Nitrile butadiene rubber market research report: by product type (Hoses, Belts, Cables, Molded Seals & O-rings, Gloves and Others), and by end-user industry (Automotive, Oil & Gas, Mining, Construction, Medical and Others) – Forecast till 2023
Nitrile butadiene rubber Market:
Nitrate butadiene rubber is a class of synthetic rubber which is a copolymer of butadiene and acrylonitrile. Nitrate butadiene rubber has excellent qualities such as resistance to oil, fuel, and other chemicals which paves their way into many end user industry such as automotive, oil and gas, mining, construction and medicine among others. In the automotive and aeronautical industry, nitrate butadiene rubber finds its application in making, oil and fuel handling hoses, grommets, seats, and self-sealing fuel tanks. The ability to withstand high temperature makes it ideal for use in nuclear and aeronautical applications. Nitrate butadiene rubber is also used in the manufacture of footwear, adhesives, sealants, floor mates, sponges and others. Moreover, nitrate butadiene rubber is also used in the production of protective gloves, owing to superior strength and high resistance to oils and acids. However, volatile raw material prices can be seen as a major down side to the growth of the nitrate butadiene rubber market.
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Top Key Players:
Kumho Petrochemical Co.
Among the various product segments in nitrile butadiene rubber market, the oil and gas application is the leading segment of the market and is anticipated to continue its dominance over the forecast period. The growing consumption of the product in sealing, tubing, molding compounds due to high resistance of nitrate butadiene rubber to solvents, oils, and other fuels is a major factor driving the growth of this segment.
Nitrile butadiene rubber Segmental Analysis:
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.
Nitrile butadiene Rubber Regional Analysis:
In addition to this, the demand from the oil and gas industry mainly in China, India is another factor positively affecting the market growth. The growing population has augmented the demand for energy in the region which has resulted in a surge in oil and gas activities, thereby increasing the demand for nitrile butadiene rubber in the region.
The nitrile butadiene rubber market is segmented into five 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 with an encouraging CAGR. Growing population and the increasing per capita disposable income in the developing nations are primarily driving the growth of the nitrile butadiene rubber market. Moreover, the burgeoning construction and the automobile industry in countries such as India and China, is increasing the demand for nitrile butadiene rubber which, in turn, is propelling the market growth. According to the Indian Brand Equity Foundation, the Indian infrastructure witnessed 33 deals in 2016-2017 involving USD 3.49 billion with an increase of 0.5 billion from the previous year.
North America is another dominant region in the global market, exhibiting an expanding CAGR. The presence of three big automobile companies namely General Motors, Ford, and Fiat Chrysler has augmented the overall demand for nitrile butadiene rubber from the automobile industry. Furthermore, the newly elected government has brought about a new wave of investments for the construction and renovation of infrastructure mainly in the U.S. and Canada which is further expected to boost the market growth. Moreover, the high adoption rate coupled with developed end-use industries such as pharmaceutical and aerospace among others are expected to substantially add to the growth of the market.
Nitrile butadiene rubber Intended Audience:
- Nitrile butadiene rubber market manufacturers
- Traders and Distributors of nitrile butadiene rubber market
- Production process industries
- Potential investors
- Raw material suppliers
- Nationalized laboratory