by The global Nitrile Butadiene Rubber Market is estimated to be valued at US$ 2.2 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nitrile butadiene rubber also known as NBR is a synthetic hydrocarbon rubber that exhibits excellent chemical and oil resistance properties. NBR is used in various end-use industries like automotive, construction, industrial, mining, oil and gas etc. due to its resistance to oil, chemicals and weathering. In construction industry, NBR finds applications in making water stop gaskets, vibration isolators, duct seals and protective clothing due to its weather resistant properties.
Market key trends:
One of the key trends driving the growth of nitrile butadiene rubber market is rising construction activities around the globe. According to Oxford Economics report, worldwide construction output is projected to grow by 85% to reach US$ 15.5 trillion by 2030. Rapid urbanization, infrastructure development and rising spending on residential and commercial projects in developing regions like Asia Pacific, Middle East and Latin America are fueling demand for various construction materials including NBR. NBR finds widespread application in making construction seals, vibration pads and protective equipment which are needed during construction activities. Thus, growth in construction industry acts as a high impact rendering driver for nitrile butadiene rubber market.
Porter’s Analysis
Threat of new entrants: Low cost of production and brand recall by established players act as entry barriers for new players in the market.
Bargaining power of buyers: buyers have high bargaining power due to availability of substitutes.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of alternatives.
Threat of new substitutes: Substitutes like latex and other synthetic rubbers pose moderate threat due to change in consumer preferences.
Competitive rivalry: Intense competition due to presence of global and regional players.
Key Takeaways
The global Nitrile Butadiene Rubber market is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing usage of nitrile rubber in end-use industries like construction, automotive, and oil & gas.
Regional analysis: Asia Pacific dominates the global nitrile butadiene rubber market and is expected to grow at fastest pace during forecast period. This is attributed to increasing automotive production and growing construction activities in countries like China, India.
Key players: Key players operating in the Nitrile Butadiene Rubber market are Apcotex Industries Limited, ARLANXEO, China Petroleum & Chemical Corporation (Sinopec), Dynasol Group, JSR Corporation, KUMHO PETROCHEMICAL, Lanxess, LG Chem, Sibur, Synthomer, Synthos, TSRC, Versalis SpA, and Zeon Corporation. Lanxess, Nitriflex and Zeon capture over 30% share in global nitrile butadiene rubber market.
