Selbyville, Delaware, Aug. 11, 2021 (GLOBE NEWSWIRE) -- According to the latest report by Global Market Insights Inc., the Nitrile Butadiene Rubber Latex Market was estimated at $3.5 billion in 2020 and is slated to exceed $4 billion by 2027, registering a CAGR of 10.5% from 2021 to 2027. The ongoing expansion of various industrial sectors has created an enormous demand for not only products that facilitate the manufacturing processes but also those that are required for personal protection.
Protective hand gloves are one of the prominent examples of the latter. In this regard, nitrile butadiene rubber (NBR) latex is gaining massive traction as it serves as an excellent material used for producing gloves. For example, nitrile butadiene rubber gloves are widely used in industries as they offer superior heat and chemical resistance. Besides, they find wide application in the healthcare sector for surgical as well as examination purposes. The wide product usability will give a major impetus to the nitrile butadiene rubber latex market in the upcoming years.
During the recent COVID-19 outbreak, NBR latex has recorded a drastic rise in demand due to the sudden surge in the demand for medical gloves. Various industry players began increasing their production capacity to meet the rising demand which in turn is positively influencing the nitrile butadiene rubber latex market landscape.
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Following are some of the pivotal trends that are largely contributing to the industry progression:
Increasing demand from the healthcare sector:
The mounting product demand from the global healthcare industry can be majorly ascribed to the accelerating demand for medical gloves, especially during the pandemic situation. Apparently, there has been an acute shortage of disposable personal protection products in healthcare settings which have created a huge demand for NBR-based gloves. In 2020, the healthcare segment had accounted for more than 80% share 2020 due to extensive usage of products for manufacturing medical gloves.
Rising production in the Asia Pacific:
From the beginning of the corvid-19 pandemic, Asia Pacific has been recording a massive surge in coronavirus cases. According to the United Nations Office for the Coordination of Humanitarian Affairs, Asia Pacific has, to date, recorded around 49 million cases of coronavirus infection. This has created a dire need for NBL based medical gloves in regional healthcare settings. In 2020, the nitrile butadiene rubber latex market had captured over 80% share.
The rising demand has prompted the regional companies to ramp up their production. To illustrate, in 2020, LG Chem began the operations at its Nitrile Butadiene Latex plant in China which has a capacity to produce 100-kilo tons annually and is aimed at fulfilling the demand for nitrile gloves in the region.
Strategic initiatives by key market players:
Amid the rising product demand, various industry players are now focusing on increasing their production capacity to gain a strategic advantage in the industry. For instance, in 2020, Krasnoyarsk announced commencing the production of synthetic nitrile butadiene rubber latex, aiming for an annual output of 3.5-kilo tons. Apparently, the project intends to localize the production of diagnostic and technical examination gloves in Russia and reduce the dependency on imports. The improved capacity of the new production site is expected to enable the processing companies in the country to churn out around 230 million exam gloves annually.
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Heightened adoption in the industrial sector:
NBR finds important applications in the industrial sector that largely includes automotive, minerals & mining, and chemicals. These industrial verticals have been negatively impacted during the COVID-19 crisis. However, with the gradual easing of lockdown restrictions, various manufacturing companies are now restoring operations which is steadily increasing the product demand. In addition, 2020 has observed a drastic change in the prices of overall NBR latex due to the increasing demand from glove manufacturing companies. Reportedly, the prices have increased up to three times than the earlier years as a result of the high demand and supply gap during the first two quarters of 2020. On account of these factors, the market is expected to witness a robust CAGR of 10% through 2027 from the industrial segment.
Rising cases of COVID-19 infection, as well as other diseases, have put immense pressure on the healthcare sector globally. This has created a huge demand for protective equipment and surgical products which is providing lucrative opportunities for the NBR latex market as the product finds massive usage in the manufacturing of medical gloves.
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