Thursday, June 13, 2024

Fast Curing Nitrile Butadiene Rubber Market Size is projected to reach USD 744.4 Million by 2030, growing at A CAGR of 4.4%

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Market Dynamics: The global market size for fast-curing nitrile butadiene rubber reached USD 502.9 million in 2021 and is projected to exhibit a revenue CAGR of 4.4% throughout the forecast period. The growth is primarily driven by an increased demand for NBR gloves in the healthcare sector and a rising need for NBR products in the building and construction industry.

Nitrile-Butadiene Rubber (NBR) is formed by combining Butadiene and Acrylonitrile, resulting in a copolymer with notable resistance to abrasion, thermal-oxidative aging up to 120 °C, and excellent low-temperature flexibility. Its resistance to oil is a prominent feature, and NBR vulcanizates are characterized by a high modulus and effective sealing force preservation, coupled with exceptional oil resistance.

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The COVID-19 pandemic led to global lockdowns, impacting industries heavily reliant on NBR products, such as oil and gas and automobiles. As industries gradually resumed operations in 2021, the demand for NBR products witnessed an upswing. Major companies are actively innovating to drive market revenue growth.

Single-use nitrile gloves, extensively utilized in healthcare settings, experienced high demand during the pandemic. Malaysia, China, and Taiwan emerged as the top producers of nitrile and rubber gloves.

Market Dynamics: Driver: The rising demand for fast-curing nitrile butadiene rubber in the automotive and healthcare sectors. Both automotive and oil and gas industries heavily depend on specialized rubber products with stringent oil resistance standards. ARLANXEO produces high-quality NBR rubbers under various brands, meeting the performance needs of these industries.

Fast-curing nitrile butadiene rubber, being economical, finds application in medical gloves due to its puncture-resistant properties and ease of wear and tear identification. NBR is also employed in medical instruments, stoppers, tubes, and supporting cushioning materials.

Restraint: Stringent government restrictions and the availability of alternatives pose challenges to market growth. Environmental regulations, limitations on phthalate use, and NBR’s susceptibility to sunlight, weather, and high temperature impact its market size. Fluctuations in crude oil prices, a key raw material for NBR, further contribute to market challenges, unlike alternatives such as neoprene rubber, vinyl rubber, and silicon elastomer.

Key Takeaways: Distribution Channel Outlook: The market is segmented into online and offline stores, with online stores expected to register the fastest revenue CAGR. Increased internet usage, particularly in emerging countries, and the impact of the COVID-19 pandemic on offline businesses contribute to the growth of online retailing.

Application Outlook: Segments include belts, cables, hoses, rubber compounds, molded and extruded products, seals, gloves, adhesives, and others. The belts segment is anticipated to register significant revenue growth, driven by the demand for lightweight conveyor belts in automation across various sectors.

End-Use Outlook: Segments comprise automotive, oil & gas, mining & metallurgy, medical, building & construction, and others. The oil & gas segment is expected to witness significant revenue growth due to the increasing need for high-temperature molding in creating goods for these industries.

Regional Outlook: In 2021, the Asia Pacific accounted for the largest revenue share, primarily due to a sizable automotive industry in countries like China and India. The North American market ranked second, with major manufacturers and increased R&D activities. Europe exhibited a significant revenue share in 2021, driven by the pandemic and increased demand for disposable gloves.

Competitive Landscape: The global market features a fragmented competitive landscape with small, medium, and large companies. Major players, including LG Chem, JSR Corporation, LANXESS, Zeon Chemicals L.P., PetroChina Company Limited, BASF SE, TSRC, ARLANXEO, SIBUR Holdings, and Honeywell International Inc., engage in product development and strategic alliances.

Recent Developments: Strategic Manufacturers, Inc. (SMI), a subsidiary of Small Business Development Group, Inc., plans to construct manufacturing facilities in Texas to produce nitrile butadiene rubber. These facilities aim to generate a substantial volume of nitrile examination gloves, catering to the increased demand for protective equipment in healthcare settings.

Market Segmentation: Type Outlook: Liquid, Bimodal, Carboxylated, Others. Distribution Channel Outlook: Online stores, Offline Stores. Application Outlook: Belts, Cables, Hoses, Others. End-Use Outlook: Clinics & Hospitals, Ambulatory Service Centers, Homecare Settings, Others. Regional Scope: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Report Details:

  • Market size in 2021: USD 502.9 Million.
  • CAGR (2021-2030): 4.4%.
  • Revenue forecast in 2030: USD 744.4 Million.

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