The global hydrogenated nitrile butadiene rubber market analysis is projected to be worth USD 25.90 Billion by 2030
The global Hydrogenated nitrile butadiene rubber market analysis is anticipated to showcase a healthy CAGR of 9% over the forecast period of 2021-2030, asserts Market Research Future (MRFR) in an extensive study.
The primary factors shaping the growth of the global hydrogenated nitrile butadiene rubber market analysis include increasing demand from diverse end-use industries such as automotive, medical, construction, oil gas, and machinery. The automotive industry is a major end-use industry for HNBR where it experiences high demand in applications demanding high performance. Desirable properties of HNBR such as excellent resistance to oils solvents, ozone weather conditions, temperatures, and other superior mechanical properties lead to increased demand from the automotive industry. The rise in the operating temperatures in vehicles has resulted in the development of harsh automotive fluids such as engine oils and lubricants, which further necessitates the use of specialty elastomers with greater heat, fluid, and chemical resistance. HNBR is a prudent solution to this problem faced by the automotive industry.
The oil gas industry to is a significant end user of hydrogenated nitrile butadiene rubber. They are used in industrial sealing for oil field exploration and processing. HNBR enhance drilling and zone isolation to maximize well production. Surging demand of HNBR in Enhanced Oil Recovery (EOR) along with increasing offshore drilling activities are expected to augment the growth of the market. In addition, they are used as rolls for steel and paper mills, which further drives the market growth.
HNBR is highly preferred as the material for the production of industrial gloves. They protect against mechanical hazards on account of its high thermal, oil, and chemical resistance. Besides, they are also used in the production of medical gloves due to their chemical or solvent resistance. Furthermore, the introduction of the world’s first lightweight nitrile glove in 2005 extended the use of HNBR in manufacturing industrial gloves.
On the downside, the growth of the global hydrogenated nitrile butadiene rubber market analysis might be dampened by their high price as compared to their traditional counterparts. Not only are the materials used for the production of HNBR expensive also its manufacturing involves substantial costs.
Elastomer manufacturers are investing heavily in RD activities to develop innovative grades of HBNR which can withstand harsh application environments is likely to present growth opportuni9ties to the global hydrogenated nitrile butadiene rubber market analysis.
Segmentation:
The global hydrogenated nitrile butadiene rubber market analysis has been segmented on the basis of product and end-use industry.
On the basis of product, the global hydrogenated nitrile butadiene rubber market analysis has been segmented into HNBR solid and HNBR latex.
By end-use industry, the global hydrogenated nitrile butadiene rubber market analysis has been segmented into automotive, machinery, construction, medical, oil gas, and others.
Competitive Landscape:
Polycomp, Arlanxeo, AirBoss of America Corp., MCM S.p.A., Precision Associates, Inc., ERIKS NV, Rahco Rubber, Inc., Mantaline, Trelleborg Sealing Solutions, and Zeon Corporation are the prominent players in the global hydrogenated nitrile butadiene rubber market analysis.
Regional Analysis:
Regionally, the global hydrogenated nitrile butadiene rubber market analysis has been segmented into Asia Pacific (APAC), Europe, North America, Latin America, and the Middle East Africa.
APAC is the largest market for HNBR and is likely to expand at a CAGR of 9.30% over the forecast period. Prolific growth of the automotive industry coupled with rapid industrialization in the region drives the market in APAC. Moreover, due to urbanization, the construction industry has been experiencing a boom consequently fueling the demand for HNBR. Another contributing factor is the presence of raw material suppliers in APAC which further drives the market.
Europe follows APAC closely and is deemed to be the second-largest market for HNBR. Established automotive sector in the region and the presence of production base of various automotive companies in countries such as the UK, Germany, Italy, and Spain stimulates the growth of the Europe market. The Europe market is projected to capture a CAGR of 8.07% over the forecast period.
Rising industrial activities in the Middle East Africa region induce high demand in the global hydrogenated nitrile butadiene rubber market analysis which is likely to register a CAGR of 8.70% over the forecast period
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