Nitrile Butadiene Rubber Market Insights: Unveiling Growth Opportunities in the Global Landscape
Posted by Pearl Smith on November 20th, 2023
The nitrile butadiene rubber market is estimated to be valued at US$ 2.2 Bn in 2023 and is expected to exhibit a CAGR of 6.4 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Nitrile butadiene rubber, also known as nitrile rubber or NBR, is a synthetic rubber copolymer of acrylonitrile and butadiene. It has good chemical and oil resistance, good resistance to abrasion as well as cut and tear, good adhesion to metals, and resistance to aging.
Nitrile butadiene rubber finds widespread applications across industries such as automotive, medical, oil & gas, and construction due to its excellent resistance to oil, chemicals and abrasion. In the automotive industry, NBR is used in seating applications, hoses, belts, seals and gaskets due to its heat and oil resistance. Meanwhile, in the medical industry, NBR gloves are commonly used for examination and surgical purposes. The increasing demand for nitrile gloves from the healthcare sector owing to the COVID-19 pandemic is expected to propel the market growth over the forecast period.
The nitrile butadiene rubber market is driven by growing demand from the medical industry mainly for examination and surgical gloves. Nitrile gloves are preferred over natural rubber latex gloves due to lower rates of type 1 hypersensitivity reactions. Additionally, expanding automotive industry in emerging economies of Asia Pacific and Latin America is also expected to support market growth over the forecast period. However, volatile prices of raw materials such as butadiene may restrain the market growth.
Strength: Nitrile butadiene rubber has high tensile strength and resistance to oils which makes it suitable for automotive and industrial applications. It can withstand high and low temperatures ranging from -50°C to +150°C. Nitrile rubber also offers good flexibility and abrasion resistance.
The global nitrile butadiene rubber market is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing demand from the automotive industry. Nitrile butadiene rubber finds wide application in manufacturing of hoses, belts, seals which require high temperature and oil resistance. The demand for high performance rubber materials is increasing with growing automotive production.
Asia Pacific dominated the global market in 2023, accounting for around 40% of global share. China is the largest producer and consumer of nitrile butadiene rubber globally. Presence of large automotive and chemical industries has been driving the market in China. Europe and North America are other major markets for nitrile butadiene rubber due to extensive automotive manufacturing sectors.
Key players operating in the nitrile butadiene rubber industry are Apcotex Industries Limited, ARLANXEO, China Petroleum & Chemical Corporation (Sinopec), Dynasol Group, JSR Corporation, KUMHO PETROCHEMICAL, Lanxess, LG Chem, Sibur, Synthomer, Synthos, TSRC, Versalis SpA, and Zeon Corporation. The global market is highly concentrated with top players accounting for majority of the market share. Companies are focusing on new product development and capacity expansion activities to strengthen market position.
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About the AuthorPearl Smith
Joined: September 27th, 2022
Articles Posted: 473
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