Nitrile Butadiene Rubber Market To Rise Up, Due To Increasing Utilization And Rising COVID-19 Positive Cases

 Nitrile Butadiene Rubber Market

 

Nitrile Butadiene Rubber Industry Overview

 

The global nitrile butadiene rubber (NBR) market is anticipated to reach USD 3.2 billion at a CAGR of 5.2% from 2022 to 2030 according to a new study by Grand View Research, Inc. The global market is anticipated to be driven by the increasing demand from the automotive industry. NBR is extensively used in the automotive industry manufacturing hoses, cables & belting, O-rings & seals, and other molded & extruded products.

 

Nitrile Butadiene Rubber Market Segmentation

Grand View Research has segmented the nitrile butadiene rubber market based on product, end-use, and region:

 

Based on the Product Insights, the market is segmented into Hoses, Belts, Cables, Molded & Extruded Products, Seals & O-rings, Rubber Compounds, Adhesives & Sealants, Gloves, Foamed Products, Others.

  • Seals & O-rings product type segment accounted for the largest revenue share of over 19% in 2021. The increasing End-use scope of nitrile butadiene rubber in the automotive sector, including hoses and other molded products, is expected to fuel the market growth.
  • The rising demand for nitrile butadiene rubber hoses in the automotive, oil & gas, metallurgy & mining, construction, and other end-use sector is significantly fueling the market growth.
  • Nitrile butadiene rubber conveyor & transmission belts, elevator belts, processing belts, and folder-gluer belts, among others, are widely used in the above-mentioned End-uses.
  • Rising industrial development activities and increasing urbanization and infrastructure development projects, especially in developing countries, are expected to create significant demand for nitrile butadiene rubber over the forecast period.
  • Nitrile butadiene rubber is used to produce cable jackets owing to its high flame-retardancy and excellent low-temperature properties. NBR is suitable for the manufacturing of lightweight cables for indoor, outdoor, damp, or wet conditions. Furthermore, owing to NBR’s high resistance against stress, it is used for manufacturing cables for heavy equipment.

 

Based on the End-use Insights, the market is segmented into Automotive, Mechanical Engineering, Oil & Gas, Metallurgy & Mining, Construction, Medical, Others.

  • The automotive end-use segment accounted for the largest revenue share of over 38% in 2021 and this trend is projected to continue in the forecast period.
  • The automotive segment includes automobiles, earth moving equipment, and industrial machinery & equipment. Growing demand for nitrile butadiene rubber products such as seals & O-rings, hoses, belts, molded products, cables, and others are expected to fuel market growth in the forecast period.
  • In addition, rising environmental concerns, coupled with government support in terms of subsidies such as federal and state tax credits to promote the production and consumption of electric vehicles, are anticipated to fuel the growth of the automobile sector, which, in turn, is further anticipated to generate substantial demand for nitrile butadiene rubber.
  • Furthermore, gaskets manufactured using NBR have witnessed high utilization across compression machines, and hydraulic equipment prevents leakage of gas or liquid. 
  • Increasing oil & gas exploration and production activities are expected to propel the growth of the nitrile butadiene rubber market over the forecast period. In addition, rising utilization of gas in energy mixes and growing shale gas production are expected to fuel the growth of the oil & gas industry over the forecast period.

 

Nitrile Butadiene Rubber Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The global market is highly fragmented with the presence of a large unorganized sector, particularly in the Asia Pacific and Latin America. Companies, particularly hailing from Asia Pacific have been constantly looking for significant capacity additions over the past few years to take advantage of operational excellence and achieve economies of scale.

Some prominent players in the global nitrile butadiene rubber market include

  • ARLANXEO
  • Zeon Chemicals L.P.
  • NITRIFLEX
  • SIBUR
  • PetroChina Company Limited
  • Dynasol Group
  • Synthos S.A.
  • KUMHO PETROCHEMICAL
  • LG Chem
  • Versalis S.p.A.
  • JSR Corporation
  • AirBoss of America
  • Atlantic Gasket Corporation
  • Precision Associates Inc.
  • Anqing Hualan Technology Co., Ltd.
  • NANTEX Industry Co., Ltd.
  • Apcotex Industries Limited
  • Chang Rubber
  • Hanna Rubber Company

 

Order a free sample PDF of the Nitrile Butadiene Rubber Market Intelligence Study, published by Grand View Research.

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