Global Nitrile butadiene rubber market research report: by product type (Hoses, Belts, Cables, Molded Seals & O-rings, Gloves and Others), and by end-user industry (Automotive, Oil & Gas, Mining, Construction, Medical and Others) – Forecast till 2023
Pune, India -- (SBWIRE) -- 03/14/2018 -- Nitrile Butadiene Rubbers are used in a wide range of end-use industry application owing to their excellent properties such as chemical, heat, and oil & solvents resistance among others. It is extensively used in the production of medical examination gloves, gaskets, O-rings, sealants, adhesives, cable jacketing, and others. The rising growth of the oil & gas and automotive industry across the globe is substantially affecting the growth of the Nitrile Butadiene Rubber Market.
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.
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.
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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Some of the prominent players operating in the Global Nitrile Butadiene Rubber Market are Lanxess AG (Germany), Kumho Petrochemical Co.(South Korea), PetroChina (China), Synthos S.A.(Poland), Zeon Chemicals (U.S.), Sibur Holdings (Russia), Versalis (Italy), JSR Corporation (Japan), Omnova Solutions (U.S.), and ARLANXEO (Germany) among others.
The Global Nitrile Butadiene Rubber Market is spanned across five key 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 at an exponential CAGR. The presence of the most populated countries of the world such as India and China has augmented the demand for various sectors such as the construction and automotive among others, which, in turn, is anticipated to fuel the demand for Nitrile Butadiene Rubber in the region. Moreover, the growing oil and gas industry, mainly in India and China is also expected to contribute to the market growth.
The European region is estimated to witness a significant growth in the countries owing to the burgeoning aerospace and automobile industry. The increasing use of Nitrile Butadiene Rubber owing to its enhanced strength, chemical and heat stability among others has increased the adoption rate in the region.
The North American Nitrile Butadiene Rubber Market is mainly driven by the U.S. and Canada. The presence of the developed end-user industries such as automotive and construction coupled with the increasing adoption rate is contributing significantly to the growth of the market. Moreover, the growing investment in the infrastructural development is further expected to add fuel to the growth of the market.
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