Global demand for Carboxylated Nitrile Rubber Market is expected to reach a market valuation of US$ 4 Billion by the end of the year 2023, accelerating at a CAGR of 4% over the forecast period (2023 to 2033). The Carboxylated Nitrile Rubber Market is experiencing rapid growth, owing to the factors such as increasing demand for sealing and gasketing applications in the automotive industry, and simultaneous growth in the automotive and industrial sectors. The increasing adoption of carboxylated nitrile rubber due to its excellent oil, fuel, and solvent resistance is also expected to boost the market growth.
The market is supported by:
North America, followed by Europe, is the major market for Carboxylated Nitrile Rubber Market, owing to the presence of a large number of automotive and industrial manufacturing companies in these regions. The US is the largest Carboxylated Nitrile Rubber Market in the region, followed by Canada, owing to the adoption of new technologies and the increasing demand for high-performance materials.
Apart from North America, the Carboxylated Nitrile Rubber Market is flourishing in the Asia-Pacific region. The reasons behind this growth are the diverse applications of Carboxylated Nitrile Rubber such as Sealing and gasketing, Hoses and tubing, Belts and conveyor systems, O-rings and seals, and Oil and gas exploration. Additionally, the growing disposable incomes and the presence of a huge consumer base in the Asia Pacific region are contributing to the market's expansion.
Key producers are working on manufacturing the Carboxylated Nitrile Rubber Market in order to gain a greater market share. Some of these companies include Lanxess AG, Zeon Chemicals, ARLANXEO Holding B.V., Kumho Petrochemical, Omnova Solutions, Dow Chemical, Synthomer and Nitriflex, among others.
The Carboxylated Nitrile Rubber Market is expected to see increased competition in the coming years as more companies enter the market and existing players expand their product portfolios. Companies operating in the market are focused on developing innovative products to meet the growing demand for clean energy. The market is also likely to benefit from government initiatives. The market's competitive landscape is expected to become more intense as new players enter and existing players expand their product portfolios and focus on research and development to improve the quality and effectiveness of their products.
For instance, in November 2022, Zeon Corporation and its subsidiary Zeon Chemicals L.P. announced its plans to expand its Zetpol® Hydrogenated Nitrile Rubber production at its Texas Plant, which will increase global HNBR Rubber capacity by about 25%. Zetpol is used in demanding applications in Oil & Gas, Automotive, and Industrial sectors as it provides improved heat and oil resistance and toughness, and is a cost-effective option for applications utilizing fluorinated rubber. Zetpol is also used for Cathode Binders in Lithium-ion batteries, with market demand projected to increase due to growing adoption of electric vehicles. Zeon holds a broad intellectual property portfolio related to Li-Ion batteries. This is the second expansion of Zetpol® capacity at its Texas Plant, with the first taking place in 2020, and at its Takaoka Plant in 2022. The expansion is expected to be completed by early 2025.
With the continuous expansion of the market, it's anticipated that more players will enter the market, elevating the level of competition. For entrepreneurs, starting a business in the Carboxylated Nitrile Rubber market holds the potential for substantial growth.
| Attributes | Details |
|---|---|
| Market Value 2023 | US$ 4 Billion |
| Projected Value 2033 | US$ 5.92 Billion |
| CAGR | 4% |
Carboxylated nitrile rubber (XNBR) is an improved version of nitrile rubber with enhanced properties. Carboxylated nitrile rubber is a type of modified nitrile rubber, and has extra cross linking abilities. Carboxylated nitrile rubber (XNBR) is also known as carboxylated butadiene nitrile rubber.
Carboxylated nitrile rubber is a terpolymer formed with the help of three types of monomers such as butadiene, acrylonitrile and unsaturated carboxylic acid. Carboxylated nitrile rubber are used for special application purposes and which requires high abrasion and wear resistance. Carboxylated nitrile rubber also offers excellent oil resistance as well as moderate heat resistance. Apart from it, carboxylated nitrile rubber has excellent solvent resistance.
Due to its excellent oil resistance characteristics carboxylated nitrile rubber components are being widely used in aerospace, marine and automotive fuel systems. Carboxylated nitrile rubber is used for making various types of industrial and automotive components such as rubber belts, printing rolls, hoses, rings, seals and gaskets. Carboxylated nitrile rubber are also used for making shoe soles with high wear & abrasion resistance.
Components made from carboxylated nitrile rubber are also used different industries such as oil & gas, consumer goods manufacturing, printing and other general manufacturing industries. The only drawback for carboxylated nitrile rubber has poor weathering and ozone resistance.
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Rapidly growing industrial activities and demand for rubber components across the globe can be identified as the prime driving factor responsible for the carboxylated nitrile rubber market growth. Carboxylated nitrile rubber is mainly used for the manufacturing of the rubber components which are used for industrial purposes in different industries.
Rings and seals manufactured from carboxylated nitrile rubber is mostly used in automotive, marine and aircraft engine systems, and the high oil resistance is making carboxylated nitrile rubber gives it advantage over other products. Thus, growth of automotive, marine and aerospace industry is estimated to escalate the market growth of the carboxylated nitrile rubber market.
Apart from it, increase in automotive aftermarket activities is estimated to have a positive impact on the carboxylated nitrile rubber market. Carboxylated nitrile rubber is used in the manufacturing of printing rolls, hence the growth of printing industry is expected to propel the demand for carboxylated nitrile rubber.
Due to its excellent oil & solvent resistance, the components made from carboxylated nitrile rubber are widely used in oil & gas industry. Recovery of oil & gas industry from slowdown in past year is anticipated to act as a potential driving factor for the growth of carboxylated nitrile rubber market.
Carboxylated nitrile rubber is also used in the making of footwear with high abrasion resistance, thus increasing demand for special purpose footwear is estimated to bolster the carboxylated nitrile rubber market.
Growing population, increased consumer spending and growth of rubber industry are few of the factors which will indirectly affect the growth of carboxylated nitrile rubber market. High product cost and lower awareness amongst the end users might act as restraining factors for the Carboxylated nitrile rubber market.
Asia Pacific is considered as one of the prominent market region for carboxylated nitrile rubber, owing to the increasing industrial activities. Due to the lower labor cost and easy availability of raw material, Asia Pacific has witnessed substantial rise in rubber components manufacturing. Apart from it Asia Pacific is the leading region in terms of rubber production.
Regions such as North America and Europe can be attributed as a potential market for carboxylated nitrile rubber, owing to the well-developed industrial landscape.
Industrial production is expected to witness upward trend in Latin America region, therefore Latin America can be considered as promising market for carboxylated nitrile rubber. Middle East & Africa is expected to witness positive growth in the demand for carboxylated nitrile rubber owing to end use industry growth.
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Examples of some of the market participants operating in the global carboxylated nitrile rubber market are:
ARLANXEO, Zeon Corporation, Emerald Performance Materials, OMNOVA Solutions Inc., Rahco Rubber, Inc., and Zibo Qilong Chemical Co., Ltd. among others.
The Carboxylated nitrile rubber market research report presents a comprehensive assessment of the Carboxylated nitrile rubber market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The Carboxylated nitrile rubber market research report provides analysis and information according to Carboxylated nitrile rubber market segments such as geographies, application and industry.
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The Carboxylated nitrile rubber Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Carboxylated nitrile rubber market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Carboxylated nitrile rubber market segments and geographies.
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Carboxylated Nitrile Rubber Market
