Hydrogenated Nitrile Butadiene rubber market is set to grow at a
compound annual growth rate (CAGR) of 8% from 2019 to 2027, as per Transparency
Market Research. The growth will help the market worth increase from USD 31.5
mn. in 2018 to USD 63 mn. by 2027.
Vastly used in automotive application, hydrogenated nitrile butadiene
rubber is set to see an increase in demand. As production of grommets,
transmission system bonded pistol seals, fuel system seals, hoses, engine
seals, A/C seals, and gaskets, demand for hydrogenated nitrile butadiene rubber
will see an upward facing curve.
Increase in Construction Volume to Drive Growth in
Global Hydrogenated Nitrile Butadiene Rubber Market over the Forecast Period
By the year 2030, construction volumes would have increased tremendously
across the globe. As per a recent study, the magnitude of this increase would
be around 85%, generating USD 15.5 trillion in the market. It is worth noting
here that three countries would lay claim to a massive share of this growth -
the United States of America, India, and China. The share would be around 57%
of total increase.
It is not really surprising since studies show that population is
growing at a rapid pace. By 2050, 2 billion more people would mark the planet
and they would need a number of construction activities and outcomes. For
instance, these would need houses and commercial and recreational centers, and
office spaced, and supporting infrastructure. This will lead to increase in
construction volumes.
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Besides, these people would need transportation means and modes and
energy to fuel them. This would lead to expansion in automotive and oil and gas
industry, which are end-users of hydrogenated nitrile butadiene rubber.
Medical Industry to Contribute Positively to Growth
of Global Hydrogenated Nitrile Butadiene Rubber Market over the Forecast Period
Medical Industry is also expanding, leading to demand for hydrogenated
nitrile butadiene rubber. The growth in this industry will be a result of
increasing pressure on resources in the sector. And, as the geriatric
population increases worldwide, demand for hydrogenated nitrile butadiene
rubber would also grow in tandem. One in every six people in the world will be
aged 65 and above by 2050, as per a study. And, one in every four in North
America and Europe would fall in this age group by the same year. 2 billion
people would occupy the age bracket of 62 and above by the year 2050.
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Asia Pacific to Dominate the Global
Hydrogenated Nitrile Butadiene Rubber Market over the Forecast Period
It is also worth noting here, that region-wise, Asia Pacific (APAC)
region would command a sizeable share of the market over the forecast period,
generating a slew of interesting growth opportunities for the global
hydrogenated nitrile butadiene rubber market players. Industries that will drive
growth in the regional hydrogenated nitrile butadiene rubber market are oil and
gas and automotive.
A Consolidated Vendor Landscape to Keep Level of
Competition Intense in the Global Hydrogenated Nitrile Butadiene Rubber Market
over the Forecast Period
The vendor landscape of Global Hydrogenated Nitrile Butadiene Rubber
Market is highly consolidated as just two players hold the majority share.
These players that are dominating the market landscape, and driving it forward
with their proactive measures are Zeon Chemical L.P. and ARLANXEO. In the year
2018, the two prominent names mentioned here held approximately 80% of market
share. It is also pertinent to note here that the former – Zeon Chemical L.P.
- is the largest manufacturer of the product. Besides, it is capitalizing
upon its robust distribution network and research and development activities.
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