Global Hydrogenated Nitrile Butadiene Rubber (HNBR) Market Overview
The key driver impacting the hydrogenated nitrile butadiene rubber (HNBR) market is the growing demand for hydrogenated nitrile butadiene rubber from several end-users such as automotive, construction, oil, and gas machinery applications. The rapidly growing automotive sector is estimated to boost huge HNBR demand in the coming years as it is the largest customer of HNBR. For instance, the Crescendo Worldwide Organization report shows, the global automobile production in 2019 was expected as 92 MN Vehicles, and it is estimated to grow by a CAGR of 20.78% by 2028. Moreover, the rising preference for hydrogenated nitrile butadiene rubber (HNBR) over nitrile butadiene rubber (NBR) has led HNBR to become one of the fast-growing raw materials utilized for the production of rubber articles which is estimated to be a significant factor that adds growth to the market.
According to Value Market Research, the global hydrogenated nitrile butadiene rubber (HNBR) market was valued at around USD xxx billion in 2019 and is estimated to grow at a CAGR of about 9% during the forecast period of 2020 to 2026.
The HNBR is widely employed in industrial sealing for oil field exploration, processing, and rolls for steel and paper mills, hence improving market demand in the forecast period. For instance, According to the International Association of oil and gas producer report (2018), the worldwide demand for oil in 2018 was 30% higher than in 2000. Also, demand for natural gas was surged by 60% during 2018. This growing oil and gas demand is likely to create more oil and gas explorations, in turn, creating demand for HNBR in the forecast period. However, the high cost of manufacturing may hamper the global HNBR industry in the long run. The current industry trends, such as the huge economic support governments providing for rubber production through subsidies, custom duty waivers, and tax breaks, are expected to provide beneficial market opportunities for the market players.
The hydrogenated nitrile butadiene rubber (HNBR) market is vast, with many local and global players. The key leaders follow several strategies to improve their market position, such as mergers, acquisitions, expansions, product innovations, and extending product portfolio, to boost their market share globally. For instance, in April 2018, Zeon Corporation (Tokyo), one of the largest producers of polymers globally, declared that it would increase the Kawasaki plant's production capacity to enlarge its business of specialty cross-linked hydrogenated nitrile rubber. The known players included in the report Polycomp, Rahco Rubber, Inc, ARLANXEO, Lianda Corporation, Zeon Chemicals, Elastomer Engineering Ltd., Parker Hannifin., Ge Mao Rubber Industrial Co., Ltd. (GMORS), and KACO GmbH + Co. KG.
In this research report, the hydrogenated nitrile butadiene rubber (HNBR) market is segmented by product, end-user, and region.
Analysis by Product
By product, the report is categorized into (HNBR solid [Seals & O-Rings, Belts & Cables, Hoses, Foamed Products, Adhesives & Sealants, and others], HNBR latex [Non-Woven Fabric, Gloves, Paper Saturation, Films & Coating] and others). The HNBR solid segment dominates the product segment in 2019 with more than 65% market share. It is due to its extensive usage in the automotive industry, owing to its superior heat and oxidation stability, high mechanical strength, and excellent resistance to heat and fuel. Moreover, several advantages such as high and low-temperature ratings, strong chemical and abrasion resistance, strong resistance to weather, ozone, steam, fuels, oils, sour gas, animal and vegetable fats, automotive fluids, and several other chemicals, is contributing to the vast market demand from a wide range of industries.
Analysis by End-User
By end-user, the report is categorized into Machinery, Oil & Gas,Automotive, Medical, Construction, Others. The automotive segment dominates the end-user segment in 2019 with more than 50% market share. It is due to its high adoption in the automotive sector, particularly for producing synchronous timing belts, static and rotary seals, O-rings, and hoses, and these products require frequent replacement. Moreover, the rapidly growing automotive sector worldwide contributes to the vast market demand in the forecast period.
Analysis by Region:
In the regional outlook of the global hydrogenated nitrile butadiene rubber (HNBR) market, the Asia Pacific region dominates with a maximum market share of 40% in 2019. The rapidly growing automotive, oil-gas, and construction industries due to fast-paced industrialization and urbanization in India and China drive the HNBR market demand in the coming years. Moreover, growing government initiatives towards encouraging rubber production across India and China contributes to the development of the hydrogenated nitrile butadiene rubber (HNBR) market across the Asia Pacific. For instance, the Indian government facilitates rubber growers and manufacturers through trade fairs, and buyer-seller meets.
Market Segmentation covered in the Report:
- HNBR Solid (Seals & O-Rings, Belts & Cables, Hoses, Foamed Products, Adhesives & Sealants, and others)
- HNBR Latex (Non-Woven Fabric, Gloves, Paper Saturation, Films & Coating)
- Oil & Gas
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
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