The global nitrile butadiene rubber market size is expected to reach USD 3,735.74 million by 2032, according to a new study by Polaris Market Research. The report “Nitrile Butadiene Rubber Market Share, Size, Trends, Industry Analysis Report, By Product (Hoses, Belts, Cables, Molded & Extruded Products, Rubber Compounds, and Others); By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Growing product usage across various industrial applications due to longevity, strong resistance, and low permeability to oil and fuel, coupled with the rising focus on increasing product potential in insulation, sealing, and roofing applications, are major factors propelling the market’s growth. Additionally, increasing investments in R&D activities and the implementation of various expansion strategies by key players to expand their market reach and product portfolios are further driving the global market growth. For instance, in April 2023, Hainan Baling Chemical New Material Co. announced the launch of its new project, mainly focused on the production of butadiene copolymer in Hainan, China. The newly launched project efficiently utilizes Sinopec’s self-developed SEBS and SBS full solution sets and also aims to employ a clean manufacturing method.
The substantial increase in the preference for electric vehicles is also expected to extend the growth aspects of NBR (nitrile butadiene rubber) across the globe. As the demand for electric vehicles rises, the need for efficient NBR for manufacturing seals and gaskets, hoses, cables and wiring, and various battery components is also increasing. For instance, according to the International Energy Agency, the total share of electric vehicles has almost tripled in the last three years, increasing from 4% in 2022 to 14% in 2022.
Do you have any questions? Would you like to request a sample or make an inquiry before purchasing this report? Simply click the link below: https://www.polarismarketresearch.com/industry-analysis/nitrile-butadiene-rubber-market/request-for-sample
Furthermore, the product has gained huge popularity in medical and healthcare applications over the years. It is widely used in dripping rubber for medical and laboratory gloves as the NBR latexes possess several excellent properties, including tensile strength and better oil resistance, that make them highly desirable in the healthcare industry. For instance, in April 2023, Armbrust Inc. announced about the production of 100% America-made nitrile gloves. The newly developed gloves are produced in Louisiana and include FDA-cleared and chemo-rated gloves with 510k. The expansion will enable US consumers to get access to high-quality gloves regardless of supply chain issues.
Nitrile Butadiene Rubber Market Report Highlights
Polaris Market Research has segmented the nitrile butadiene rubber market report based on product, application, and region:
Nitrile Butadiene Rubber, Product Outlook (Revenue - USD Million, 2023 - 2032)
Nitrile Butadiene Rubber, Application Outlook (Revenue - USD Million, 2023 - 2032)
Nitrile Butadiene Rubber, Regional Outlook (Revenue - USD Million, 2023 - 2032)