The global nitrile butadiene rubber (NBR) latex market size is expected to surpass around US$ 2.50 billion by 2027, with a CAGR of 7.6% from 2020 to 2027.
OTTAWA, Jan. 05, 2021 (GLOBE NEWSWIRE) -- The global nitrile butadiene rubber (NBR) latex market size was valued at US$ 1.39 billion in 2019.
Nitrile Butadiene Rubber (NBR) latex is synthetic milky colored latex widely used in dripping rubber particularly for medical and laboratory gloves. These latexes have excellent properties that include oil resistance and tensile strength among others and this contributes prominently for the significant demand of NBR latex in the healthcare industry.
NBR latex is manufactured using sulphur, phenyl, potassium hydroxide, zinc oxide, potassium laurate, ammonia, catalysts, acrylonitrile, and many more similar chemicals. Major suppliers and manufacturers for raw materials used in the NBR latex industry includes Toronto Research Chemicals, American Elements, Parchem, Linde Gas, Merck KGaA, The Good Scent Company, and Finoric among others.
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Growth Factors
NBR latex possesses excellent properties for example resistance to oil and other chemical that makes them significantly desirable in the manufacturing of protective equipment particularly gloves for the healthcare & industrial industries. This increasing penetration of the product anticipated to offer surplus opportunities in the nitrile butadiene rubber (NBR) latex market throughout the analysis period.
Further, rising penetration of industries especially in the emerging countries along with rising awareness for labor safety expected to positively influence the growth of the market over the upcoming period. Moreover, the increasing application of gloves in the paper, chemical, and food industries anticipated to further augment the market growth for nitrile butadiene rubber latex during the forthcoming years.
In addition, the widespread of COVID-19 virus across the world has significantly surged the healthcare spending along with the demand for protective and medical gloves that in turn predicted to boost the demand for NBR latex over the upcoming period. COVID-19 has resulted in increased demand for gloves particularly for personal protection and thus anticipated to propel the market growth for nitrile butadiene rubber latex especially in the year 2020 as well as in the near future.
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Report Highlights
- The Asia Pacific encountered maximum value share in the global market in 2019 due to large number of industries along with large consumer base in the region
- North America and Europe are the other most prominent markets in the NBR latex as they have strong infrastructure for healthcare along with various manufacturing industries
- Gloves segment captured the major market value share in 2019 and predicted to continue the same trend over the analysis period because of its rising implementation in the medical and healthcare industry
- Healthcare end-user segment emerged as a global leader in the NBR latex market in the year 2019 owing to high consumption of NBR gloves in the sector
- NBR also seeks significant demand from industrial and food segments owing to increasing application of gloves for workers working in critical locations
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Regional Snapshots
The Asia Pacific exhibits the highest growth rate during the analysis period because of increasing healthcare spending along with several manufacturers shifting their manufacturing facilities and research & development centers in the region. The region is highly lucrative for the industrial growth as it offers low cost raw materials and labors that significantly reduce the overall manufacturing cost for the industries. For instance, Zeon Corp. announced to expand its production capacity for hydrogenated nitrile rubber at Kawasaki, Japan. The plant manufactures Zetpol HNBR latex that has prominent applications in the fabric and coating glass cord.
Additionally, Thailand, Malaysia, and China are the prominent contributors towards the market growth. This is mainly because of major NBR gloves manufacturers are concentrated in these region. In the wake of same, the countries are the prominent importers of the NBR latex.
On the contrary, North America and Europe are the other important revenue contributors to the NBR latex market. This is mainly due to well-established automotive, healthcare, and electronics industries in the regions. Gloves are prominent protective equipment in a manufacturing industry and the demand for the product is largely dependent on the growth of these industries.
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Key Players & Strategies
The Nitrile Butadiene Rubber (NBR) Latex industry is highly consolidated because major four market participants capture nearly 50% of the total value share in 2019 and looking forward to acquire more through inorganic growth strategies that include strategic alliance, merger & acquisition, collaboration, and joint venture. Apart from this, the industry participants also focus prominently on the product development and enhancement to upgrade the existing product list this helps them in maintaining their competitive status in the global market.
Some of the key players operating in the market are Versalis S.p.A., LG Chem, Zeon Chemicals, Jubilant Bhartia Group, Kumho Petrochemical, OMNOVA Solutions, Apcotex Industries Limited, Synthomer, Nantex, and Emerald Performance Materials LLC among others.
Market Segmentation
By Application
- Gloves
- Industrial
- Medical
- Cotton
- Others
By End-User
- Healthcare
- Industrial
- Food
By Regional Outlook
- North America
- S.
- Canada
- Europe
- K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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