Manufacturing is the part of the U.S. rubber economy left over once the two biggest, most obvious categories — tires and hoses/belting — are pulled out into their own codes. What remains is still a real, sizable domestic factory sector: roughly 839 firms producing about $20.0 billion of goods a year and employing nearly 60,000 people. [2][3]

The level splits into two very different halves, and the contrast between them is the whole point of reading a rollup rather than a single-industry primer:

• 326291 — Rubber Product Manufacturing for Mechanical Use. The parts that make machines run: O-rings, seals, engine and equipment mounts, bushings, weatherstrip, boots, and grommets. Sold mostly to vehicle and machinery makers. [1]
• 326299 — All Other Rubber Product Manufacturing. The catch-all of finished rubber goods for the built environment and consumer world: single-ply roofing membrane, rubber flooring, latex foam, industrial tubing, floor mats, roller coverings, and recycled crumb rubber. [1]

One half is a component business (parts hidden inside a customer's product); the other is a finished-goods business (things you can point at on a roof or a floor). They share raw materials and chemistry but almost nothing else — different customers, different economics, different owners, and different ways to invest. Neither has a U.S.-listed pure-play. In both, the concentrated exposure sits in private hands, while public investors get only diluted slices through much larger diversified companies.

2. What's inside — the two child industries and how they differ

Both children are fragmented, replacement-driven, mostly-domestic manufacturing niches. But they diverge on almost every axis an investor cares about. The table below is the core of this rollup; the sections after it treat the level as a whole.

How to read the differences. 326299 is the bigger, more finished, more construction-linked half — its fortunes ride the commercial re-roofing cycle and its highest-value niche (single-ply membrane) is effectively an oligopoly of a few national brands. 326291 is the smaller, more engineered, more globally-owned half — its fortunes ride vehicle and machinery builds, and its highest-value niches (semiconductor and aerospace seals) are protected by qualification and switching costs rather than by brand. An investor choosing between them is really choosing between a building-products cycle (326299) and an industrial/auto components cycle (326291).

3. Size (this level's rollup figures)

The figures below are our ground-truth federal statistics for NAICS 32629 as a whole, from stats-32629.md. They reconcile exactly with the two child primers where the metric is additive.

What the numbers say. The level is even more fragmented than either child: its CR4 of 18.5% and HHI of 161.7 are both lower than 326291's (29.5% / 334) and 326299's (24.6% / 229). That is not a coincidence — combining two pools whose leaders barely overlap (the biggest seal makers are not the biggest roofing-membrane makers) dilutes measured concentration further. The HHI (the sum of every firm's squared market share; the U.S. Department of Justice treats anything under 1,500 as "unconcentrated") of 162 puts this among the least-concentrated manufacturing codes there is. [2]

A small reconciliation note: the two children list 328 + 531 = 859 firms, but the level shows 839. The difference is firms that operate in both industries — counted once in each child, but only once at the parent. Establishments (1,022) and employment (59,572) add up exactly. [2][3]

Undercount caveat. Two honest limitations. (1) This code is a residual — it deliberately excludes tires (NAICS 32621), hoses and belting (326220), and rubber gaskets/seals that get classified as sealing devices (339991). So $20 billion is not "the U.S. rubber industry"; it is the slice left after the big carve-outs, and any one company's rubber business often straddles these boundaries. [1] (2) The long tail is dominated by small, independent, and family-owned molders, extruders, and recyclers, and the largest branded products are made inside multi-line parents whose global revenue dwarfs their qualifying U.S. plants (Freudenberg's group ~€11.9B; Carlisle Construction Materials ~$3.7B). Federal establishment counts capture the U.S. plants fairly, so this is not a government-dominated or informal-operator sector that the statistics badly miss — but the true economic weight of the companies involved is far larger than the code's own totals suggest. [4][5]

4. Investable universe — where value concentrates across the children

There is no U.S.-listed pure-play at any level here — not for the rollup, and not for either child. Public exposure is always a minority line inside a bigger company, and the split follows the two-child divide precisely.

