Global Nitrile Butadiene Rubber Latex Market was valued at USD 3.14 Billion in 2022 and is projected to reach a value of USD 4.50 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 4.60% over the forecast period.
The growth of the market is due to the fact that the construction and auto industries are using more NBR latex. Also, the market for NBR latex is expected to grow during the forecast period because the number of people living in emerging economies is growing and their disposable income is rising. The U.S. government has put out many rules for the Nitrile Butadiene Rubber Latex (NBR) market in 2021. There is a final rule about classifying NBR as a strategic material, and there is a proposed rule about setting a maximum price that NBR imports can be sold for. On February 8, 2021, the proposed rule to set a maximum price for NBR imports was published in the Federal Register. This proposal would establish a maximum price that could be charged for imports of NBR into the United States. The goal of this proposal is to protect NBR producers in the U.S. from unfair competition from products made in other countries. This proposed rule is currently open for public comment. The Federal Register published the final rule on how to classify NBR as strategic material on January 13, 2021. Under Executive Order 13817, this rule says that NBR is a "critical material." This means that the federal government has to take action to make sure there is enough of these "critical materials." Under this order, the Department of Commerce will come up with a plan to make more NBR in the United States and import it less.
Nitrile Butadiene Rubber Latex Market Size, 2022 To 2030 (USD Billion)
The largest market for NBR latex is in Asia and the Pacific, followed by North America and Europe. The Asia-Pacific region is expected to account for more than 50% of the global NBR latex market in 2024. During the time frame of the forecast, the construction industry is expected to use the most NBR latex. The Asia-Pacific region is projected to be the largest consumer of NBR latex during the forecast period due to the increasing construction activities in China and India. The automotive industry is another major consumer of NBR latex. The North American region is projected to be the largest consumer of NBR latex owing to the presence of a large number of automotive manufacturing companies in this region. The rising demand for Nitrile Butadiene Rubber Latex gloves from the healthcare industry is expected to drive market growth. Gloves made from Nitrile Butadiene Rubber Latex are widely used in hospitals and clinics as they offer excellent protection against blood-borne diseases and other infections. In addition, Nitrile Butadiene Rubber Latex gloves are also resistant to a variety of chemicals, making them an ideal choice for use in laboratories and other industrial applications. The growth of the Nitrile Butadiene Rubber Latex Market is primarily driven by the increasing demand from the automotive industry. Nitrile Butadiene Rubber Latex is used in automotive parts like gaskets, seals, and hoses because it is resistant to oil and fuel.
The Chinese government's efforts to promote hygiene and safety in the healthcare sector are expected to boost market growth in the country. The global market for Nitrile Butadiene Rubber Latex is now being hindered by several different factors. These include the increase in the pricing of raw materials, the volatility in the prices of crude oil, and the rigorous rules regarding the environment. In addition to this, the entrance of new companies into the market is also providing a challenge for the players who are already there. In 2021, the U.S. Environmental Protection Agency (EPA) issued a final rule that banned the use of Nitrile Butadiene Rubber Latex in children's toys and products due to potential allergic reactions. The high cost of manufacture is one of the primary factors that prevents Nitrile Butadiene Rubber Latex from dominating the market. This is due to the product's manufacturing process involving the use of expensive raw materials as well as labor-intensive steps. In addition, Nitrile Butadiene Rubber Latex is a synthetic rubber, and as a result, it faces intense competition from other natural rubbers, such as latex, which are available at lower prices.
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Impact of COVID-19 on the Nitrile Butadiene Rubber Latex Market
The COVID-19 pandemic outbreak has had several effects on the global market for Nitrile Butadiene Rubber Latex. These effects can be broken down into several categories. First, there has been a significant drop in the demand for latex gloves as a result of the lockdown measures that have been taken by governments all over the world. This is because many firms have been compelled to close. Because of this, the costs of Nitrile Butadiene Rubber Latex have gone through the roof because of an excess on the market brought about by the decreased demand. Second, as a result of the epidemic, many nations have limited travel and closed their borders, which has made it difficult for suppliers of Nitrile Butadiene Rubber Latex to fulfill their delivery obligations. Because of this, it has become more challenging for suppliers to obtain raw materials and convey finished products to their respective clients. Last but not least, as a consequence of the COVID-19 pandemic, industrial facilities have seen a decline in the percentage of their capacities that are being utilized due to the implementation of social isolation precautions. This has increased the costs of production, which will almost certainly be passed on to customers in the form of higher pricing.
