In terms of revenue, the Global Nitrile Butadiene Rubber Latex Market is expected to reach USD 4.6 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.8% from 2022 to 2028.
Increased demand for NBR gloves predominantly in the medical industry due to the intensifying investment in the healthcare industry along with its high use in surgeries and examinations to avoid the microorganism's transmission in the patient's body is driving the Nitrile Butadiene Rubber Latex market.
The growing trend of electric vehicles and technological advancement in driverless cars will likely stimulate automotive manufacturing growth, ultimately generating the future demand for nitrile butadiene rubber.
Surging demand for disposable gloves in various industries, mainly in the food industry, is also anticipated to expedite market growth in the next few years.
Key Highlights from Report:
· Among Applications, the Gloves segment is leading the Nitrile Butadiene Rubber Latex market and will continue its growth during the forecast period due to the growing adoption in the medical and healthcare sector. As a result, almost 70 percent of the total demand for gloves comes from the healthcare industry.
· In terms of the End-User Industry, the Healthcare sector dominates the global market with the highest CAGR. This growth is attributed to the surge in the utilization of NBR gloves in this sector. Mainly, the COVID-19 outbreak worldwide is anticipated to be the core reason following the global growth in the Nitrile Butadiene Rubber Latex gloves demand during 2020.
· Geographically, North America held the largest market share in 2021 and is likely to be the most profitable market in the forecast period. This surge is because of the high manufacturing of NBR gloves that are being used highly in the country.
The Nitrile Butadiene Rubber Latex market garners extensive increases from rising demand for NBR gloves in the medical industry due to growing worldwide investment in the healthcare sector. These gloves are used in surgeries and examinations to restrict the transmission of microorganisms in patients. Also, there is high demand for disposable gloves in the industrial sector, mainly in the food industry. Moreover, the rising concern for the safety of employees working in hazardous conditions is fuelling the demand for gloves in the market.
Mechanical engineering is the second-largest type because of the use of NBR rubber in the machinery used in automobile production and the connectors, pumps, and valves used in the construction area. In addition, compression machines and hydraulic machinery also use gaskets, which are also made with NBR widely, to stop leaks by gas and liquid. Furthermore, the demand for machinery to ease labor efforts and enhance efficiency has augmented due to the technological advancements in all industries, driving the requirement for this rubber in the mechanical engineering industry. All these factors are projected to propel this market development.
However, the availability of substitute materials in the market and the environmental regulations related to the formulation and usage of rubber because of the rise in environmental concerns might hamper the market.
North America Nitrile Butadiene Rubber Latex market is anticipated to observe significant market growth with the highest CAGR in the coming years. The region's market growth can be attributable to the growing demand from various end-use industries such as automotive, medical, oil & gas, metallurgy & mining, construction, etc. Moreover, the construction sector is anticipated to consume most NBX latex. Due to the growing construction activities, China and India are significant contributors to this regional market. Also, the governments in China are putting lots of effort into promoting hygiene and safety in the healthcare area, which is expected to fuel the market development in North America.
The Global Nitrile Butadiene Rubber Latex Market is Segmented as follows:
- Other Applications
- End User
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Nitrile Butadiene Rubber Latex Market is:
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
The Global Nitrile Butadiene Rubber Latex Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||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 impact analysis|