(MENAFN- GlobeNewsWire - Nasdaq) New Delhi, June 02, 2023 (GLOBE NEWSWIRE) -- The global nitrile butadiene rubber (NBR) latex market is gaining traction because of the growing demand for NBR from the healthcare industry and its increasing use in the automotive industry.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global nitrile butadiene rubber (nbr) latex market size at USD 2.9 billion in 2022. During the forecast period between 2023 and 2029, the global nitrile butadiene rubber (NBR) latex market size is projected to grow at a CAGR of 6.12% reaching a value of USD 4.14 billion by 2029. The robust automotive industry and the expanding usage of NBR products including seals & O-rings, hoses, belts, molded products, cables, and others are major growth factors for the global nitrile butadiene rubber (NBR) latex market. The expansion of the automotive industry is forecast to continue in the coming years by the trend toward electric vehicles and the development of autonomous vehicles, which would consequently boost demand for NBR latex products.
Global Nitrile Butadiene Rubber (NBR) Latex Market – Overview
Nitrile rubber (NBR), commonly known as nitrile-butadiene rubber, is a synthetic rubber that resists oil and is made from a copolymer of butadiene and acrylonitrile. Its primary uses are in gasoline hoses, gaskets, rollers, and other items where oil resistance is necessary. Synthetic latex, for instance, is made using nitrile butadiene rubber (NBR), which is used to manufacture industrial and automotive rubber goods. NBR is a fantastic option for general-purpose applications because of its adaptability and dependability. Water, gasoline, propane, petroleum oils, and various hydraulic fluids are all moderately resistant to nitrile rubber. It also offers high resistance to compression set and abrasion.
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Global Nitrile Butadiene Rubber (NBR) Latex Market – By End User
Based on end user, the global nitrile butadiene rubber (NBR) latex market is segmented into automotive & transportation, building & construction, industrial, medical, and other end-user industries. The automobile & transportation segment holds the highest share in the global nitrile butadiene rubber (NBR) latex market. NBR is used in the tread and sidewalls of tires, as it assures exceptional performance by offering improved abrasion and low rolling resistance. However, the medical industry is expected to register growth at a high CAGR as well owing to the rising demand for gloves.
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Impact of COVID-19 on Global Nitrile Butadiene Rubber (NBR) Latex Market
During the COVID-19 pandemic, the global nitrile butadiene rubber (NBR) latex market saw a huge expansion. The makers of NBR latex gloves increased their production capabilities to match the demand as the need for gloves increased in healthcare institutions and among general customers to avoid viral cross-contamination, which greatly accelerated market growth. However, the market saw a downturn in other industries, such as the automotive, building, and construction sectors. The operations of these sectors were completely halted due to lockdown and labor shortage and for the prevention of virus spread. The market participants suffered large losses as a result of the pandemic.
Competitive Landscape
Major players operating in the global nitrile butadiene rubber (NBR) latex market include Synthomer, Omnova Solutions Inc., Kumho Petrochemical Co., Ltd., LG Chem Ltd., Zeon Chemicals L.P., Lanxess AG, Nantex Industry Co., Ltd., Emerald Performance Materials, LLC, Versalis S.p.A., JSR Corporation, Dow Chemical Company, Eastman Chemical Company, PetroChina Company Limited, Sibur International GmbH, and ARLANXEO Holding B.V.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Nitrile Butadiene Rubber (NBR) Latex Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Nitrile Butadiene Rubber (NBR) Latex Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Scope of the Report
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