Luton, Bedfordshire, United Kingdom, March 17, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Nitrile Butadiene Rubber (NBR) Market
The global Nitrile Butadiene Rubber (NBR) Market size is USD 2.10 billion in 2022 and is expected to grow till USD 3.48 billion by 2029, at a Compounded annual growth rate (CAGR) of 5.90%.
Nitrile Butadiene Rubber Latex (NBR) is one of the most commonly used rubber compounds across a wide range of industries. Vantage Market Research has analyzed the Nitrile Butadiene Rubber Latex market and provides profound insights into it. The study covers various product categories, including natural rubber and synthetic NBRs. It also discusses market trends and offers forecasts up to 2029.
The growing demand for Nitrile Butadiene Rubber Latex Market has led to a rise in production capacity. In 2022, global production reached 36 million metric tons, an increase of 7% from the previous year. This growth is expected to continue in the coming years thanks to rising demand from both commercial and industrial users.
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Nitrile Butadiene Rubber (NBR) Market Recent Developments
- August 2022: Kumho Petrochemical announced a major investment initiative that will see the South Korean group pumping KRW6,000 billion (~USD 5.10 billion) into existing and new businesses over the next five years. As part of the initiative, Kumho will invest KRW 3,300 billion (~USD 2.81 billion) in its core business areas, which include nitrile butadiene latex (NB latex) production and styrene solution butadiene rubber (SSBR) manufacturing.
- In May 2021, Ace Elastomer, Inc. was purchased by AirBoss of America for USD 42.5 million in cash. This purchase is projected to drive AirBoss of America into a market-leading position in specialty compounding, allowing the company to access consumers in the Midwest and South of the United States.
- June 30, 2021-Zeon Chemicals L.P. (“ZEON”) has filed an antidumping petition with the U.S. Department of Commerce and the U.S. International Trade Commission to stop the dumping of acrylonitrile butadiene rubber or nitrile rubber (“NBR”) into the United States from France, Mexico, and South Korea.
Key reasons for Nitrile Butadiene Rubber (NBR) Latex Market growth:
- Advancement in technology and increasing investments in healthcare industry
- Increasing product usage in food industry
- Growing demand for gloves due to COVID-19 pandemic
Asia Pacific to dominate 49% of the market and Europe to grow at highest rate for nitrile butadiene rubber
The significant demand for nitrile butadiene rubber in India, China, and ASEAN countries stems mostly from bulk manufacture of molded and extruded polymer products and automotive components. In September 2022, the Indian cabinet approved a USD 3.5 billion incentive scheme to promote the production of fuel-cell and battery-electric vehicles, as well as drone manufacturing. These incentive programs are projected to drive the Indian automobile market and have an influence on the NBR market throughout the forecast period.
Automotive Industry and Mechanical engineering to drive the market for nitrile butadiene rubber
The automotive end-use category dominated the nitrile butadiene rubber market. The growing electric car sector in emerging countries is projected to fuel the need for large-sized seals used in batteries. Seals must be chemical and abrasion resistant since batteries are critical components in electric automobiles, which plays an essential role in seal design and is expected to impact the nitrile butadiene rubber market throughout the forecast period.
Seals and O-rings to dominate the nitrile butadiene rubber market
The nitrile butadiene rubber market was dominated by seals and O-rings. Engines, doors, batteries, power steering systems, and other vehicle components all include them. Seals and O-rings help prevent liquid or gas loss in pressure-sensitive applications like pumps, cylinders, hydraulic motors, and so on. The rising use of compressed natural gas and electric vehicles is expected to increase seal and O-ring demand, raising nitrile butadiene rubber demand in nitrile butadiene rubber industry.
Nitrile Butadiene Rubber (NBR) Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 2.10 billion in 2022 |
| Revenue forecast in 2029 | USD 3.48 billion by 2029 |
| Growth rate | CAGR of 5.90% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | ARLANXEO, Zeon Chemicals L.P., NITRIFLEX, SIBUR, PetroChina Company Limited, Dynasol Group, Synthos S.A., KUMHO PETROCHEMICAL, LG Chem, Versalis S.p.A., JSR Corporation, AirBoss of America. |
Leading companies are focusing on securing their market share.
The market’s top players have invested much in research and development as well as manufacturing. Product offerings, supported by great operational efficiency and cutting-edge technology, are part of the top leaders’ growth plans. They’ve all put a premium on having well-established supply networks. To boost their market position and stay ahead of the competition, leading companies are developing new products and purchasing small-scale producers or suppliers.
key players in the Nitrile Butadiene Rubber (NBR) market
- ARLANXEO
- Zeon Chemicals L.P.
- Dynasol Group
- Synthos S.A.
- LG Chem
- JSR Corporation
- Atlantic Gasket Corporation
- Hanna Rubber Company
- Precision Associates Inc.
- Anqing Hualan Technology Co., Ltd.
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Nitrile Butadiene Rubber (NBR) Market: Growth Dynamics
NBR is high in demand in automobile industry to produce oil/fuel seals and hoses. This growing demand demonstrates lucrative avenues for players in the nitrile butadiene rubber (NBR) market during projected period. This rubber has a capability to sustain in varied temperatures. It includes as low as -40 Degrees Celsius to extreme temperature of around +107 Degrees Celsius. This specialty makes them a perfect choice in aeronautical sector.
Gloves manufactured using NBR are three-fold more puncture resistant than that of produced from natural rubber. This quality boosts its demand among companies engaged in gloves manufacturing, thereby push the nitrile butadiene rubber (NBR) market growth. Similarly, growing demand for these products from the automobile sector is one of the key reasons for this growth. nitrile butadiene rubber can be hydrogenated. This allows them to be used in production of o-rings for air conditioners from automobiles.
Nitrile Butadiene Rubber Market Drivers
- The growth of the Automotive Industry and the Aerospace & Defense Industry:
One of the key drivers for the Nitrile Butadiene Rubber Market is the growth and the increase in demand for the Automotive and Aerospace industries. According to the Organisation Internationale des Constructers automobiles (OICA), the total production of vehicles increased to 57.3 million in 2029 which was a 9.1% increase from the production values of 2022. According to the Boeing Commercial Market Outlook 2021-2040, 43,610 new aircraft will be added to the global fleet by 2040 which accounts for a growth of 3.1%. Nitrile butadiene rubber is essential in these industries as they are used in various applications such as hoses, rollers, belts, tires, cables, and so on. As such, this is a great driving factor for the Nitrile Butadiene Rubber Market within the forecast period of 2023-2029.
- Rising gloves demand
Because of increased investment in the healthcare business, there is likely to be an increase in demand for NBR gloves, notably in the medical sector. To prevent the transmission of pathogens into the patient's body during operations and examinations, gloves are frequently utilized. A further factor projected to speed up market value growth over the coming years is the increased demand for disposable gloves across a variety of industries, particularly in the food sector.
Nitrile Butadiene Rubber Market Challenges
- Stringent Regulations that limit the production of Rubber:
Many different regulations are put in place around the world to mitigate the manufacturing process of rubber as it can cause various environmental pollutions. For example, the National Emission Standards for Hazardous Air Pollutants in the United States is put in place to regulate the production of rubber to lower the emission of hazardous air pollutants. This proves to be a challenge for the growth of the Nitrile Butadiene Rubber market and can be a hindrance within the forecast period of 2023-2029.
Frequently Asked Questions About This Report
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