Automotive Component Demand Driving Nitrile Butadiene Rubber Market
According to a recent report from Zion Research, the global nitrile-butadiene rubber market was valued at approximately $300 million in 2014 and is expected to reach approximately $485 million by 2020, growing at a compound annual growth rate (CAGR) of slightly above 6% between 2015 and 2020. In terms of volume, global nitrile-butadiene rubber market stood at 75 kilo tons in 2014.
The major driving factor of nitrile-butadiene rubber market is reportedly strong demand for manufacturing different automotive components such as brake linings, dashboards, and kick panels. Increasing demand from medical and industrial gloves industry is another key factor that contributes market growth during the forecast period. Moreover, developing infrastructure coupled with rising industrialization worldwide is expected to further fuel market growth. However, environmental awareness and price volatility are expected to hamper the growth of the market in the years to come.
Hose, cable and belting was one of the leading application segments for nitrile butadiene market in 2014, accounting for over 25% of the market share of the total volume consumed in 2014. It is expected to exhibit rapid growth with a significant CAGR between 2015 and 2020. This growth can be attributed to rising demand for hoses, belts, and cables from manufacturing industries. The medical and industrial gloves segment is also expected to exhibit fastest growth during the forecast period. Adhesives and sealants, o-rings, and seals are other important segments for nitrile-butadiene rubber.
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