NBR Market Worth USD 1,393 Million by 2022

NBR market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. China is projected to be a key market for NBR in the Asia Pacific region, followed by South Korea and Japan.

Pune, India – May 3, 2018 /MarketersMedia/ —

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% 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.

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NBR market has been segmented into automotive & transportation, industrial, oil & gas, mining & metallurgy, construction, and medical. Unique properties of NBR that include excellent resistance to heat, abrasion, and water have increased the applicability of NBR in various end-use industries. NBR is widely used in the production of sealing products for automotive & transportation, oil & gas, manufacturing, and mining industries.

Key Target Audience:
• NBR Manufacturing Companies
• Traders, Distributors, and Retailers
• Raw Material Suppliers
• Commercial R&D Institutes
• Research Institutes, Trade Associations, and Government Agencies

Asia Pacific is estimated to be the largest market for NBR; this market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. According to OICA, over the past few years, vehicle manufacturing in countries, such as China, India, Japan, and Indonesia has witnessed exponential growth. Thus, the rise in the production of automobiles has contributed to the increased consumption of NBR in the Asia Pacific region.

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NBR market has been segmented into O-rings & seals, hoses, belts & cables, molded & extruded products, adhesives & sealants, and gloves. O-rings & seals segment is largest application segment of NBR market. O-rings and seals are used in various end-use industries, such as manufacturing, oil & gas, and automotive. Consumption of O-rings & seals in automotive industry is directly related to vehicle manufacturing. NBR gloves are preferred over latex gloves, due to low chances of allergy and high puncture resistance.

The breakup of the profiles of the primary participants is given below:
• By Company: Tier 1 – 22%, Tier 2 – 44%, and Tier 3 – 34%
• By Designation: C-Level – 45%, Director Level – 51%, and Others – 4%
• By Region: North America – 40%, Europe – 25%, APAC – 20%, and Rest of the World (RoW)–15%

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).

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Continuous innovation in eLearning tools, increasing trend of BYOD and enterprise mobility, and growing emphasis on continuous learning are expected to drive the global market. However, low motivation and engagement by organizations may hinder the market growth and act as a restraining factor that can hamper adoption rate of the corporate LMS.

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Source: MarketersMedia

Release ID: 340490