Through the 326291 (mechanical) half — motion-control and auto-parts names:

Through the 326299 (all-other) half — building-products names:

The private layer — where the concentrated exposure actually lives. Across both children, the hundreds of independent shops and the leading private brands are the direct route: custom seal molders and PE seal roll-ups on the 326291 side (e.g., Marco Rubber & Plastics); crumb-rubber leader Liberty Tire (I Squared Capital), latex-foam maker Talalay Global, medical/industrial tubing specialist Kent Elastomer, and regional flooring/mat makers on the 326299 side. [14][15][16][17]

The practical takeaway for the whole level: public equity buys you a diluted, cyclically-driven sliver (rubber is a minority of every listed name and those stocks trade on their broader auto or building-products cycles), while private capital buys the concentrated exposure in a fragmented, cash-generative, consolidating base.

5. How the money works

Both halves are materials-conversion manufacturing businesses, so they run on the same four levers — volume, price, capacity utilization, and the spread between selling price and raw-material-plus-energy cost — but they pull those levers differently.

• Input-cost spread is the shared swing factor. The main raw materials are natural rubber and synthetic elastomers (EPDM — ethylene propylene diene monomer; SBR — styrene-butadiene rubber; nitrile; silicone; and, in high-performance seals, fluoroelastomers), plus carbon black (whose feedstocks include fuel oils, coal-tar distillates, and ethylene-cracker residue), fillers, and curatives. These are volatile commodities, and gross margin lives or dies on passing price swings through, usually with a lag. A 2025 trade-association survey found that more than 51% of rubber processors had experienced raw-material cost increases of 5%–14%. [18] A structural bright spot on the 326299 side: EPDM is made from ethylene and propylene, so cheap North American shale feedstock gives U.S. EPDM producers a durable cost edge. [18]
• Natural-rubber import dependence. The United States relies entirely on imports for natural rubber — roughly $1.5 billion in 2023. Three countries (Indonesia 47%, Thailand 27%, Côte d'Ivoire 11%) supply 85% of U.S. imports, exposing buyers to weather, disease, and policy risk in a narrow supplier base. Tires consume more than 70% of natural rubber, meaning tire demand can set the marginal raw-material price even though tires are outside this code. [19]
• Capacity utilization. Molding presses, extrusion lines, and membrane lines are fixed-cost assets; profit rises sharply as they run full. On the 326299 side, product is heavy and freight-sensitive (roofing, flooring, foam), so plants make money by running full and shipping regionally.
• Where the margin premium sits — but for different reasons. In 326291 it comes from design-in stickiness: once a seal is qualified into a customer's product (aerospace, semiconductor, medical), switching is slow and costly, so qualified parts carry pricing power. The margin dispersion across public comparables is dramatic: Cooper Standard's Sealing Systems produced $1.42 billion of 2025 sales and $136 million of adjusted segment EBITDA (9.6% margin), while EnPro's more specialized Sealing Technologies generated $732 million of sales and $241 million of adjusted segment EBITDA (32.9% margin). [7][9] In 326299 it comes from specification and code pull-through: fire-, wind-, and energy-rated roofing membrane and low-emission healthcare flooring earn brand premiums that commodity mats and rubber bands never will.
• Replacement demand is the profit anchor in both. Mechanical rubber parts age, harden, and must be replaced over an asset's life; commercial roofs get re-roofed on a multi-decade cycle; tires get scrapped every year regardless of the economy (feeding crumb rubber). This recurring, non-discretionary base is what makes an otherwise-cyclical sector cash-generative. [child primers]

6. Demand drivers

The two halves respond to largely different end markets — one reason the rollup is more diversified than either child alone.

• 326291 (mechanical) is driven by global light-vehicle production (hundreds of rubber parts per vehicle — the 2016 Census product mix showed 62.9% of shipments were explicitly automotive molded or extruded goods), the EV transition (a content mix-shift judged net-neutral-to-positive — fewer engine parts, more battery/thermal seals and new anti-vibration isolators), industrial capex (pumps, hydraulics, machinery), and aerospace/semiconductor build rates. Trelleborg reported strong 2025 aerospace demand but weaker automotive deliveries, particularly in Europe, and is directing investment toward aerospace, semiconductors, industrial automation, and processing industries. [10][20]
• 326299 (all-other) is driven by non-residential construction and the commercial re-roofing cycle (its single biggest driver, through EPDM membrane), institutional renovation (hospital/school/transit flooring), consumer durables and bedding (latex foam), medical/laboratory/biopharma applications (specialty tubing), and sustainability/recycling mandates (crumb rubber, recycled-content flooring, synthetic-turf infill — rubber is used in more than 80% of U.S. synthetic turf fields). [14][21]
• Shared baseline: aftermarket/replacement demand across both, which is steadier and higher-margin than new-build volume.
• Automation and design efficiency. Trelleborg reported that AI-assisted processes shortened some design cycles by as much as 30%, pointing to automation and simulation as both cost and development-time levers for competitive advantage. [10]

7. Regulation

The level carries a heavier regulatory and legacy-liability profile than most "old economy" manufacturing, and the two children each face a distinct signature risk.