Top Market Trends
- The Global Nitrile Butadiene Rubber Latex Market is anticipated to grow at a significant rate during the forecast period. The major factors driving the growth of the market include the rising demand for NBR from various end-use industries and the growing preference for NBR over other synthetic rubbers.
- The Asia-Pacific region is expected to be the largest market for Nitrile Butadiene Rubber Latex during the forecast period. The region's growth can be attributed to the increasing demand from countries such as China, India, and Japan. The rising construction activities in these countries are also fuelling the growth of the market in this region.
- The major drivers for this market are the increasing demand for gloves in food handling and medical applications, and the growing automotive industry. The increased use of Nitrile Butadiene Rubber Latex in aircraft tires is also driving the market growth. The rising cost of natural rubber and the volatile prices of petroleum-based raw materials are restraining market growth.
- The Global Nitrile Butadiene Rubber Latex Market is growing at a rapid pace owing to the increasing demand from the automotive and construction industries. The market is expected to continue its growth momentum in the coming years on the back of the rising awareness about the environmental benefits of using Nitrile Butadiene Rubber Latex and the government initiatives to promote the use of eco-friendly products. The automotive industry is a major consumer of Nitrile Butadiene Rubber Latex, due to its use in tires, hoses, and other components. The growing demand for automobiles, particularly in emerging markets such as China and India, is expected to boost the market for Nitrile Butadiene Rubber Latex.
- Currently, the Nitrile Butadiene Rubber Latex Market is trending towards water-based products. This is due to the growing demand for eco-friendly and biodegradable products. In addition, water-based products are easier to process and have less environmental impact than synthetic rubber latex products.
The Global Nitrile Butadiene Rubber Latex Market is segmented based on Application, End User, and Region. Based on the Application the market is segmented into Gloves, Cotton, and Other Applications. The market for Nitrile Butadiene Rubber Latex is further divided into several categories based on End User, including Healthcare, Industry, and Food. The market for Nitrile Butadiene Rubber Latex is further divided according to region, which is further broken down into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa.
Below tree is interactive. You can click the nodes to get more information.
Based on Application
The gloves segment is expected to grow at the highest CAGR during the forecast period. The increased use of gloves in the food industry and the healthcare sector is driving the growth of this segment. The cotton segment is expected to grow at the second highest CAGR during the forecast period. The increased use of cotton in the textile industry is driving the growth of this segment. The other products segment is expected to grow at a moderate CAGR during the forecast period. The increased use of nitrile butadiene in other applications such as adhesives, sealants, and coatings is driving the growth of this segment. For the projection period, it is also anticipated that the condom market would expand at a significant rate. Some of the factors that are predicted to fuel the growth of this market segment include the increasing awareness about sexually transmitted diseases and the availability of flavored condoms. Other factors include the availability of flavored condoms. Throughout the projected period, it is also anticipated that the catheter segment would rise at a strong pace. It is anticipated that there will be a rise in demand for catheters as a result of the rising prevalence of urological illnesses and urinary tract infections.
Based on End User
The Healthcare sector is the largest consumer of Nitrile Butadiene Rubber Latex, followed by the food industry and industrial sector. The healthcare industry is forecast to grow at a CAGR of 5.5% during the forecast period. The food and beverage industry is expected to witness a CAGR of 4.5% in the same period. Healthcare and food are the two major end-users of nitrile butadiene. The material is widely used in gloves, tubing, and other medical equipment. It is also used in food packaging and processing due to its superior properties such as resistance to grease, oils, and chemicals. The industrial sector is the third-largest consumer of Nitrile Butadiene Rubber Latex due to its use in various industrial applications such as gaskets, seals, and hoses. Products including condoms, catheters, blood bags, and tourniquets are included under the medical section. The glove market can be broken down even further into three subcategories: labor gloves, household gloves, and surgical gloves. Paints and coatings, aeronautics, and adhesives and sealants make up the remaining parts of the market.
