Report Overview
-
Request a Free Sample to learn more about this report
The global nitrile rubber (NBR) latex market size was USD 2531.6 million in 2022. As per our research, the market is expected to reach USD 4460.4 million by 2028, exhibiting a CAGR of 9.9% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with nitrile rubber (NBR) 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.
Nitrile Rubber Latex (NBR latex) is a synthetic latex derived from the polymerization of butadiene and acrylonitrile monomers. It possesses unique properties that make it an invaluable material in various industrial applications. One of its standout features is its excellent resistance to oils, fuels, solvents, and chemicals, which stems from its high acrylonitrile content. This property makes NBR latex a popular choice for manufacturing gloves used in industries such as automotive, healthcare, and chemical handling, where protection against hazardous substances is paramount. NBR latex also exhibits commendable mechanical properties, including good tensile strength and elasticity. This makes it suitable for producing a wide range of products, including gaskets, seals, hoses, and adhesives.
The Nitrile Rubber (NBR) Latex market growth has witnessed substantial growth in recent years, driven by its extensive applications across various industries. NBR latex, a synthetic polymer produced from the copolymerization of acrylonitrile and butadiene, offers excellent resistance to oil, chemicals, and abrasion, making it a preferred material in industries such as healthcare, automotive, and manufacturing. The market's growth trajectory has been steady, with increased demand for NBR latex-based products propelling its expansion.
COVID-19 Impact: Pandemic Led to increased demand for medical gloves Boosted the Market Growth
The outbreak of the COVID-19 pandemic had both positive and negative impacts on the NBR latex market. The increased demand for medical gloves, which are often made from NBR latex due to its superior puncture resistance and barrier properties, saw a significant surge during the pandemic. However, disruptions in the supply chain, including logistical challenges and raw material shortages, hindered market growth. As the healthcare sector battled the pandemic, the demand for medical gloves reached unprecedented levels, thereby bolstering the overall NBR latex market.
Latest Trends
"Sustainability and Eco-Friendly Initiatives to Boost the Market Development"
One prominent trend shaping the NBR latex market is the growing emphasis on sustainability and eco-friendly practices. As the world becomes increasingly aware of environmental concerns, manufacturers are under pressure to develop products that have a reduced environmental footprint. This trend has led to the development of bio-based NBR latex, which is derived from renewable sources such as plant-based feedstocks. This innovation not only aligns with sustainability goals but also opens up new market opportunities by catering to environmentally conscious consumers and industries.
Segmentation
-
Request a Free Sample to learn more about this report
- By Type Analysis
According to type, the market can be segmented into Middle Acrylonitrile Type, High Acrylonitrile Type, Low Acrylonitrile Type. Middle Acrylonitrile Type being the leading segment of the market by type analysis.
- By Application Analysis
Based on application, the market can be divided into Gloves, Paper, Fabrics, Gaskets, Others. Gloves being the leading segment of the market by application analysis.
Driving Factors
"Growing Healthcare Industry to Drive the Market Growth"
The healthcare industry has emerged as a significant driver of the NBR latex market. NBR latex's exceptional chemical resistance and barrier properties make it an ideal material for manufacturing medical gloves and other protective gear. With the ongoing focus on hygiene and infection control, the demand for high-quality disposable gloves remains robust. Furthermore, the increased awareness of safety measures in medical and clinical settings continues to drive the demand for NBR latex-based products, solidifying its position in the market.
"Automotive Industry Expansion to Drive the Market Development"
The automotive sector is another key driver of the NBR latex market. NBR latex finds application in various automotive components, including gaskets, hoses, and seals, due to its resilience against oils and fuels. As the global automotive industry expands, particularly in emerging economies, the demand for vehicles and associated components is on the rise. This uptick in automotive production directly translates to increased demand for NBR latex, thereby boosting market growth.
Restraining Factors
"Supply Chain Disruptions to Impede the Market Growth"
A notable challenge faced by the NBR latex market is the susceptibility to supply chain disruptions. The COVID-19 pandemic highlighted the vulnerability of global supply chains, impacting the availability of raw materials and hindering production processes. This challenge underscores the need for manufacturers to diversify their sourcing strategies and establish resilient supply chains that can withstand unforeseen disruptions. Additionally, such disruptions can lead to price fluctuations, affecting market stability and profitability.
Regional Insights
-
Request a Free Sample to learn more about this report
"Robust Healthcare Sector and Its Well-Established Automotive Industry in North America to Bolster the Market Development"
North America stands as a pivotal player in the NBR latex market, holding a significant nitrile rubber (NBR) latex market share that can be attributed to the region's robust healthcare sector and its well-established automotive industry. The healthcare landscape in North America is characterized by advanced medical facilities, rigorous hygiene standards, and a focus on patient safety. These factors drive the demand for NBR latex-based medical gloves, which are extensively used in hospitals, clinics, and research facilities. The critical need for infection control, especially in the wake of the COVID-19 pandemic, has further accelerated the demand for such gloves, solidifying North America's position as a prime consumer of NBR latex products. Moreover, the automotive industry in North America plays a pivotal role in propelling the demand for NBR latex. The region is known for its thriving automobile manufacturing sector, with several renowned car manufacturers headquartered in the United States and Canada. NBR latex's exceptional resistance to oils, fuels, and chemicals makes it an indispensable material for producing gaskets, hoses, and seals within vehicles.
The Asia-Pacific region emerges as a major driving force in the NBR latex market, fueled by rapid industrialization and the expansion of key end-use sectors. This region encompasses a diverse range of economies, with countries such as China, Japan, and South Korea at the forefront of market growth. The convergence of industrial growth, rising consumer awareness, and technological advancements creates a fertile ground for the proliferation of NBR latex-based products. China, in particular, plays a pivotal role in shaping the Asia-Pacific NBR latex market. The country's manufacturing process has led to the establishment of a robust industrial sector, contributing to the demand for NBR latex in various applications. China's expanding automotive industry, driven by a burgeoning middle class and increasing disposable income, requires a steady supply of NBR latex for manufacturing components that offer enhanced performance and durability.
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 of 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 portfolios.
List of Market Players Profiled
- Kumho Petrochemical (South Korea)
- Synthomer (U.K.)
- LG Chem (South Korea)
- Zeon Chemicals (Japan)
- Nantex (Taiwan)
- Bangkok Synthetics (Thailand)
- Emerald Performance Materials (U.S.)
- Jubilant Bhartia Group (India)
- Apcotex Industries (India)
- Shin Foong (Taiwan)
- Croslene Chemical (Taiwan)
- Hongtai Rubber (China)
- Jiuzhou Aohua (China)
Report Coverage
This research profiles a report with extensive studies that take into description 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, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 2531.6 Million in 2022 |
Market Size Value By |
US$ 4460.4 Million by 2028 |
Growth Rate |
CAGR of 9.9% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What value is the nitrile rubber (NBR) latex market expected to touch by 2028?
The global nitrile rubber (NBR) latex size is expected to reach USD 4460.4 million by 2028.
-
What CAGR is the nitrile rubber (NBR) latex market expected to exhibit by 2028?
The nitrile rubber (NBR) latex is expected to exhibit a CAGR of 9.9% by 2028.
-
Which are the driving factors of the Nitrile Rubber (NBR) Latex market?
Growing healthcare industry and automotive industry expansion are the driving factors of the Nitrile Rubber (NBR) Latex market.
-
Which are the key players or most dominating companies functioning in the Nitrile Rubber (NBR) Latex market?
The dominating companies in the Nitrile Rubber (NBR) Latex market are Kumho Petrochemical, Synthomer, LG Chem, Zeon Chemicals and Nantex.