• Occupational health (both, but foregrounded in 326299). The International Agency for Research on Cancer (IARC) classifies "occupational exposures in the rubber-manufacturing industry" as a Group 1 carcinogen — carcinogenic to humans — based on historically elevated cancers tied to pre-1960s aromatic amines. Modern controls have sharply cut that risk, but the classification keeps the whole sector under Occupational Safety and Health Administration (OSHA) scrutiny for fumes, dust, and chemical exposure. OSHA has also identified potential exposure to N-nitroso compounds across mixing, milling, extrusion, curing, and molding jobs in rubber plants. Bureau of Labor Statistics data show 2024 total-recordable injury rates of 2.5 cases per 100 full-time workers for 326291 and 2.4 for 326299. [22][23][24]
• Chemical rules (both). The Environmental Protection Agency (EPA) regulates rubber-compounding chemicals under the Toxic Substances Control Act (TSCA); carbon black, nitrosamines, and processing additives are recurring concerns, alongside EU REACH/RoHS and California Proposition 65. [child primers]
• PFAS on fluoroelastomers — the 326291 wildcard. Regulators are moving to classify FKM/Viton, FFKM, and fluorosilicone as PFAS (per- and polyfluoroalkyl substances). 3M's exit from fluoropolymer production has stoked supply and cost concerns, and there is no drop-in replacement in the most demanding aerospace and semiconductor seals — a cost/supply risk that can also become a pricing tailwind for makers with secured material. Trelleborg's launch of a PFAS-free elastomer for semiconductor applications shows reformulation is already a competitive and compliance issue. [25][26]
• Crumb-rubber scrutiny — the 326299 wildcard. Recycled tire rubber used as artificial-turf and playground infill faces public-health concern and procurement restrictions in some municipalities — a real demand risk for that end market. [14]
• Application-specific gates (both): building/fire/energy codes for roofing (FM/UL, cool-roof), FDA food-contact and medical standards (natural-latex condoms are Class II medical devices under 21 CFR 884.5300), automotive IATF 16949, aerospace AS9100. These raise costs and protect incumbents. [27]
• Environmental permits. EPA's industrial wastewater framework includes Rubber Manufacturing under 40 CFR Part 428, and air permits can address particulate, VOC, and hazardous-air-pollutant emissions from mixing, solvents, and curing. [28]

8. Consolidation

Consolidation is the through-line at every level, but it takes two forms matching the two children.

• A long fragmented tail ripe for roll-ups (both). With 839 firms and a CR4 of just 18.5%, most of the level is small, often founder-owned shops. On the 326291 side, PE platforms such as Marco Rubber & Plastics have rolled up custom sealing and seal distribution; on the 326299 side, the small-molder, tubing, and regional-flooring base is classic search-fund and lower-middle-market territory. [17][child primers]
• Consolidated high-value niches inside the fragmentation. The averages hide oligopolies. In 326299, single-ply roofing membrane is dominated by a handful of brands — Carlisle SynTec, Elevate/Firestone (now Amrize), Johns Manville (Berkshire), Versico, GAF, Sika. In 326291, large diversified strategics (Parker, Continental, Freudenberg, Trelleborg, Hutchinson, the Japanese groups) win multi-year OEM programs on engineering and global footprint.
• Steady strategic and PE deal flow. Holcim built Elevate by buying Firestone (2021) then spun off Amrize (2025); Interface bought nora to enter rubber flooring; Liberty Tire changed PE hands (Energy Capital Partners → I Squared Capital, 2025). A transaction reference from the 326291 side: Trelleborg's 2022 acquisition of Minnesota Rubber & Plastics at $950 million for approximately SEK 2.25 billion of annual sales, with disclosed EBITA and EBITDA margins of roughly 21% and 24% (though the target included plastics and medical applications beyond 326291). [12][13][14][29]

