Nitrile Butadiene Rubber Market Key Driving Factors and Challenges, Opportunities and Forecast Insights by 2027
Market Overview:
Nitrile butadiene rubbers are used in a wide range
of end-use industry application owing to their excellent properties such as
chemical, heat, and oil & solvents resistance among others. It is
extensively used in the production of medical examination gloves, gaskets,
O-rings, sealants, adhesives, cable jacketing, and others. The rising growth of
the oil & gas and automotive industry across the globe is substantially
affecting the growth of the nitrile butadiene rubber market.
The global nitrile butadiene rubber market is being
driven by a range of application in the various end-use industries such as
building and construction, automotive, aerospace, and marine among others.
Moreover, it is estimated that the oil and gas industry is set to witness the
highest growth due to the growing consumption in applications such as sealing,
moulding components, and tubing among others during the forecast period,
2017-2023.
Market Segmentation:
The global Nitrile Butadiene Rubber Market is
segmented into product type, and end-user. On the basis of the product type,
the market is segregated into hoses, belts, cables, molded seals & o-rings,
gloves and others. The market by end user industry is further categorized into
automotive, oil & gas, mining, construction, medical and others
Market Scenario:
The oil & gas segment followed by the building
and construction end-user segment are anticipated to observe a higher CAGR
during the forecast period. Nitrile butadiene rubber is used in ceramic tiles,
roofing and wall, hoses, adhesives, and sealants, owing to its temperature
stability, higher bond strength, and chemical resistance, which contributes
significantly to the growth of the building and construction segment.
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Regional Analysis:
The global nitrile butadiene rubber market is
spanned across five key regions: Asia Pacific, North America, Europe, Latin
America, and the Middle East & Africa. Among these, Asia Pacific holds a
major share of the market and is expected to be the fastest growing region at
an exponential CAGR. The presence of the most populated countries of the world
such as India and China has augmented the demand for various sectors such as
the construction and automotive among others, which, in turn, is anticipated to
fuel the demand for nitrile butadiene rubber in the region. Moreover, the
growing oil and gas industry, mainly in India and China is also expected to
contribute to the market growth.
The European region is estimated to witness a
significant growth in the countries owing to the burgeoning aerospace and
automobile industry. The increasing use of nitrile butadiene rubber owing to
its enhanced strength, chemical and heat stability among others has increased
the adoption rate in the region.
The North American nitrile butadiene rubber market
is mainly driven by the U.S. and Canada. The presence of the developed end-user
industries such as automotive and construction coupled with the increasing
adoption rate is contributing significantly to the growth of the market.
Moreover, the growing investment in the infrastructural development is further
expected to add fuel to the growth of the market.
Competitive Analysis:
Some of the prominent players operating in the
global nitrile butadiene rubber market are Lanxess AG (Germany), Kumho
Petrochemical Co.(South Korea), PetroChina (China), Synthos S.A.(Poland), Zeon
Chemicals (U.S.), Sibur Holdings (Russia), Versalis (Italy), JSR Corporation
(Japan), Omnova Solutions (U.S.), and ARLANXEO (Germany) among others.
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