Hydrogenated nitrile butadiene rubber market forecast at $63 million by 2027
Dublin, Ireland – Hydrogenated Nitrile Butadiene rubber market is set to grow at a compound annual growth rate (CAGR) of 8% from 2019 to 2027, as per Transparency Market Research. The growth will help the market worth increase from USD 31.5 mn. in 2018 to USD 63 mn. by 2027 according to Transparency Market Research.
Vastly used in automotive application, hydrogenated nitrile butadiene rubber is set to see an increase in demand. As production of grommets, transmission system bonded pistol seals, fuel system seals, hoses, engine seals, A/C seals, and gaskets, demand for hydrogenated nitrile butadiene rubber will see an upward facing curve.
By the year 2030, construction volumes would have increased tremendously across the globe. As per a recent study, the magnitude of this increase would be around 85%, generating USD 15.5 trillion in the market. It is worth noting here that three countries would lay claim to a massive share of this growth – the United States of America, India, and China. The share would be around 57% of total increase.
It is not really surprising since studies show that population is growing at a rapid pace. By 2050, 2 billion more people would mark the planet and they would need a number of construction activities and outcomes. For instance, these would need houses and commercial and recreational centers, and office spaced, and supporting infrastructure. This will lead to increase in construction volumes.
Besides, these people would need transportation means and modes and energy to fuel them. This would lead to expansion in automotive and oil and gas industry, which are end-users of hydrogenated nitrile butadiene rubber.
Medical Industry is also expanding, leading to demand for hydrogenated nitrile butadiene rubber. The growth in this industry will be a result of increasing pressure on resources in the sector. And, as the geriatric population increases worldwide, demand for hydrogenated nitrile butadiene rubber would also grow in tandem. One in every six people in the world will be aged 65 and above by 2050, as per a study. And, one in every four in North America and Europe would fall in this age group by the same year. 2 billion people would occupy the age bracket of 62 and above by the year 2050.
It is also worth noting here, that region-wise, Asia Pacific (APAC) region would command a sizeable share of the market over the forecast period, generating a slew of interesting growth opportunities for the global hydrogenated nitrile butadiene rubber market players. Industries that will drive growth in the regional hydrogenated nitrile butadiene rubber market are oil and gas and automotive.
The vendor landscape of Global Hydrogenated Nitrile Butadiene Rubber Market is highly consolidated as just two players hold the majority share. These players that are dominating the market landscape, and driving it forward with their proactive measures are Zeon Chemical L.P. and ARLANXEO. In the year 2018, the two prominent names mentioned here held approximately 80% of market share. It is also pertinent to note here that the former – Zeon Chemical L.P. – is the largest manufacturer of the product. Besides, it is capitalizing upon its robust distribution network and research and development activities.