NB Latex Market Size, Share, Growth, and Industry Analysis, By Type (Middle Acrylonitrile Type and High Acrylonitrile Type), By Application (Gloves, Paper, Fabrics, Gaskets and Others), and Regional Insights and Forecast to 2031

Updated On: 08 April 2024

NB latex market REPORT OVERVIEW

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The global NB latex market size was 2984.07 million in 2021 and is expected to reach USD 4177.29 million by 2027, exhibiting a CAGR of 5.77% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with NB latex experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

NB Latex, or nitrile butadiene latex, is a type of synthetic latex derived from the copolymerization of butadiene and acrylonitrile. It is widely used in various industrial and consumer applications due to its excellent properties, such as resistance to chemicals, abrasion, and punctures. NB Latex is particularly popular in the manufacturing of gloves, primarily nitrile gloves, which are commonly used in medical, laboratory, and industrial settings.

Nitrile butadiene latex has gained significant traction in recent years due to its superior performance characteristics compared to natural rubber latex. It offers better puncture resistance, tensile strength, and chemical resistance, making it a preferred choice for applications where protection and durability are crucial. The global demand for nitrile butadiene latex has been driven by the increasing need for high-quality gloves in the healthcare sector, particularly in light of the ongoing global health concerns and the need for personal protective equipment (PPE). The industrial sector also contributes to the demand for NB latex due to its use in manufacturing various industrial products.

COVID-19 IMPACT: Surge in Demand for Medical Gloves to Boost Demand Significantly

COVID-19 had a life changing impact globally. The market growth was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for NB latex share experienced an increased demand.

Some industries that typically use NB latex for non-medical applications had to adapt their manufacturing processes to focus on producing PPE and medical supplies. This shift in production priorities impacted the availability of NB latex for other applications, leading to potential constraints in the supply for industries beyond healthcare. The pandemic prompted stricter regulations and safety protocols, especially in the healthcare sector. This necessitated the use of high-quality protective equipment, including gloves made from NB latex. Compliance with new regulations and safety standards further drove the demand for NB latex and its products.

With the increased emphasis on personal hygiene and protection, there was a substantial surge in the demand for medical gloves, including nitrile gloves. Nitrile gloves are often preferred in medical settings due to their superior puncture resistance and barrier protection. The heightened demand for medical gloves led to increased production of NB latex to meet the global requirements for personal protective equipment (PPE). The market is anticipated to boost the market growth following the pandemic.

LATEST TRENDS

"Growing Demand for Nitrile Gloves to Broaden Market Growth"

Nitrile gloves have been gaining popularity across various industries due to their superior puncture resistance, durability, and protection against chemicals. This demand was expected to continue, driven by the increased emphasis on hygiene and safety in healthcare and other sectors. Advances in manufacturing technologies were anticipated to drive the production of high-quality NB latex products with improved functionalities, such as enhanced barrier protection, elasticity, and comfort. These advancements were aimed at meeting the evolving needs of end-users across different industries.

Stringent regulatory standards and quality requirements were expected to continue shaping the market. Manufacturers were anticipated to focus on adhering to international quality and safety standards, particularly in the production of latex products for medical and industrial applications. These latest developments are anticipated to boost the market share.

NB latex market SEGMENTATION

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• By Type

Based on type, the market is divided into middle acrylonitrile type and high acrylonitrile type.

• By Application

Based on application, the market is bifurcated into gloves, paper, fabrics, gaskets and others.

DRIVING FACTORS

"Increasing Demand for Disposable Gloves to Boost Market Share"

The rising awareness of hygiene and safety, especially in the healthcare sector, has led to an increased demand for disposable gloves made from NB latex. This includes medical gloves, examination gloves, and other protective gloves used in various industries. NB latex is widely used in various industrial applications, including the manufacturing of adhesives, coatings, textiles, and automotive products. The growth of these industries directly impacts the demand for NB latex, driving market growth. These factors are anticipated to drive the NB latex market growth.

"Technological Advancements in Manufacturing to Fuel Market Size"

NB latex offers superior properties such as resistance to chemicals, punctures, and abrasions, making it a preferred material in various applications, particularly in the healthcare and manufacturing sectors. Its versatility and performance advantages contribute to the increasing demand for NB latex. Continuous advancements in manufacturing technologies and processes have led to the development of high-quality and cost-effective NB latex products. Technological innovations contribute to improving the overall efficiency and performance of NB latex, further driving its demand in various industries. These factors are anticipated to drive the NB latex market share.

RESTRAINING FACTORS

"Stringent Regulatory Compliance to Hamper Market Share"

Compliance with stringent regulatory standards, particularly in the healthcare and industrial sectors, can pose challenges for manufacturers and suppliers in the market. Meeting regulatory requirements often involves substantial investments in research, development, and production, which can impact overall operational costs and market competitiveness. Health concerns related to latex allergies among individuals, particularly in the healthcare sector, can restrict the adoption of NB latex products. Additionally, environmental concerns regarding the disposal and biodegradability of latex products may affect consumer preferences, prompting the shift towards eco-friendly alternatives. The factors are anticipated to hinder the growth of the market growth.

NB latex market REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market owing to Expanding Consumer Base"

The Asia Pacific region has witnessed significant growth in healthcare expenditure, driven by factors such as population growth, increasing healthcare awareness, and advancements in medical infrastructure. This growth has fueled the demand for NB latex-based medical products, including gloves and other medical supplies. Rapid industrialization in the Asia Pacific region has led to a surge in demand for NB latex in various industrial applications, including manufacturing, automotive, construction, and textiles. The region's robust industrial growth has contributed to its significant share in the NB latex market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• ZEON [Japan]
• Shin Foong [Taiwan]
• BST [Thailand]
• Kumho Petrochemical [South Korea]
• Jiuzhou Aohuo Chem&Indu [China]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.