Nitrile Butadiene Rubber Market Growth 2023- Upcoming Trends, Growing CAGR, Revenue, Key Manufacturers, Business Challenges, Opportunities and Future Scope Report 2033: SPER Market Research
NBR, commonly known as Buna-N, is a synthetic rubber copolymer formed by the polymerization of butadiene and acrylonitrile. It is distinguished by its great tensile strength and flexibility, as well as its outstanding resistance to oils, fuels, and chemicals. NBR is widely utilised in a variety of sectors for applications such as seals, gaskets, hoses, and other components needing oil and fuel resistance.
According to SPER market research, ‘Nitrile Butadiene Rubber Market Size- By Product, By End Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Nitrile Butadiene Rubber Market is predicted to reach USD 3.21 billion by 2033 with a CAGR of 5.59%.
The expanding healthcare sector, increased oil and gas exploration operations, technical improvements in NBR, increased emphasis on industrial safety, and regional market expansion are driving the worldwide NBR market’s growth. NBR is in great demand for medical device manufacture in the healthcare business, and its resistance to oil and chemicals makes it perfect for oil and gas exploration applications. Continuous R&D efforts have resulted in the creation of high-performance NBR grades, hence broadening its range of uses. The emphasis on industrial safety, as well as the growing industrialization and expansion of emerging economies, are driving market growth.
Competition from alternative materials, shifting end-use industries, price-sensitive markets, increased competition from synthetic rubber substitutes, and supply chain disruptions are among the issues confronting the worldwide NBR industry. Alternative materials with similar qualities compete, and economic swings have an influence on NBR demand in a variety of sectors. Low-cost alternatives are prioritised in price-sensitive businesses, while synthetic rubber substitutes such as SBR and EPDM boost competitiveness. Raw material availability, manufacturing, and distribution of NBR are all impacted by supply chain disruptions. To overcome these obstacles, ongoing innovation, market flexibility, competitive pricing, and strong supply chain management are required.
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Impact of COVID-19 on Global Nitrile Butadiene Rubber Market
The COVID-19 pandemic had an ambiguous impact on the worldwide NBR market. End-use sectors such as automotive, construction, and industrial manufacturing saw a drop in demand as a result of lockdowns and lower consumer spending. However, higher demand for NBR in medical gloves and other devices was seen in the healthcare industry, while supply chain interruptions and delays in elective treatments dampened the overall impact. Uncertain market conditions prompted cautious decision-making, with businesses postponing investments and expansions. Despite these obstacles, the NBR market has demonstrated tenacity and has begun to revive as the global economy has reopened. As economic activity steadily normalises, demand for NBR is recovering, notably in the automotive and healthcare industries.
Nitrile Butadiene Rubber Market Key Players:
Geographically, Asia Pacific emerged as the dominant region in the Nitrile Butadiene Rubber industry. One of the primary reasons driving the Nitrile Butadiene Rubber (NBR) market throughout the world is the increased demand for construction and automotive sectors in the Asia Pacific region. Asia Pacific is predicted to be the largest consumer over the projection period. Another element driving demand growth for nitrile butadiene rubber in the Asia Pacific area is rising population and per capita income in emerging nations. Additionally, some of the market key players are KUMHO PETROCHEMICAL, Dynasol Group, LG Chem, Synthomer, JSR Corporation, Others.
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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