Fast Curing Nitrile Butadiene Rubber industry is estimated to be worth USD 678 million by 2026. Automotive segment was the dominant regional market, in terms of revenue generation. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
The growing automotive industry, rapid industrialization, and modernization of vehicles drive the growth of this market. The growth in global automotive industry and increasing average life of vehicles has resulted in market growth. The increasing use of the product for production of V belts, O-rings, fuel hoses, seals, and other products in the automobiles industry boosts the market growth.
Fast curing nitrile butadiene rubber is also majorly used in aeronautical applications owing to its ability to withstand a wide range of temperatures. This rubber is also used in molded products, adhesives, gaskets, footwear, sealants, and sponges among others. The increasing application in manufacturing of automotive products, and growing demand for vehicles drive the growth of the market. Rapid industrialization, rising automobile production, and modernization of industrial machinery further boost the growth of the market.
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Other driving factors include rising applications in molded and extruded products, and increasing demand from construction, mining, and medical applications. Rising demand from the emerging nations, and technological advancements is anticipated to provide numerous growth opportunities to the market players during the forecast period.
The increasing use of product for production of V belts, O-rings, fuel hoses, seals, and other products in the automotive industry boosts the market growth. Increasing requirement from emerging economies, technological advancements, and growing adoption of green technology are the factors that are anticipated to offer numerous opportunities over the forecast period.
Asia-Pacific generated was the largest regional market in 2017. The increasing demand for automotive in the region coupled with rising disposable income drives the market growth in the region. The rapid industrialization in China, Japan, and India, along with increasing demand from construction, mining, and oil and gas industries would support market growth during the forecast period. The modernization of vehicles, and technological advancements would boost the market growth.
The well-known companies profiled in the report include LG Chemicals, JSR Corporation, Lanxess AG, Zeon Chemicals, Kumho Petrochemical Co., Ltd., Huangshan Hualan Technology, PetroChina Company Limited, and BASF SE among others.