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Nitrile Butadiene Rubber Market to Surpass US$ 3.4 Bn by 2030

Nitrile Butadiene Rubber Market to Surpass US$ 3.4 Bn by 2030 - Coherent Market Insights

Publish In: Sep 18, 2023

Nitrile rubber, also known as nitrile butadiene rubber, NBR, Buna-N, and acrylonitrile butadiene rubber, is a synthetic rubber derived from acrylonitrile (ACN) and butadiene.[1] Trade names include Perbunan, Nipol, Krynac and Europrene. This rubber is unusual in being resistant to oil, fuel, and other chemicals.

NBR is used in the automotive and aeronautical industry to make fuel and oil handling hoses, seals, grommets, and self-sealing fuel tanks. It is used in the nuclear industry to make protective gloves. NBR's stability at temperatures from −40 to 108 °C (−40 to 226 °F) makes it an ideal material for aeronautical applications. Nitrile butadiene is also used to produce moulded goods, footwear, adhesives, sealants, sponges, expanded foams, and floor mats.

Market Statistics:

The Global Nitrile Butadiene Rubber Market is estimated to account for US$ 2.2 Bn in terms of value by the end of 2022.

Global Nitrile Butadiene Rubber Market: Drivers

Expanding chemical manufacturing industry is anticipated to boost the sale of nitrile butadiene rubber in Nitrile Butadiene market.  For instance, German chemical industry organization Verband der Chemischen Industrie eV (VCI) forecasted that the U.S. is has seen the biggest production gains across all major chemical manufacturing markets in 2022. The organization predicted that chemical production would grow by 2.7% worldwide in 2022, registering a notable drop from an estimated 7% rebound jump in 2021. While production in China grew by almost 10% in 2021, VCI forecasts that the figure will dip to 4% in 2022. expected to witness a 6.4% growth in chemical production in 2022, increasing from 2% in 2021.

Global Nitrile Butadiene Rubber Market: Opportunities

Growing demand for Nitrile Butadiene Rubber, from building and construction industry, where it is used in adhesives and sealant is projected to offer lucrative growth opportunities. Building and construction involves the use of various materials, such as gaskets, seals, rubber insulations, pipes, fittings, and others. Nitrile butadiene rubber is a major component in all such materials, thus making the building and construction potential market.

To know the latest trends and insights prevalent in this market, click the link below:

Global Nitrile Butadiene Rubber Market: Restraints

Availability of substitute products such as a polyurethane-based thermoset elastomer, Brandonite 1200-60A is expected to hinder the NBR market growth.

Fluctuating price of raw materials is another key factor expected to hamper the market growth. NBR rubber is produced by the copolymerization of acrylonitrile and butadiene. The price of acrylonitrile differs due to the supply fluctuations and the volatility of prices of propylene.

Global Nitrile Butadiene Rubber Market - Impact of Coronavirus (COVID-19) Pandemic

The Global Nitrile Butadiene Rubber Market has witnessed a major downfall in 2020 due to the COVID-19 pandemic. Supply chain disruptions and lockdowns halted construction activities in most of the countries. However, with a declining pandemic, the NBR sector is poised for massive growth in the near future.

Key Takeaways:

The Global Nitrile Butadiene Rubber Market was valued at US$ 2.2 Bn in 2022 and is forecast to reach a value of US$ 3.4 Bn by 2030 at a CAGR of 6.4% between 2023 and 2030.Gaskets and O-Rings application segment held dominant position in the Global Nitrile Butadiene Rubber Market in 2021, accounting for 31.00% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Nitrile Butadiene Rubber Market Trends:

Rapid urbanization and industrialization are expected to play crucial role in augmenting sale of NBR. Moreover, increasing disposable income across developing region is again fostering market growth. Increasing initiatives by key players to expand production of NBR is again contributing to market growth. For instance, in May 2021, the Department of Defense (DOD), on behalf of and in coordination with the Department of Health and Human Services (HHS), awarded a $63.6 million contract to US Medical Glove Company, to increase domestic production capacity of nitrile gloves.

Global Nitrile Butadiene Rubber Market: Competitive Landscape   

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

Global Nitrile Butadiene Rubber Market: Recent Developments

  • In May 2021, ENEOS Corporation a fully-integrated oil company, number 1 in Japan. Headquartered in Tokyo, signed an agreement with JSR Corporation to acquire JSR’s elastomers business, which includes the manufacture and sale of synthetic rubber.ENEOS is expected to acquire all the shares of the JSR’s elastomers business and make it a new company and a wholly owned subsidiary on April 1, 2022.
  • In August2021, Kumho Petrochemical a multinational chemical company based in South Korea, with headquarters in Seoul, announced the launch of an environmentally friendly synthetic rubber composite business based on biosilica derived from rice bran. Kumho Petrochemical has announced that it will purchase 50% of its joint venture partner's Kumho Polychem shares, in order to improve its competence and competitiveness in the synthetic rubber business.
  • In March 2021, DL E&C formerly the construction division of Daelim Industrial, is a construction company headquartered in Seoul, South Korea, bagged an order from LG PETRONAS Chemicals Malaysia Sdn. Bhd., a joint venture between LG Chem Ltd and Malaysia’s Petronas Chemicals, to design, procure, and construct an NBL manufacturing plant with an annual capacity of 200,000 ton in Pengerang in the south of Malaysia. The plant construction started in the mid of 2021 for commercial opening in the first quarter of 2023.

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