Market Trends of Nitrile Butadiene Rubber (NBR) Industry
Automotive and Transportation Sector Dominates the Market
- NBR is extensively used in the manufacturing of hoses and tubing for automotive applications, including fuel lines, radiator hoses, and brake hoses. Its resistance to petroleum-based fluids, aging, and ozone makes it suitable for these demanding applications.
- NBR's high tensile strength and resistance to abrasion make it an ideal material for automotive belts, such as timing belts, fan belts, and conveyor belts used in the transportation industry.
- The exceptional durability and chemical resistance of NBR makes it a preferred choice for seals, gaskets, and other components in industrial vehicles, heavy-duty trucks, and construction equipment.
- According to the latest estimates published by the International Organization of Motor Vehicle Manufacturers (OICA), in 2023, global production of motor vehicles stood at 93,546,599 units, a 17% increase from that in 2021.
- According to the estimate released by the International Energy Agency (IEA), the sales of electric vehicles increased from 1.0 million units in 2022 to 1.6 million units in 2023 in the United States.
- In addition, the sales of electric vehicles also increased from 2.7 million in 2022 to 3.4 million units in 2023 in Europe, according to the estimate released by the IEA.
- According to an estimate published by the Indian Brand Equity Foundation (IBEF), the civil aviation industry in India has emerged as one of the fastest-growing industries in the country in the last three years. The air traffic movement in India stood at 327.28 million in Financial Year 2023 compared to 188.89 million in 2022.
- The demand for nitrile butadiene rubber (NBR) is anticipated to be affected by all of these factors over the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is home to major automotive manufacturing hubs, including China, Japan, South Korea, and India. The thriving automotive industry in these countries drives the demand for NBR, which is extensively used in various automotive components, including seals, gaskets, hoses, and belts.
- According to the data released by the International Organization of Motor Vehicle Manufacturers (OICA), in China, 30,160,966 units of vehicles were produced in 2023, which increased from 27,020615 units in 2022.
- Rapid urbanization and infrastructure development projects in countries like China, India, and Southeast Asian nations have led to an increase in the need for construction equipment, heavy-duty vehicles, and transportation systems. NBR is widely used in the manufacturing of components for these industries, contributing to its market growth.
- According to the estimate released by the Indian Brand Equity Foundation (IBEF), the investment in infrastructure development in India has helped India become an economy of USD 26 trillion. The government of India has launched the National Infrastructure Pipeline (NIP) to augment the growth of the infrastructure sector.
- Several major NBR manufacturers and production facilities are located in the Asia-Pacific region, particularly in countries like China, Japan, and South Korea. This established manufacturing base ensures a reliable supply of NBR to meet the region's growing demand.
- All such factors, coupled with the increasing consumption from other emerging economies of the Asia-Pacific region, are driving the market's growth in the region.
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