Rockville , Oct. 23, 2023 (GLOBE NEWSWIRE) -- The global hydrogenated nitrile butadiene rubber market is estimated at US$ 16.52 billion in 2023, as per a study published by Fact.MR, a market research and competitive intelligence provider. Worldwide demand for HNBR (hydrogenated nitrile butadiene rubber) is projected to increase at a CAGR of 7.7% and reach US$ 34.70 billion by the end of 2033. Increasing consumption of hydrogenated nitrile butadiene rubber in medical and industrial gloves is predicted to drive product demand.
Worldwide demand for HNBR is rising at a significant pace owing to its growing use in offshore drilling operations and EOR (enhanced oil recovery). In addition, these materials also find applications as rolls for paper and steel mills, which is further stimulating growth opportunities in the market.
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Several market players are investing heavily in research for the development of novel HNBR grades to survive harsh application conditions. The ability of hydrogenated nitrile butadiene rubber to maintain its properties after exposure to heat, chemicals, and gasoline for a long duration is one of the key reasons attributed to its rising use.
| Report Attribute | Details |
| Value Projection (2033) | US$ 34.7 Billion |
| Growth Rate (2023-2033) | 7.7% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 116 Tables |
| No. of Figures | 90 Figures |
Key Takeaways from Market Study
- The global hydrogenated nitrile butadiene rubber market reached US$ 15.35 billion in 2022.
- Worldwide sales of hydrogenated nitrile butadiene rubber stand at US$ 16.52 billion in 2023.
- The market is projected to reach US$ 34.7 billion by the end of 2033.
- Sales of hydrogenated nitrile butadiene rubber are projected to advance at a 7.7% CAGR from 2023 to 2033.
- Demand for HNBR from the automotive industry is forecasted to reach US$ 12.22 billion by 2033-end.
- The automotive segment held 47.2% share of global market revenue in 2022.
“Growing consumer demand for high-quality rubber is predicted to push sales of hydrogenated nitrile butadiene rubber because of its splendid retention properties and physical strength,” says a Fact.MR analyst.
Rising Adoption of Hydrogenated Nitrile Butadiene Rubber in High-performance Products
Growing demand for hydrogenated nitrile butadiene rubber from several end-use industries, including medical, automobile, oil & gas, manufacturing, and machinery is predicted to positively contribute to revenue share.
Growing consumer demand for high-quality rubber is driving a shift in the rubber manufacturing process, with synthetic rubbers, particularly HNBR elastomers, being widely used in various high-performance products, leading to increased sales.
Leading Market Players
- Rahco Rubber, Inc.,
- Kumho Petrochemical Co., Ltd.,
- JSR Corporation,
- Zeon Corporation,
- ARLANXEO,
- Sibur Holding,
- Versalis S.p.A.,
- Lianda Corporation,
- OMNOVA Solutions Inc.,
- Synthos S.A.
Recent Developments
- Zeon Corporation, in November 2022, increased capacity for Zetpot HNBR at its plant in Texas. This initiative is predicted to help the company to expand its capacity by 25%.
- ARLANXEO is one of the prominent producers of synthetic rubber. In May 2022, the company took the initiative to strengthen its position with an investment in its unit in Leverkusen (Germany).
Country-wise Insights:-
Why is there an increase in demand for hydrogenated nitrile butadiene rubber in the US?
HVBR is widely used in the production of automobiles.
Due to the existence of numerous well-known producers, such as Lord Corp., TG North America Corp., etc., the United States is thought to occupy a sizable portion of the North American market. These businesses both export their respective goods to Europe and Asia Pacific. Moreover, one of the major industries using HNBD is the auto sector.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the hydrogenated nitrile butadiene rubber market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on type (HNBR solid, HNBR latex) and end-use industry (automotive, machinery, oil & gas, medical, construction), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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