Global fast curing nitrile butadiene rubber market forecast to grow at a cagr of 4.3 percent through 2026
New York, NY - The global fast curing nitrile butadiene rubber market was valued at $470 million in 2017 and is anticipated to grow at a CAGR of 4.3 percent during the forecast period, according to Polaris Market Research.
Fast curing nitrile butadiene rubber is obtained through a hot polymerization process. It offers properties such as high oil resistance, improved performance, high compression modulus and high sealing force retention, among others. Fast curing nitrile butadiene rubber is majorly used in aeronautical applications owing to its ability to withstand a wide range of temperatures. This rubber is also used in molded products, adhesives, gaskets, footwear, sealants and sponges, among others.
The increasing application in manufacturing of automotive products, and growing demand for vehicles, drive the growth of the market. Rapid industrialization, rising automobile production and modernization of industrial machinery further boost the growth of the market. The increasing use of product for production of o-rings, v-belts, seals, fuel hoses and other products in the automotive industry boosts the market growth. Increasing requirements from emerging economies, technological advancements and growing adoption of green technology are the factors that are anticipated to offer numerous opportunities over the forecast period.
The global fast curing nitrile butadiene rubber market has been segmented on the basis of its application, end-user, and also by regional market. Based on application, the market is segmented into cables, hoses, rubber compounds, adhesives and sealants, belts, molded and extruded products, and others. On the basis of end-user, the market is segmented into automotive, healthcare, mining, construction, oil and gas, and others.
The automotive segment accounted for the highest market share in 2017 owing to increasing demand for passenger vehicles, and modernization of automobiles. Asia Pacific is the largest and the fastest regional market. China, Japan, Southeast Asia and South Korea are the significant contributing nations towards the growth of this regional market. Growing demand from several end-use industries in the region is the major factor driving product demand. North America is a relatively mature market, but the additional production capacity from China has forced many industry participants to shut down their capacities in the respective regions. This gradual shift towards APAC is a result of speedy development in electronics, plastic and automobile manufacturing in the Asian countries.
The global fast curing nitrile butadiene rubber market comprises numerous multinational companies. The industry is highly competitive, coupled with the high degree of integration across the raw material, manufacturing and distribution stage. Some of the major caprolactam market players include BASF SE, China National Petroleum Corp., Capro Corp., DOMO Caproleuna GmbH, Honeywell Chemical Intermediates, China Petroleum & Chemical Corp., Royal DSM NV and IRPC Public Company Ltd.
Source: Rubber World Magazine