9. Risks

• Raw-material and energy volatility (both). Natural rubber, synthetic feedstocks (butadiene, ethylene/propylene), and carbon black swing hard; margins compress until prices reset. [18]
• Natural-rubber supply concentration. Three countries supply 85% of U.S. natural-rubber imports, exposing buyers to weather, disease, and policy risk; some natural-rubber applications have few adequate synthetic substitutes. [19]
• Cyclicality, from two different cycles. 326291 rides the vehicle and industrial cycle and negotiates against a few powerful OEM buyers who push annual price givebacks; 326299 rides the construction and renovation cycle. The rollup is more diversified than either child, but is not cycle-proof.
• Regulatory and liability drag (both). The IARC carcinogen legacy, TSCA reviews, OSHA N-nitroso scrutiny, PFAS restriction on fluoroelastomers (326291), and crumb-rubber turf litigation/procurement bans (326299) all raise cost or shrink specific end markets. [22][23][25][14]
• Substitution and imports. Plastic TPO membrane takes share from EPDM roofing; polyurethane competes with latex foam; low-cost overseas producers pressure commodity O-rings, mats, bands, and crumb rubber. Spec-driven, code-rated, freight-heavy products stay largely domestic. [child primers]
• Small-firm fragility. Much of the base is thinly capitalized family manufacturers exposed to succession risk, single-customer concentration, and the capital intensity of aging plants and upfront tooling.
• Labor and workplace hazards. Plants need compounders, press and extrusion operators, setup technicians, trimmers, inspectors, maintenance workers, and tooling and process engineers. Skilled-labor availability, wage inflation, and exposure to heat, presses, dusts, solvents, and rubber-processing chemicals — reflected in injury rates of 2.4–2.5 per 100 FTE — are ongoing pressures. [23][24]
• EV-transition execution (326291-specific). A mis-timed content bet, or lost engine-specific volume before EV volume arrives, can hurt auto-exposed molders.

10. How to invest & outlook

Public routes (all partial, and they force a choice of end-market). There is no pure play at any level, so the decision is really which cycle you want exposure to:

• Building-products cycle (326299): Carlisle (CSL) and Amrize (AMRZ) for large-cap EPDM roofing; Interface (TILE) for premium rubber flooring; Sika and Berkshire for incidental membrane exposure. Expect these to trade on construction fundamentals, not rubber. [5][12][13]
• Industrial/auto components cycle (326291): Parker Hannifin (PH) for high-quality diversified exposure; Cooper Standard (CPS) as the closest small-cap auto-sealing proxy; Gates (GTES) for replacement-heavy belt/hose; EnPro (NPO) for high-margin engineered sealing; foreign-listed Trelleborg, Continental, and the Japanese makers for more concentrated exposure. [6][7][8][9][10]
• There is no dedicated ETF for the level or either child; broad industrial or building-products funds are the only indirect route.

Private routes (the concentrated exposure). Both children are fragmented, cash-generative, and consolidating — the more interesting opportunity set. Options span directly acquiring a custom molder or regional finished-goods maker (often succession-driven, lower-middle-market deals), backing a PE platform running a seal or flooring roll-up, or owning a leading private brand (Liberty Tire in crumb rubber, Talalay Global in latex foam, Kent Elastomer in medical/industrial tubing). [14][15][16][17]

Outlook (forward-looking judgment). Expect the level to compound at low-single-digit rates rather than boom — a blend of two steady, replacement-anchored cycles. The 326299 half leans on the non-discretionary commercial re-roofing cycle, tightening energy/cool-roof codes, recycled-content mandates, and a structural EPDM shale-feedstock cost edge; the 326291 half leans on vehicle and industrial builds, an EV content-shift that looks net-neutral-to-positive, and reshoring of critical qualified parts (though a 2025 industry survey noted reshoring interest is accompanied by meaningful required investment). [18][30] The clearest single swing factor differs by child: PFAS regulation on fluoroelastomers for mechanical seals, and crumb-rubber/construction sensitivity for the all-other half. Margins will stay highest in engineered and code-rated niches (EnPro's Sealing Technologies runs 33% adjusted EBITDA margins; commodity extrusion and generic goods remain thin) and consolidation of the fragmented private base — 839 firms, HHI 162 — is likely to continue as the structural opportunity for private capital across both halves. [9]

