The global nitrile butadiene rubber (NBR) market is expected to reach USD 2.59 billion by 2025, growing at a CAGR of 3.3%, according to a new report by Grand View Research, Inc. Asia Pacific is expected to provide ample scope for the industry growth of NBR by the end of 2025. China, India, and Southeast Asian countries are likely to reflect a strong growth scenario in the future.
NBR is one of the versatile synthetic rubbers that is highly consumed in high end applications, which require the product to be highly sustainable to varying operational and climatic conditions. This makes the product suitable for use in a wide array of industries.
NBR demand in China and India is expected to be driven by significant industrial developments of key end-use sectors in the region including automotive & transportation, metallurgy & mining, oil & gas, equipment & machinery, and medical sectors. These recent developments have propelled the requirements of mechanical goods such as cables, belts, gaskets, and seals.
Rise in the consumer disposable income and purchasing power in ASEAN countries including Indonesia and Thailand, has led to a rapid growth of the automotive industry as well as a strong increase in aftermarket activities. Moreover, increase in the healthcare expenditure in these countries is another key factor that is expected to boost the consumption of nitrile gloves by 2025.
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Further key findings from the report suggest:
- In terms of volume, the seals & O-rings segment is expected to rise at a CAGR of 2.9% from 2017 to 2025. This category is expected to generate a market revenue of nearly US$ 491.3 million by the end of the forecast period.
- Consumption of nitrile gloves is estimated to increase at the fastest growth rate over the years ahead, as a consequence of significant product utilization in the healthcare & hygiene sector
- Wide production expanse particularly in China and India is likely to drive the NBR consumption in mechanical engineering applications including vibration dampening materials, impact machinery, pumps, hydraulic equipment, and compressors
- Europe accounted for the second-largest revenue share of over 20.0% of the global market in 2016. CIS countries mainly Russia, are likely to witness fast paced industry growth owing to significant use of hoses, and seals & O-rings in the oil & gas sector.
- Companies are aiming to strengthen their positions in the global industry through acquisition, technology licensing, and collaborations
- In June 2014, Sinopec Corp jointly ventured with SIBUR, a Russian petrochemicals and gas processing company for the construction of a nitrile rubber plant with an annual production capacity of 50 kilo tons at the Shanghai Chemical Industry Park, Shanghai
