Nitrile Rubber Market Size Is USD 2.10 Billion At A CAGR Of 5.7% By 2030

Surging demand from the automotive industry is one of the significant factors influencing the market growth.

The global Nitrile Rubber Market is expected to reach USD 3.48 Billion by 2030, according to a new report by Reports and Data. Nitrile rubber finds application in the automotive industry and several other industrial purposes in producing components, including dashboards, kick panels, and brake pads, among others. It is considered as the workforce of rubber products in end-use sectors. It is extensively deployed owing to its better heat resistance, puncture resistance, fuel resistance, and chemical resistance in comparison to natural rubber. Amongst its varied properties, the ability to sustain various temperature levels makes it beneficial in the aerospace applications. Physical characteristics like hardness and stiffness of nitrile rubber make it a suitable material for application in the nuclear industry.

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Top Companies: Lanxess, Kumho Petrochemical, Sinopec, TSRC Corporation, JSR Corporation, LG Chem, Versalis SPA, Zeon Corporation, Omnova Solutions Inc., and Sibur Holdings, among others.

Further Key Finding from the Report Suggestion:

·         By application, seals & O-rings contributed to the largest market share in 2019 and is expected to grow at a rate of 6.3% in the forecast period. Nitrile O-rings are possibly the most economical and extensively used elastomer in the market. Benefits of the product, mainly in areas where the seal may be exposed to oils, hydrocarbons, water, petrol, and hydraulic fluids, comprise excellent tear and abrasion resistance and low cost. Nitrile O-rings are used in automotive, aircraft fuel systems, and marine applications, among others.

·         By distribution channel, the online distribution channel is projected to grow at a faster rate of 8.2% in the period 2020-2027, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.

·         By industry vertical, the automotive & transportation industry dominated the market in 2019 and is expected to grow at a rate of 6.3% in the forecast period. Nitrile rubber is used in the automotive industry to manufacture fuel and oil handling hoses, grommets, seals, and self-sealing fuel tanks, as ordinary rubbers cannot be used. Tires made from this rubber are popular for their ability to endure extreme temperatures and can retain their shape in spite of carrying heavy loads.

·         The market in the Asia Pacific region held the largest market share ad is likely to grow at a rate of 7.4% in the forecast period. The market dominance of the APAC region is attributed to the rapid urbanization, rise in the level of disposable income, and growth of the end-use industries, particularly the automotive and footwear industry.

Market Overview:

Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.

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The global Nitrile Rubber Market is segmented into:

Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)

·         Linear

·         Cross-linked

Form Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)

·         Hydrogenated

·         Carboxylated

Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)

·         O rings & Seals

·         Hoses

·         Belts & Cables

·         Adhesives & Sealants

·         Plastic foam

·         Industrial & Medical Gloves

·         Others

Industry Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)

·         Automotive

·         Oil & Gas

·         Industrial

·         Medical

·         Construction

·         Metallurgy & Mining

·         Others

Regional Outlook:

·         North America (U.S.A., Canada, Mexico)

·         Europe (Italy, U.K., Germany, France, Rest of Europe)

·         Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)

·         Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)

·         Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

  • What are the dominating factors that are influencing the growth of the industry?
  • In the forecast period, which market segment is expected to rise the most?
  • What are the risks and challenges that the industry is facing?
  • In the coming years, which area is projected to dominate the market?
  • Who are the major players in the market?
  • What kind of strategic business plans have they made?

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Thank you for taking the time to read our article. The report can be tailored to the needs of the client. Please contact us for more details, and our team will tailor the report to your specific requirements.

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Impregnating Resins Market https://www.reportsanddata.com/report-detail/impregnating-resins-market

Nucleotide Market https://www.reportsanddata.com/report-detail/nucleotide-market

Plastic Fasteners Market https://www.reportsanddata.com/report-detail/plastic-fasteners-market

Liquid Filtration Market https://www.reportsanddata.com/report-detail/liquid-filtration-market

Methionine Market https://www.reportsanddata.com/report-detail/methionine-market

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