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Sources

1. U.S. Census Bureau / NAICS Association. "2022 NAICS Definitions — 32629 Other Rubber Product Manufacturing; 326291 Rubber Product Manufacturing for Mechanical Use; 326299 All Other Rubber Product Manufacturing (scope and exclusions)." 2022. https://www.naics.com/naics-code-description/?code=32629
2. U.S. Census Bureau. "2022 Economic Census — Concentration Ratios and Selected Statistics, NAICS 32629 (receipts $20.03B; firms 839; CR4 18.5%; CR8 30.6%; CR20 47.3%; CR50 63.0%; HHI 161.7)." 2022. https://www.census.gov/programs-surveys/economic-census.html
3. U.S. Census Bureau. "County Business Patterns, NAICS 32629 (establishments 1,022; employment 59,572; annual payroll $3.57B; Q1 payroll $900M)." 2023. https://www.census.gov/programs-surveys/cbp.html
4. Freudenberg Group. "Freudenberg Sees Strong Earnings Growth (FY2024 sales €11.9B; Sealing Technologies)." 2025. https://www.freudenberg.com/en/company/press-media/news-detail/2025-03-20-freudenberg-sees-strong-earnings-growth
5. Carlisle Companies Inc. "Form 10-K, Fiscal Year 2024 (Carlisle Construction Materials ~$3.7B; SynTec EPDM/TPO membranes)." 2025. https://www.sec.gov/Archives/edgar/data/790051/000079005125000077/csl-20241231.htm
6. Parker Hannifin Corporation. "Fact Sheet and FY2024 Annual Report (~$20B total sales; O-Ring & Engineered Seals Division)." 2024. https://www.parker.com/content/dam/Parker-com/About-Us/Literature/PH-AR-FY24.pdf
7. Cooper Standard Holdings. "Form 10-K for Fiscal Year 2025 (~$2.7B sales; Sealing Systems ~$1.4B, 9.6% adjusted EBITDA margin; Ford/GM/Stellantis 56% of sales)." 2026. https://www.sec.gov/Archives/edgar/data/1320461/000132046126000012/cps-20260213.htm
8. Wikipedia. "Gates Corporation (Power Transmission and Fluid Power segments; ticker GTES)." 2026. https://en.wikipedia.org/wiki/Gates_Corporation
9. Enpro Inc. "Form 10-K for Fiscal Year 2025 (Sealing Technologies ~$732M sales; 32.9% adjusted EBITDA margin)." 2026. https://www.sec.gov/Archives/edgar/data/1164863/000162828026009798/npo-20251231.htm
10. Trelleborg AB. "Annual Report 2025 (Sealing Solutions SEK 16.6B; U.S. ~$520M; 20.3% EBITA margin; aerospace/semiconductor investment focus; AI design-cycle improvements)." 2025. https://www.trelleborg.com/-/media/group/about-us/agm/2026/en/trelleborg-annual-report-2025.pdf
11. Continental AG. "ContiTech industrial products and Vantage hose launch (conveyor belts, air springs, vibration control, hoses)." 2025. https://www.continental.com/en/press/press-releases/251111-vantage-hoses/
12. Amrize Ltd. / Holcim. "North America spin-off named Amrize; NYSE/SIX debut June 2025 (~$30B; Elevate/Firestone Building Products)." 2025. https://investors.amrize.com/news/detail/100/
13. Interface, Inc. "Form 10-K, Fiscal Year 2024 (total revenue ~$1.32B; nora rubber flooring)." 2025. https://www.sec.gov/Archives/edgar/data/715787/000071578725000006/tile-20241229.htm
14. Grand View Research / American Recycler. "U.S. Recycled Tire Rubber Market; Liberty Tire Recycling acquired by I Squared Capital (Oct 2025); crumb-rubber turf/regulatory notes; >80% of U.S. synthetic turf uses rubber infill." 2025. https://www.grandviewresearch.com/industry-analysis/us-recycled-tire-rubber-market-report
15. Talalay Global. "About Us — U.S. Talalay latex foam manufacturer (formerly Latex International)." 2025. https://www.talalayglobal.com/about-us
16. Kent Elastomer Products. "About Us — U.S. medical/industrial tubing manufacturer (dipped latex, thermoplastic, PVC; owned by Meridian Industries)." 2025. https://www.kentelastomer.com/about-us/
