Surging demand from the automotive industry is one of the significant factors influencing the market growth.
The global nitrile rubber market is expected to reach USD 3.48 Billion by 2030, according to a new report by Reports and Data. Nitrile rubber finds application in the automotive industry and several other industrial purposes in producing components, including dashboards, kick panels, and brake pads, among others. It is considered as the workforce of rubber products in end-use sectors. It is extensively deployed owing to its better heat resistance, puncture resistance, fuel resistance, and chemical resistance in comparison to natural rubber. Amongst its varied properties, the ability to sustain various temperature levels makes it beneficial in the aerospace applications. Physical characteristics like hardness and stiffness of nitrile rubber make it a suitable material for application in the nuclear industry.
Rising demand for disposable gloves in medical, automotive finishing, chemical, and oil and gas industries has been a prime factor driving the market in recent years. Moreover, the deployment of nitrile gloves in the food processing industry is probable to complement growth in market demand. Growing awareness pertaining to employee wellbeing and safety, coupled with increasing concern related to skin diseases in the industrial sector, is anticipated to propel the market over the forecasted period. Technological advancement, backed by the availability of customized designs to meet the requirements of specific industries, is estimated to have a positive influence on market demand.
Key companies profiled in the report include
Lanxess, Kumho Petrochemical, Sinopec, TSRC Corporation, JSR Corporation, LG Chem, Versalis SPA, Zeon Corporation, Omnova Solutions Inc., and Sibur Holdings, among others.
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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Nitrile Rubber market.
The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.
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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.
The key geographical regions analyzed in the market report are:
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Nitrile Rubber Market Segmentation based on Types:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
Form Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
- O rings Seals
- Belts Cables
- Adhesives Sealants
- Plastic foam
- Industrial Medical Gloves
Industry Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
- Oil Gas
- Metallurgy Mining
Further key findings from the report suggest
- By application, seals O-rings contributed to the largest market share in 2019 and is expected to grow at a rate of 6.3% in the forecast period. Nitrile O-rings are possibly the most economical and extensively used elastomer in the market. Benefits of the product, mainly in areas where the seal may be exposed to oils, hydrocarbons, water, petrol, and hydraulic fluids, comprise excellent tear and abrasion resistance and low cost. Nitrile O-rings are used in automotive, aircraft fuel systems, and marine applications, among others.
- By distribution channel, the online distribution channel is projected to grow at a faster rate of 8.2% in the period 2020-2027, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
- By industry vertical, the automotive transportation industry dominated the market in 2019 and is expected to grow at a rate of 6.3% in the forecast period. Nitrile rubber is used in the automotive industry to manufacture fuel and oil handling hoses, grommets, seals, and self-sealing fuel tanks, as ordinary rubbers cannot be used. Tires made from this rubber are popular for their ability to endure extreme temperatures and can retain their shape in spite of carrying heavy loads.
- The market in the Asia Pacific region held the largest market share ad is likely to grow at a rate of 7.4% in the forecast period. The market dominance of the APAC region is attributed to the rapid urbanization, rise in the level of disposable income, and growth of the end-use industries, particularly the automotive and footwear industry.
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