GLOBAL NITRILE BUTADIENE RUBBER MARKET IS ESTIMATED TO REACH USD 3.21 BILLION BY 2033: SPER Market Research
Buna-N or nitrile rubber, often known as nitrile butadiene rubber (NBR), is a synthetic rubber created by copolymerizing butadiene with acrylonitrile. Nitrile butadiene rubber is commonly used in the automotive and industrial industries to manufacture dashboards, brake pads, kick panels, and other components. In these industries, it is known as the rubber products workforce. Its versatility includes the ability to endure a wide range of temperatures, making it useful in aircraft applications. Because of its physical properties, such as hardness and rigidity, nitrile butadiene rubber is an effective material for use in nuclear applications. Along with stoppers, tubes, and supporting or cushioning materials for medical equipment, NBR is used in these items.
According to SPER market research, ‘Global Nitrile Butadiene Rubber Market Size- By Product, By End Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Nitrile Butadiene Rubber Market is estimated to reach USD 3.21 billion by 2033 with a CAGR of 5.59%.
Nitrile butadiene rubber (NBR) is predicted to be in high demand due to its widespread use in the automotive and transportation industries, as well as in hoses and gaskets in the oil and gas industry. The growing middle-class population, rising living standards, and increased disposable income are the primary drivers driving the growth of the construction industry, which is predicted to generate demand for nitrile butadiene rubber over the forecast period. Furthermore, government initiatives such as Make in India, Smart Cities Mission, and Housing for All are expected to drive growth in the construction industry in the future years. The automobile sector is rising due to increased acceptance of electric vehicles and technological advancements, which will eventually drive the market.
In preparation for an economic downturn, the Nitrile Butadiene Rubber (NBR) business faces numerous significant hurdles. These include changing customer preferences, large volatility in raw material costs because of geopolitical conflicts and predicted slow economic growth. Demand for NBR is closely linked to cyclical industries such as oil and gas, construction, and cars. Declines or increases in various sectors of the economy may cause a drop in the market for NBR items. Growing awareness of environmental sustainability may drive the demand for bio-based or recycled rubber replacements, posing a challenge for existing NBR manufacturers that fail to adapt to these changes. Government protectionist measures, tariffs, and trade disputes can disrupt the supply chain and undermine NBR producers’ efficiency in particular regions.
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Impact of COVID-19 on Global Nitrile Butadiene Rubber Market
The global nitrile butadiene rubber (NBR) market has been heavily impacted by the COVID-19 epidemic. Supply chain disruptions, such as raw material availability and transportation, have had an impact on NBR production. The economic slowdown has caused fluctuations in demand, resulting in losses in the automotive, construction, and industrial sectors while rising demand for NBR-based safety gloves and medical products. Price volatility has also been reported, owing to swings in raw material prices and manufacturing difficulties. Managing these obstacles and responding to shifting market dynamics will be critical for the NBR industry’s recovery and long-term success.
Nitrile Butadiene Rubber Market Key Players:
Asia-Pacific accounts for the highest market share. AirBoss of America, Anqing Hualan Technology Co., Ltd., Apcotex Industries Limited, Arlanxeo, and Atlantic Gasket Corporation are the major competitors in the market.
Global Nitrile Butadiene Rubber Market Segmentation:
By Product: Based on the Product, Global Nitrile Butadiene Rubber Market is segmented as; Adhesives & Sealants, Belts, Cables, Foamed Products, Gloves, Hoses, Moulded & Extruded Products, Rubber Compounds, Seals & O-rings, Others.
By End Use: Based on the End Use, Global Nitrile Butadiene Rubber Market is segmented as; Automotive, Mechanical Engineering, Oil & Gas, Medical, Construction, Metallurgy & Mining, Others.
By Region: This research also includes data for Asia-Pacific, Europe, the Middle East and Africa, North America, and Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Nitrile Butadiene Rubber Market Demand
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