Michelin expects rubber production to grow 40% over next decade

Michelin said it expects global rubber production to grow 40% in the next decade, averting a market shortage and a price surge, Bloomberg News reported. Three-quarters of the expected output gain will come from productivity improvements by Asian producers, Managing Partner Jean-Dominique Senard told shareholders Friday at the company’s annual meeting near its headquarters in Clermont-Ferrand, France. Michelin expects to add the equivalent of a new plant globally each year to harness tire demand growth averaging 9 percent in emerging markets.