The NBR market is projected to grow at a CAGR of 7.0% during forecast period
LONDON, May 9, 2018 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5390751
The Nitrile Butadiene Rubber (NBR) market is projected to grow from USD 992.4 million in 2017 to USD 1,393.0 million by 2022, at a CAGR of 7.0% during the forecast period. NBR is a synthetic rubber manufactured from the copolymer of acrylonitrile and butadiene. The presence of acrylonitrile in NBR determines its strength, resistance to hydrocarbon oils, and permeability to gases. NBR is primarily used to develop fuel hoses, gaskets, rollers, seals, and self-sealing fuel tanks, owing to oil resistance and heat stability. It is also used to manufacture gloves, molded & extruded products, adhesives & sealants, cables, sponges, expanded foams, and floor mats. The increasing applicability of NBR in various end-use industries, such as automotive & transportation, oil & gas, metallurgy & mining, construction, and medical, is projected to drive the growth of the NBR market. However, restrictions on the use of phthalates in NBR formulations and availability of substitute materials are acting as restraints to the growth of the NBR market.
The O-rings & seals is the fastest-growing application segment of the NBR market.
The O-rings & seals segment is the largest application segment of the NBR market.NBR is widely used in the production of O-rings & seals due to its desirable properties that include low compression set, high tensile strength, and improved abrasion resistance as well as oil resistance.
O-rings & seals are used in end-use industries, such as manufacturing, oil & gas, and automotive.
The automotive & transportation end-use industry segment accounted for the largest share of the NBR market.
NBR is used in tire and non-tire applications in the automotive & transportation industry.Tires are expected to maintain performance in adverse weather and surface conditions while adhering to stringent safety norms of various countries.
The increasing demand for tires offering a smooth ride with improved fuel efficiency has compelled automotive manufacturers to use NBR for the development of tires, which are used in military vehicles and heavy-duty vehicles. NBR is also used in the manufacture of coated tire cord fabrics providing fundamental properties, such as controlled deformation, high strength and affinity, and improved abrasion resistance.
The Asia Pacific region is the fastest-growing market for NBR.
The NBR market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period.This growth can be attributed to the increase in the production of automobiles in Asia Pacific countries.
China is projected to be a key market for NBR in the Asia Pacific region, followed by South Korea and Japan.Southeast Asian countries, such as Thailand, Indonesia, and Malaysia, have become an emerging hub for automobile production, due to the increased disposable income of the middle-class population in these countries.
All these factors have equally contributed to the growth of the NBR market in the Asia Pacific region.
Extensive primary interviews have been conducted to determine and verify the market size for several segments and subsegments listed in this report.
The break-up of primary interviews is mentioned below:
• By Company Type - Tier 1 – 43%, Tier 2 – 25%, and Tier 3 – 32%
• By Designation – D Level – 32%, C Level – 23%, and Others* – 45%
• By Region - North America – 23%, Europe – 19%, Asia Pacific – 35%, South America – 15%, Middle East & Africa – 8%
Note: The tiers of companies are defined on the basis of their total revenue, as of 2016: Tier 1 = >USD 500 million, Tier 2 = USD 100-500 million, and Tier 3 = *Others include sales managers, marketing managers, and product managers.
Key companies operating in the NBR market include LANXESS (Germany), Sinopec (China), Kumho Petrochemical (South Korea), TSRC Corporation (Taiwan), JSR Corporation (Japan), LG Chem (South Korea), SIBUR Holding (Russia), ZEON Corporation (Japan), Versalis S.p.A. (Italy), and OMNOVA Solutions Inc. (US).
Research Coverage:
This research report categorizes the NBR market on the basis of application, end-use industry, and region.The report includes detailed information regarding factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the NBR market.
A comprehensive analysis of key industry players has been performed to provide insights into business overviews, products & services, key strategies, and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in the NBR market in the following ways:
1. This report segments the NBR market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand major competitors and gain insights to enhance their position in the market. The competitive landscape section includes expansions, new product developments, and agreements.
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