Based on Region
North America: The United States and Canada are the major countries contributing to the Nitrile Butadiene Rubber Latex Market growth in this region. The US is one of the largest consumers as well as producers of synthetic rubber. The production of synthetic rubber in the US is expected to grow at a CAGR of 3.5% during the forecast period. The demand for Nitrile Butadiene Rubber Latex is also increasing due to its growing applications in various industries, such as automotive, construction, and healthcare. Europe: Germany, France, Italy, Spain, and the UK are some of the major countries contributing to the Nitrile Butadiene Rubber Latex Market growth in Europe. The production of synthetic rubber in Europe is expected to grow at a CAGR of 2.5% during the forecast period. Increasing demand for passenger cars and commercial vehicles is resulting in increased production of tires, which is driving the growth of the Nitrile Butadiene Rubber Latex Market in this region. Asia Pacific: China, India, Japan, South Korea, and Australia are some of the major countries contributing to the Nitrile Butadiene Rubber Latex Market growth in Asia Pacific. Asia Pacific is the fastest-growing market for Nitrile Butadiene Rubber Latex and is expected to grow at a CAGR of 6.2% during the forecast period. China and India are the major contributors to the growth of this market due to the increasing demand from various end-use industries such as automotive and healthcare. Latin America is expected to grow at a CAGR of 4.8% from 2023 to 2030. The growing demand for Nitrile Butadiene Rubber Latex from the automotive and construction industries in Brazil and Mexico is expected to drive the growth of the Nitrile Butadiene Rubber Latex Market in Latin America. The Middle East & Africa is expected to witness slow growth during the forecast period. The low per capita income and lack of awareness about Nitrile Butadiene Rubber Latex in this region are some of the factors restraining the growth of the Nitrile Butadiene Rubber Latex Market in this region.
The key players in 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.
- There has been an advancement in the production of Nitrile Butadiene Rubber Latex products. In particular, there has been an increase in the use of new technologies, such as nanotechnology, to produce these products. This has led to an increase in the quality of Nitrile Butadiene Rubber Latex products and a reduction in their cost. Another advancement in the Nitrile Butadiene Rubber Latex Market is the development of Nitrile Butadiene Rubber Latex adhesives. These adhesives are designed to provide a strong bond between surfaces, and they offer many benefits for users, including the ability to resist water and chemicals.
- The Nitrile Butadiene Rubber Latex Market is constantly evolving as new developments are made in the production of this versatile material. As the demand for Nitrile Butadiene Rubber Latex increases, so does the need for new and innovative ways to produce it. One of the latest developments in the Nitrile Butadiene Rubber Latex Market is the use of enzymes to improve production efficiency. Enzymes are proteins that can catalyze chemical reactions and are used in various industries, including food and beverage, pharmaceuticals, and environmental engineering.
- Thai Rubber Latex Corporation (Thailand) plans to invest $1 billion over the next five years to expand its production capacity of Nitrile Butadiene Rubber Latex by 50%. Similarly, Japan Synthetic Rubber Co., Ltd. (Japan) plans to invest $500 million over the next three years to increase its production capacity.
- In February 2020, AkzoNobel launched its new Pliolite T4000 series for superior protection against UV degradation in tire applications. This launch helped AkzoNobel expand its product portfolio and strengthen its position in the Nitrile Butadiene Rubber Latex Market.
- In China, Sinopec planned to expand its production capacity of Nitrile Butadiene Rubber Latex by 50% in 2020. The move is in line with the company's plans to increase its market share in the Global Nitrile Butadiene Rubber Latex Market.
- Finally, the Nitrile Butadiene Rubber Latex Market has also seen the development of new production methods. These methods have resulted in a more consistent quality of Nitrile Butadiene Rubber Latex, which has led to an increase in its use in a variety of industries. Apart from government initiatives, key players in the Nitrile Butadiene Rubber Latex Market are also taking various measures to expand their production capacities. These players include Lanxess, ZEON Corporation, and Dow Chemical Company.
Segmentation of the Global Nitrile Butadiene Rubber Latex Market:
- Application (Gloves, Cotton, Other Applications)
- End User (Healthcare, Industrial, Food)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- 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
||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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