Global nitrile butadiene rubber market forecast with a CAGR of 3.12 percent by 2030
Noida, India – According to ChemAnalyst report, “Global Nitrile Butadiene Rubber Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030” Global market of Nitrile Butadiene Rubber is growing exponentially over the last few years and is expected to achieve a CAGR of 3.12% in the forecast period owing to its properties including resistance to wear and tear, thermal resistance, high gas impermeability and low temperature flexibility. NBR is synthetic rubber produced from a copolymer of acrylonitrile and butadiene. Due to its oil resistant nature, its primary applications are in fuel hoses, gaskets, and other products in which oil resistance is essential.
NBR is also remarked for high strength and excellent resistance to water, alcohols, heat, abrasions, and to petroleum products such as gasoline, diesel oil and other fuels over a wide temperature range. Because of all these properties, Nitrile Butadiene Rubber has wide range applications in hose, belting and cable, O-rings and seals, sponges, gloves, expanded foams, footwear, latex applications, molded and extruded products, adhesives and sealants. NBR is also used in powder form, having its utilization as impact modifier for PVC and ABS. Hoses, seals, o-rings, belting and cables share the largest segment of NBR market. The growth of various end use industries such as Automotive, Aeronautical, Construction, Pharmaceuticals, Oil and Gas and Machinery is impelling the demand for Nitrile Butadiene Rubber consequently.
Owing to the impact of COVID-19 crises, Nitrile Butadiene Rubber demand has declined drastically due to nationwide lockdowns and subsequent disruptions in supply and value chains. Automotive and construction sectors were the most severely hit sectors during the pandemic which had an impact on NBR industry. However overall good demand growth has been observed from the manufacturing sector due to continuation of production activities after the lockdowns. Additionally, upcoming capacity expansions including the coming Petronas Chemicals/ LG Chem NBR plant with a capacity of 200 KT in Malaysia is expected to provide opportunities for NBR market to grow during the forecast period.
Region wise, Asia Pacific region holds the major share of global demand for Nitrile Butadiene Rubber due to growing demand from construction and automotive sector. China and Taiwan are the leading producers of NBR and having a strong consumer base which also leads to the larger market size in the region. The medical industry is growing steadily in the region and its application in the production of gloves, medical equipment, breathing bags etc. is another factor propelling demand for Nitrile Butadiene Rubber in Asia Pacific.
North America is also expected to grow at a healthy CAGR due to the presence of large number of Automobile manufacturing plants coupled with the growth in Construction sector in the region. Moreover, U.S. Oil and Gas industry also finds applications for NBR and is expected to expand the market size for the product in the forthcoming years.
Major players of the NBR industry are Lanxess, Sinopec, Kumho Petrochemical, TSRC Corporation, JSR Corporation, LG Chem, Versalis S.p.A, ZEON Corporation, SIBUR Holding, and OMNOVA Solutions Inc., and Others