Global Nitrile Rubber Market Will Reach $2.59 Billion By 2025
According to a report from Research and Markets, the global nitrile rubber (NBR) market is expected to reach US$2.59 billion by 2025, with a compound annual growth rate of 3.3%. The Asia-Pacific region will provide sufficient space for NBR industry growth.
NBR is one of the most versatile synthetic rubbers and it consumes more in high-end products.
The rapid development of industries such as automobile transportation, metallurgy and mining, petroleum, natural gas, machinery and equipment, and medical care in China, India, and countries in Southeast Asia has stimulated the demand for products such as cables, belt gaskets and seals, and has driven the development of NBR industry. .
In addition, the increase in consumer disposable income and purchasing power of ASEAN countries including Indonesia and Thailand has contributed to the rapid growth of the auto industry and will also increase the market consumption of NBR in the future.
It is expected that the composite annual growth rate of seals and O-rings from 2017 to 2025 will be 2.9%.
The increase in health care spending in these countries is another key factor in the increase in consumption of nitrile gloves.
The consumption of nitrile gloves is expected to increase at the fastest rate in the next few years due to the utilization of products in the health care and hygiene sectors.
In 2016, the European NBR market accounted for more than 20% of the global share.
Petrochemical companies in Russia and other CIS countries will use rubber seals and other rubber products extensively in the oil and gas fields, so they will strengthen their position in the global NBR industry through acquisitions and technical cooperation.