Nitrile Elastomers Market Size

Nitrile Elastomers Market size is projected to experience a healthy growth rate from 2024 to 2032, on account of the broadening application scope in the automotive and industrial sectors. The surge in the number of new petrochemical plants is boosting the product penetration in the oil & gas industry.

In response to the pandemic, nitrile elastomers are recording increased adoption in the manufacturing of gloves and other personal protective equipment (PPE). Maximum efforts undertaken by industry players to expand their production units will also contribute to market growth. According to the U.S. Energy Information Administration (EIA) data, in 2022, the total petroleum production in U.S. averaged around 20.079 million barrels/day. The rapid strides in the oil & gas sector will create significant product demand in the forthcoming period.

Since crude oil serves as the primary raw material for nitrile elastomers, prices are projected to rise dramatically. This will push rubber product manufacturers to raise their pricing to remain competitive, and the cost of the end product will also rise proportionally, thereby limiting the product uptake.

Nitrile Elastomers Market Trends

The increasing demand from end-use industries, such as automotive, construction, and healthcare owing to the exceptional oil and chemical resistance properties of nitrile elastomers will drive the industry growth. Rising technology advancements and product innovations are promoting the development of high-performance nitrile elastomers with improved mechanical properties and enhanced durability. Additionally, the growing focus on sustainability and environmental regulations is encouraging the adoption of eco-friendly nitrile elastomers derived from renewable sources, such as carboxylate nitrile butadiene rubber (XNBR).  

Nitrile Elastomers Market Analysis

Based on type, the nitrile elastomers industry share from the carboxylate nitrile butadiene rubbers segment is estimated to depict substantial CAGR from 2024 to 2032, owing to their excellent resistance to oils, fuels, and chemicals offered in automotive and industrial applications. Additionally, superior mechanical properties, such as high tensile strength and abrasion resistance are escalating the demand for nitrile elastomers in various end-use industries. The growing automotive sector coupled with stringent regulations regarding fuel efficiency and emissions will also boost the product adoption in automotive components, fuel systems, and seals.

Nitrile elastomers market size from the automotive segment is projected to witness significant growth through 2032, due to soaring penetration in manufacturing sealants, tubes, vibration dampeners, hoses, membranes, and pump stators. Growing consumer awareness about safety and fuel economy, along with escalating household incomes are paving the way for several technological innovations in automotive applications. Owing to their inherent resistance to aliphatic hydrogen oils, good temperature range, and robust physical properties, nitrile elastomers are extensively used in oil handling & hydraulic hoses, transmission fluid seals, shock and vibration mounts, O-rings, transmission belts, and rollers.

Asia Pacific nitrile elastomers market is projected to expand at notable pace between 2024 and 2032. This is due to the presence of huge population base and emerging economies in the region. The increasing intake of fuel and other hydrocarbon oils is driving the adoption of resilient and long-lasting elastomer products. The fast-growing automotive sector along with the escalating production of vehicles has resulted in the large consumption of nitrile butadiene rubber in China. The increased supply of protective gloves from Malaysia is facilitating the higher penetration of nitrile butadiene latexes in the country. The burgeoning product sales in Western countries on account of their affordability will also act as a significant contributor to the industry growth in APAC.

Nitrile Elastomers Market Share

Leading companies in the nitrile elastomers market are adopting strategic measures, such as acquisitions, partnerships, and mergers, to strengthen their geographical footprint. They are also focusing on capacity expansions, new product developments, and lucrative investments to improve their position in the industry.

Some of the major nitrile elastomers companies are:

• INSA GPRO (Nanjing) Synthetic Rubber Co. Ltd.
• Kumho Petrochemical Co., Ltd.
• Lanxess AG.
• Synthos S.A. (FTF Galleon S.A.)
• Versalis S.p.A. (Eni)
• JSR Corporation
• Kumho Petrochemical Co., Ltd
• ZEON Corporation
  

Nitrile Elastomers Industry News:

• In August 2022, Kumho Petrochemical unveiled a substantial investment plan by allocating KRW6 trillion (EUR5.5 billion) over the next five years to existing and new ventures.