Nitrile butadiene rubber Market Report Analysis, Revenue, Price, Market Share, Growth Rate, Forecast To 2023
Research Reports
Jan 07, 2021
Market Overview:
The global nitrile butadiene rubber market is being driven by a range of application in the various end-use industries such as building and construction, automotive, aerospace, and marine among others. Moreover, it is estimated that the oil and gas industry is set to witness the highest growth due to the growing consumption in applications such as sealing, moulding components, and tubing among others during the forecast period, 2017-2023.
Market Scenario:
The oil & gas segment followed by the building and construction end-user segment are anticipated to observe a higher CAGR during the forecast period. Nitrile butadiene rubber is used in ceramic tiles, roofing and wall, hoses, adhesives, and sealants, owing to its temperature stability, higher bond strength, and chemical resistance, which contributes significantly to the growth of the building and construction segment.
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Geographical Analysis:
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Market Segmentation:
The global nitrile butadiene rubber market is segmented into product type, and end-user. On the basis of the product type, the market is segregated into hoses, belts, cables, molded seals & o-rings, gloves and others. The market by end user industry is further categorized into automotive, oil & gas, mining, construction, medical and others.
Regional Analysis:
The nitrile butadiene rubber market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region with an encouraging CAGR. Growing population and the increasing per capita disposable income in the developing nations are primarily driving the growth of the nitrile butadiene rubber market. Moreover, the burgeoning construction and the automobile industry in countries such as India and China, is increasing the demand for nitrile butadiene rubber which, in turn, is propelling the market growth. According to the Indian Brand Equity Foundation, the Indian infrastructure witnessed 33 deals in 2016-2017 involving USD 3.49 billion with an increase of 0.5 billion from the previous year.
The European region is a lucrative market and is mainly driven by a well-developed automobile and aerospace industry. Moreover, the growing stringent EU regulations regarding the industrial hazards has fuelled the use of nitrile butadiene market in the production of protective gloves. In addition to this the growing use in the construction industry are other factors adding to the market growth.
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