Selbyville, Delaware, Dec. 19, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Nitrile Butadiene Rubber Latex Market was estimated at USD 2.5 bn in 2022 and is expected to surpass a valuation of $7 billion by 2032, progressing at a CAGR of 10.3% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Increasing concerns about worker safety and mounting food and beverage consumption as the chief drivers of the nitrile butadiene rubber (NBR) latex industry trends. Furthermore, technological advancements in NBR latex products to address prevalent consumer demand are also propelling the market growth.
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Increasing use of nitrile gloves for manufacturing processes to push industrial segment demand
The report further cites heavy demand for nitrile gloves in industrial end-uses, especially across the construction and chemical industries. Nitrile butadiene rubber latex market size from the industrial end-user segment is foreseen to depict substantial growth at more than 10% CAGR from 2023 to 2032. The segment growth is attributable to booming manufacturing industries as a result of increasing consumer demand, along with changing lifestyles.
Key reasons for Nitrile Butadiene Rubber (NBR) Latex Market growth:
- Advancement in technology and increasing investments in healthcare industry
- Increasing product usage in food industry
- Growing demand for gloves due to COVID-19 pandemic
Soaring demand for gloves to augment product use in other applications
The deployment of NBR latex in several industries, including automotive, oil & gas, food & beverage, metal & machinery, chemical & petrochemical, pharmaceutical, and cleanroom, among others, is primed to remain high in the coming years. The nitrile butadiene rubber latex market share from the others application segment is poised to reach a valuation of around USD 120 million by 2032 as a result of the soaring use of gloves in varied industries.
Rising medical tourism to supplement Europe industry expansion
Europe nitrile butadiene rubber latex market is slated to progress at more than 7% CAGR over the next 10 years. The region may emerge as a major hub for this industry due to the expansion of the food & beverage sector. Moreover, the significant rise in investment in medical tourism due to the increasing migration of people is set to benefit the regional market growth. Positive efforts by the government to expand the healthcare infrastructure are also boosting the requirement for gloves in the region, which is foreseen to further impel product penetration.
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Profitable mergers & acquisitions to remain a key growth strategy
Competitive landscape of the nitrile butadiene rubber latex market is anticipated to witness a series of strategic acquisitions and partnerships by industry players. For instance, in April 2022, Synthomer plc, a British chemicals business, acquired Eastman Chemical’s adhesive resins business. This acquisition was intended to help the company broaden its product portfolio and increase its market share. Some key participants profiled in the nitrile butadiene rubber (NBR) latex market report include LG Chem, Zeon Chemicals, Kumho Petrochemical, OMNOVA Solutions, Synthomer, Jubilant Bhartia Group, Apcotex Industries Limited, Nantex, Emerald Performance Materials LLC., and others.
Partial chapters of report table of contents (TOC):
Chapter 4 By Application
4.1 Nitrile butadiene rubber latex market share, by application, 2022 & 2032
4.2 Gloves
4.3 Others
Chapter 5 By End-user
5.1 Global market share, by end-user, 2022 & 2032
5.2 Industrial
5.3 Healthcare & clean room
5.4 Food
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
