Global fast curing nitrile butadiene rubber industry is estimated to be worth US $678 million by 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the biotechnology market based on type, application, end user and region.
According to the report, factors like rapid industrialization, growing global automotive industry, and increasing vehicular advancements will drive fast curing nitrile butadiene rubber market growth over the estimated timeline. Increasing use in the production of components like V belts, fuel hoses, O-rings, seals, among others have accelerated the demand for fast curing nitrile butadiene rubber.
Meanwhile, rapid advancements in global automotive sector and rise in average vehicle life is estimated to compliment industry growth. In terms of revenue, the automotive end-user segment emerged as one of the most dominant sectors in the market.
Fast curing nitrile butadiene rubber has also gained increased acceptance in aeronautical applications owing to the product’s ability to endure through a wide range of temperatures. It can be used in molded products, gaskets, footwear, adhesives, sponges, sealants, and for other uses as well.
Increasing product demand from the auto part manufacturing sector, along with surging use in advanced vehicles worldwide will foster fast curing nitrile butadiene rubber business outlook. Furthermore, rapid industrialization, rising vehicle production, and modernization of industrial machinery will supplement industry size, cites the study.
Rising applications in molded & extruded products, coupled with increasing demand from the mining, construction, and medical sectors will also compliment fast curing nitrile butadiene rubber market growth. Meanwhile, rapid technological advancements and soaring demand from emerging economies are anticipated to offer new growth opportunities to market players.
As per the report, the Asia-Pacific is anticipated to become the leading contributor to global fast curing nitrile butadiene rubber market revenue in the forecast period. In 2017, the region recorded the highest market share Factors like increasing demand for automotive vehicles along with rising disposable income effectively drive regional industry growth.
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With rapid industrialization in countries like China, India, and Japan, along with surging demand from the construction, oil and gas, and mining industries, the regional industry would expand immensely over the coming years. Moreover, rising innovations and modernization in the automotive segment would offer impetus to Asia Pacific fast curing nitrile butadiene rubber market size over the forecast timeframe.
Renowned firms operating in fast curing nitrile butadiene rubber market include LG Chemicals, Zeon Chemicals, JSR Corp., Kumho Petrochemical Co., Ltd., Lanxess AG, Huangshan Hualan Technology, BASF SE, and PetroChina Co. Ltd. among others.
The company profiles of these firms are mentioned in the report alongside their business overview, product benchmarking, financials, and recent developments. The report also provides an extensive quantitative and qualitative analysis of potential trends and growth prospects in fast curing nitrile butadiene rubber market between 2017-2026.