Automotive Tires Segment Is The Largest Segment Driving The Growth Of Nitrile Butadiene Rubber Market
The global Nitrile Butadiene Rubber Market is estimated to be valued at US$ 2.2 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nitrile butadiene rubber has superior mechanical, air barrier and oil resistance properties compared to other rubbers. It can withstand solvents, oils and fuels better than natural rubber. These advantages make it suitable for manufacturing hoses, belts, seals, gaskets and protective apparels.
Market key trends:
Nitrile butadiene rubber is widely used in automotive tires industry due to its abrasion resistance and self-sealing properties. With growing automotive industry, the demand for tires is increasing which is the key factor driving growth of NBR in the market. Rebound and tear resistance of NBR makes it preferable for automotive hoses, engine mountings and body seals. Growth in development of healthcare equipment and devices has fueled consumption of nitrile gloves manufactured using NBR. Its chemical inertness property makes it ideal for industrial hoses, belts and gaskets for chemical handling applications.
Market key trends:
One of the key trends in the nitrile butadiene rubber market is the growing application of nitrile butadiene rubber in end-use industries such as automotive and healthcare. Nitrile butadiene rubber offers high resistance to chemicals, oil, abrasion and tear. Owing to this, the demand for nitrile butadiene rubber is increasing from the automotive industry for manufacturing oil seal rings, gaskets, hoses etc. In the healthcare industry, nitrile butadiene rubber is used to manufacture gloves, catheters and other products due to its high tensile strength and resistance to cuts and punctures.
SWOT Analysis
Strength: Nitrile butadiene rubber offers high resistance to chemicals, oils and abrasion. It has high tensile strength and elasticity.
Weakness: Nitrile butadiene rubber has low resistance to heat when compared to other rubbers. It also has high raw material costs.
Opportunity: Growing application of nitrile butadiene rubber in healthcare industry for manufacturing medical gloves and catheters. Increasing use in automotive industry for hoses, belts and seals.
Threats: Availability of substitute materials like fluoroelastomers and hydrogenated nitrile butadiene rubber (HNBR). Fluctuations in raw material prices.
Key Takeaways
The global nitrile butadiene rubber market is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing application in automotive and healthcare industries.
The global nitrile butadiene rubber market size was valued at US$ 2.2 Bn in 2023. The automotive industry accounted for the largest share in the global nitrile butadiene rubber market due to the usage of nitrile butadiene rubber in manufacturing seals, hoses, belts, gaskets etc.
Regionally, Asia Pacific dominated the global nitrile butadiene rubber market in 2023 owing to the high production of nitrile butadiene rubber in countries like China and India. China accounted for over 35% of the global nitrile butadiene rubber production in 2023.
Key players operating in the nitrile butadiene rubber market are Apcotex Industries Limited, ARLANXEO, China Petroleum & Chemical Corporation (Sinopec), Dynasol Group, JSR Corporation, KUMHO PETROCHEMICAL, Lanxess, LG Chem, Sibur, Synthomer, Synthos, TSRC, Versalis SpA, and Zeon Corporation.