The
global hydrogenated nitrile butadiene rubber (HNBR) market is
anticipated to showcase a healthy CAGR of 8.38% over the forecast period
of 2018-2023, asserts Market Research Future (MRFR) in an extensive
study. The global hydrogenated nitrile butadiene rubber market is
expected to catapult to USD 16,467.8 Mn by the end of 2013 from USD
10,215.8 Mn in 2017. In terms of volume, the global hydrogenated nitrile
butadiene market is expected to reach 2,019.3 kilo tons by the end of
2023.
The
primary factors shaping the growth of the global hydrogenated nitrile
butadiene rubber market 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 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 R&D 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.
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 has been segmented into HNBR solid and HNBR latex.
By
end-use industry, the global hydrogenated nitrile butadiene rubber
market 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.
Regional Analysis:
Regionally,
the global hydrogenated nitrile butadiene rubber market 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 induces
high demand in the global hydrogenated nitrile butadiene rubber market
which is likely to register a CAGR of 8.70% over the forecast period.
Access Report Details @ https://www.marketresearchfuture.com/reports/hydrogenated-nitrile-butadiene-rubber-market-7028
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
No comments:
Post a Comment