Fast Curing Nitrile Butadiene Rubber (NBR) Market - Growth, Trends, and Forecast (2020 - 2025)
The market for fast curing nitrile butadiene rubber (nbr) is expected to grow at a CAGR of around 6% globally. Major factor driving the market studied is the significant demand from automotive manufacturing segment, along with favorable outlook for the industrial activities. On the flip side, restrictions on use of phthalates in NBR formulations and other environmental regulations on rubber manufacturing and unfavorable conditions arising due to the COVID19 outbreak is hindering the growth of the market.
The automotive segment is expected to dominate the application segment of the global fast curing nitrile butadiene rubber market owing to rising concerns over mold fouling during polymer processing in automotive industry is anticipated to force buyers to procure products with fast curing rates.
AsiaPacific region represents the largest market and is also expected to be the fastestgrowing market over the forecast period owing to the consumption from countries such as China, South Korea, India, and Japan.
Key Market Trends
Significant Demand from Automotive Manufacturing Segment
NBR is employed in tires and nontire applications in the automotive industry. Tires are expected to sustain different weather and surface conditions while meeting the stringent safety norms laid by various countries. The rising demand for tires offering a smoother and quieter ride with better fuel efficiency has compelled manufacturers to use fast curing NBR.
The tires made from NBR are widely used in military vehicles and heavyduty vehicles. It is also used in coated tire cord fabrics providing fundamental properties such as controlled deformation, high strength, high affinity, and abrasion resistance.
Fast curing NBR is also deployed in molded rubber parts including seals (or rubbertometal composites), interior membranes, vibration dampers and hoses of passenger and commercial vehicles.
Fast cured seals are expected to find applications in hydraulic engines where oil resistance is one of the major concerns among buyers in automotive, construction and manufacturing sectors.
The product is used on account of providing exceptional properties including excellent cost/performance ratio, high compression modulus and good sealing force retention. Therefore, significant rise in automobile production globally is expected to be a key driving force.
Asia Pacific Region to Dominate the Market
AsiaPacific is anticipated to witness the highest CAGR during the period on account of rapid urbanization and construction activities from countries like China, South Korea, Japan, and India.
The construction industry in India has been growing rapidly with an increased investment in the sector by the government. The Indian government's ‘Housing for All by 2022’ is a key initiative for the industry. A cumulative total of USD 24.67 billion foreign direct investment has been made for the construction activities (including townships, builtup infrastructure, and construction development projects) in the country, for the period April 2000 to December 2017.
Disposable gloves are anticipated to foresee volume growth during the period owing to outbreak of COVID19. The use of disposable gloves which are used on a single patient is quite popular owing to low risk of contamination. These products are based on polymers including latex, rubber, nitrile rubber, neoprene and vinyl which are capable of protecting patients and physicians from crosscontamination during medical examinations.
The Chinese automotive manufacturing industry is the largest in the world. The “Made in China 2025” initiative is anticipated to support the upgrade of the existing lowcost mass production to higher valueadded advanced manufacturing which in turn will boost market growth for fast curing NBR.
Due to the aforementioned factors, the demand for fast curing nitrile butadiene rubber market is expected to increase in the region during the forecast period.
The Global Fast Curing Nitrile Butadiene Rubber (NBR) Market is partially fragmented in nature with a few major players dominating a significant portion of the market. Some of the major companies are ARLANXEO, KUMHO PETROCHEMICAL, TSRC, JSR Corporation and LG Chem and among others.
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