17. Rubber News / Align Capital Partners. "Rubber Industry 2025 Mergers and Acquisitions; Marco Rubber & Plastics roll-up." 2025. https://www.rubbernews.com/company-moves/mergers-acquisitions/rn-rubber-industry-2025-mergers-acquisitions/
18. ChemAnalyst / IMARC. "Synthetic Rubber Prices (U.S. ~$2,335/MT Dec 2025; butadiene +67%; EPDM shale-feedstock advantage); EPDM pricing trend." 2026. https://www.chemanalyst.com/Industry-data/synthetic-rubber-4
19. U.S. Department of Agriculture, Southwest Climate Hub. "Potential for Guayule Commercial Rubber Production (U.S. natural-rubber imports ~$1.5B 2023; Indonesia 47%, Thailand 27%, Côte d'Ivoire 11%; tires >70% of consumption)." 2025. https://www.climatehubs.usda.gov/hubs/southwest/topic/potential-guayule-commercial-rubber-production-southwest
20. U.S. Census Bureau. "2016 Manufacturing and International Trade Report (326291 product mix: 62.9% automotive molded/extruded)." 2016. https://www.census.gov/foreign-trade/Press-Release/MITR/2016/2016_Manufacturing_and_International_Trade_Report.pdf
21. IndexBox. "Single-Ply Roofing Membranes Forecast — commercial re-roofing demand, energy codes, EPDM vs TPO; brand shares." 2025–2026. https://www.indexbox.io/blog/single-ply-roofing-membranes-market-forecast-points-higher-toward-2035-on-commercial-reroofing-demand/
22. International Agency for Research on Cancer (IARC/WHO). "Occupational Exposures in the Rubber-Manufacturing Industry — Group 1 carcinogen." IARC Monographs. https://www.ncbi.nlm.nih.gov/books/NBK304412/
23. U.S. Occupational Safety and Health Administration. "Hazard Information Bulletin — N-nitroso compounds in rubber manufacturing." 1990, current guidance. https://www.osha.gov/publications/hib19900315
24. U.S. Bureau of Labor Statistics. "Table 1 — Incidence Rates of Nonfatal Occupational Injuries and Illnesses by Industry (NAICS 326291: 2.5 TRC; NAICS 326299: 2.4 TRC per 100 FTW)." 2024. https://www.bls.gov/web/osh/table-1-industry-rates-national.htm
25. Apple Rubber / The Rubber Group. "PFAS Use in the Rubber Industry and New Regulations; Fluoroelastomer Supply Threatened by PFAS Classification (3M fluoropolymer exit)." 2025. https://www.applerubber.com/hot-topics-for-engineers/pfas-use-in-the-rubber-industry-and-new-regulations/
26. Trelleborg Sealing Solutions. "Accelerating by Scaling Up (PFAS-free elastomer launch)." 2025. https://www.trelleborg.com/en/about-us/organization/business-areas/trelleborg-sealing-solutions/accelerating-by-scaling-up
27. U.S. Food and Drug Administration. "Male Condoms Made From Natural Rubber Latex — Small Entity Compliance Guide (Class II, 21 CFR 884.5300)." 2024. https://www.fda.gov/medical-devices/guidance-documents-medical-devices-and-radiation-emitting-products/male-condoms-made-natural-rubber-latex-21-cfr-8845300-small-entity-compliance-guide-designation
28. U.S. Environmental Protection Agency. "Industrial Effluent Guidelines — Rubber Manufacturing (40 CFR Part 428)." 2025. https://www.epa.gov/eg/industrial-effluent-guidelines
29. Trelleborg AB. "Trelleborg to Acquire Minnesota Rubber & Plastics ($950M for ~SEK 2.25B sales; 21%/24% EBITA/EBITDA margins)." 2022. https://www.trelleborg.com/media/mfnnews/2022/trelleborg-to-acquire-minnesota-rubber-%2C-a-%2C-plastics
30. Association for Rubber Products Manufacturers. "2025 Industry Publication (nearshoring interest, input volatility, >51% of processors saw 5–14% raw-material cost increases)." 2025. https://publications.bigredm.com/flipbook/ARPM/2025/Issue3/