Nitrile butadiene Rubber Market overview:
Nitrile butadiene Rubber Market is expected to surpass the market value of over USD 2.9 billion by the year 2028 while registering a CAGR of 4.4% during the forecast period.
Global Nitrile butadiene rubber market is witnessing a constant rise in revenues. Wide usages of nitrile butadiene rubber in almost all growing industries such as automotive, construction, and O&G, drives the growth of the market. The ability to withstand high temperatures makes it ideal for use in nuclear and aeronautical applications. Rising consumption of nitrile butadiene rubber products in the aerospace and aircraft industry accelerates the market growth on a global platform.
As per the report published by Market Research Future (MRFR), the global nitrile butadiene rubber market may witness exponential growth by 2023, registering an impressive CAGR during 2021-2028. Factors influencing the overall rubber market are impacting the nitrile butadiene rubber market equally. Besides, trends in the automotive industry define the growth landscape of the nitrile butadiene rubber market. The ever-increasing population and urbanization worldwide push market growth, driving the construction sector.
Additionally, increase in the global economy provides an enormous impetus to the growth of the market, improving the purchasing power of consumers. Rapid industrialization worldwide substantiates the market growth excellently, creating a massive demand in the energy and construction sector. Increasing building & construction activities are driving the overall market demand significantly. Similarly, the growing demand for nitrile butadiene rubber in the healthcare and medical device sector acts as a key driving force for the growth of the market.
On the other hand, price volatility and the demand-supply gap in raw materials required for the production of nitrile butadiene rubber are the major factors expected to impede the market growth over the assessment period. Nevertheless, substantial investments made in R&D to develop new innovative products using nitrile butadiene rubber would support the market growth throughout the predicted period.
Nitrile Butadiene Rubber Market - Segments
The report analysed it into three major dynamics.
By Product Type: Hoses, Cables, Belts, Molded Seals & O-rings, Gloves, and others.
By End-User Industry: Oil & Gas, Automotive, Mining, Construction, Medical, and others.
By Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Nitrile Butadiene Rubber Market - Regional Analysis
The Asia Pacific region dominates the global nitrile butadiene rubber market, heading with the burgeoning automotive industry. Moreover, other rapidly growing sectors in the APAC, such as medical devices, O&G, mining, and construction, provide a considerable impetus to the growth of the regional market. Increasing infrastructure development activities, especially in India & China, are contributing to the nitrile butadiene market a great deal, driving the construction industry in the region.
Ample availability of cost-competitive logistics such as workforce, land, and the raw material advantage required for the production of nitrile butadiene rubber is a key force attracting several foreign investors. Resultantly, many giant players from North America and Europe are shifting their manufacturing bases increasingly to China and India. This, as a result, is fostering the regional market growth. The APAC nitrile butadiene rubber market would retain its leading position throughout the forecast period.
North America stands second in the global nitrile butadiene rubber market, following the APAC market closely. Factors such as the presence of large automakers have augmented the overall demand for nitrile butadiene rubber, excellently. Furthermore, the new government has introduced an investment plan for the construction and renovation of infrastructure, mainly in the US and Canada, which is expected to boost the regional market growth further.
Moreover, the high consumption rate of nitrile butadiene rubber in well-developed end-use industries such as pharmaceutical and aerospace is estimated to substantiate the growth of the regional market. Besides, increasing reconstruction activities, alongside the rapid industrialization, are creating huge market demand, driving the demand for energy. The nitrile butadiene rubber market in North America is anticipated to witness a noteworthy growth throughout the review period.
The European region is a profitable market for nitrile butadiene rubber. Well-developed automobile and aerospace industry in the region drives the regional market predominantly. Moreover, factors such as the growing stringent EU regulations regarding industrial hazards and the increasing use of nitrile butadiene rubber in the construction industry has fuelled the growth of the regional market.
Furthermore, the high demand for energy and the increased expenditures for innovation led by the economic growth in the region are predicted to drive the market in the forecast period. The Europe nitrile butadiene rubber market is estimated to grow to register a significant CAGR during the forecast period.
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Major Players:
Players leading the global nitrile butadiene rubber market include JSR Corporation (Japan), Omnova Solutions (US), Lanxess AG (Germany), Kumho Petrochemical Co. (South Korea), Versalis (Italy), Zeon Chemicals (US), PetroChina (China), ARLANXEO (Germany), Synthos S.A.(Poland), and Sibur Holdings (Russia), among others.
Industry/ Innovation/ Related News:
November 04, 2019 ---- Sibur (Russia), a leading global petrochemicals company, announced the completion of the sale of its certain synthetic rubber production facilities and other petrochemical assets in Togliatti to Tatneft (Russia), a vertically integrated O&G company to focus on the development of its core business. The deal includes sale of production facilities of synthetic rubber, butadiene, MTBE, isoprene, and other intermediates.
Tatneft has also acquired the infrastructure of the industrial park that houses chemical and other technological firms. Sibur will continue to support to the Togliatti-based companies as partners. In September 2019, SIBUR had also signed a memorandum of understanding (MoU) with China Petroleum & Chemical Corporation to establish a nitrile butadiene rubber (NBR) joint venture.
Nitrile Butadiene Rubber Market - Competitive Analysis
Highly competitive, the nitrile butadiene rubber market appears well-established due to the presence of many large players. To garner a larger competitive share in the market, these players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology launch.
Manufacturers operating in the nitrile butadiene rubber market strive to deliver the best quality products developed with innovative technologies and best practices. The market is showing growth potential, which is expected to intensify the competition further, attracting many entrants to the market.
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