According to a recently conducted research by ResearchAndMarkets.com about the global nitrile butadiene rubber (NBR) market, as an overall, it is projected to reach approximately 1,562 thousand tons by the end of 2023, increasing at a CAGR of around 5% per year in the period 2017-2023. 


The report focuses on both product and regional breakdown, offering a larger perspective on the market dynamics. Since NBR is widely used in different application fields, the analysis considers the application of NBR across various industries. In particular, the second largest share of NBR consumption is for the production of oil and petrol resistant rubber, which accounted for around 24% of the total in volume terms. Meanwhile, the chemical's application for soles has been growing with the highest rate of about 10.14% per year. 


Regionally, the largest global NBR market was Asia Pacific, which accounted for about 40% of the total in volume terms. In comparison, Africa was the smallest global NBR market during the analyzed period and is expected to remain such in the medium term. 


The numerous applications of the downstream derivatives of NBR are the main reason for its increasing demand from various end-use industries. In fact, the automotive and mechanical engineering industries are one of the leading contributors for the growing demand for NBR over the past few years. 


As for the market for hydrogenated NBR (HNBR), it has been growing globally at a double-digit annual rate, due to a strong global demand from automotive manufacturers, especially in China and India. 


Another prominent trend is connected with Malaysia, which has emerged as a global center of the latex dipping/glove manufacturing industry. The country is the largest producer of nitrile rubber gloves worldwide, which accounted for around two-thirds of the global market in recent years. 


The analytical research projects that the global production of NBR is likely to reach around 1,562 thousand tons by the end of 2023, expanding at a CAGR of about 5% per year. In addition, some of the main players on the NBR market are planning to open up additional production capacities in different regions. As a matter of fact, Asia Pacific is anticipated to witness the fastest-paced capacity increase in the medium term. In addition, the market is forecast to remain relatively balanced to slightly oversupplied, also showing stable dynamics in the medium term. 


The increasingly competitive landscape globally forces the chemical companies to focus on innovation and particularly on the development of Green Chemistry, which is becoming crucial for the overall future development of the companies. 


There are several fast dynamic research areas that can be identified such as nanotechnology, biotechnology, the development of biofuels as a supplement to oil supplies, as well as the expansion of water-based paints and the replacements for chlorofluorocarbons (CFCs). So in order to increase their profit, it is important for manufacturers within the chemical industry not only to cut their costs, but also to ensure that their processes and products conform with the pressing environmental issues.


2018-11-30

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