Nitrile Butadiene Rubber Latex MarketAs stated in our extensive report; the Global Nitrile Butadiene Rubber Latex Market accounted forUSD 3.5 Billionin the year 2021.
Market expansion is being driven by rising demand for Nitrile Butadiene Rubber Latex gloves in the medical sector as a result of increasing healthcare sector expenditure. These gloves are used by doctors and surgeons during procedures to prevent the spread of infection. In addition, demand for disposable gloves in manufacturing, especially in the food industry, is a significant factor driving the market's growth. The market for gloves is growing as employers become more aware of the importance of hand protection for workers in dangerous environments. By way of illustration, the Occupational Safety and Health Administration (OSHA) mandated that businesses in the industrial and manufacturing sectors supplied workers with adequate safety gear when they were exposed to hazardous environments.
Factors Influencing Global Nitrile Butadiene Rubber Latex Market Growth
The growth of the Nitrile Butadiene Rubber Latex global market can be attributable to the following:-
1.Increasing healthcare spending is anticipated to increase demand for Nitrile Butadiene Rubber Latex gloves, notably in the medical sector.
2. Gloves are often used in medical settings to prevent the spread of infection during procedures and checkups.
3. In addition, the value of the market is projected to increase rapidly in the future due to the increasing need for disposable gloves in various industries, particularly the food industry.
4. Increased attention on the well-being of workers in potentially dangerous environments is also expected to boost glove sales in the coming years. For instance, the Occupational Safety and Health Administration (OSHA) has made it the law that businesses in the manufacturing and industrial sectors must supply their employees with appropriate safety gear if they are required to operate in hazardous environments.
5. Growing laws concerning rubber use and composition and public awareness of environmental issues are projected to restrain the market's expansion in the following 10;
6. In addition, it is expected that extensive market research for the development of substitute materials for rubber will further restrict the market growth.
7.However, opportunities are expected to arise as a result of the growing demand from end-user sectors, especially in developing nations, over the projection period.
North America Region to Take Over the Market
In 2021, North America held the largest share, and it is expected to grow at a CAGR of nearly 10.5% over the evaluation period. More than 80% of the market is made up of just a handful of countries like China and Malaysia. Companies in Malaysia consume about two-thirds of the world's nitrile butadiene rubber latex supply, making it a major player in the glove manufacturing industry. Companies like Nantex and Synthomer, which manufacture gloves and Nitrile Butadiene Rubber Latex latex, have established a foothold in the area.
Conclusion
As per Vantage Market Research, the increased attention on the well-being of workers in potentially dangerous environments,rising demand for Nitrile Butadiene Rubber Latex gloves, has positively influenced the overall Nitrile Butadiene Rubber Latex market sales.
The well-known players of the Global Nitrile Butadiene Rubber Latex Market include B. Braun Melsungen AG, Merck KGaA, Thermo Fisher Scientific Inc., Baxter International Inc., Intermountain Life Sciences, Cytiva (Danaher), Standard Reagents Pvt. Ltd., FUJIFILM Irvine Scientific, CovaChem LLC, Pfizer Inc., Fresenius Kabi AG and others.
Jul 23, 2024
