Nitrile Elastomers Market growth drivers in 2019 & Challenges by 2025
Asia Pacific region will capture significant market share in nitrile elastomers market during the forecast time span due to rising automotive industry. China is the leading country in terms of automobile production in the world. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), it accounted for more than 25% of global automotive production in 2018.
Rising population, increasing disposable income levels and technological trends will trigger the growth of automotive industry in China, India and Southeast Asian countries thereby propelling the market growth in future. North America and Europe will witness steady growth in nitrile elastomers market size due to flourishing aerospace industry. This in turn will bolster the product demand within the forecast period. Favorable trends associated with oil & gas industry in North America will assist the market growth.
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Nitrile Elastomers Market size is expected to grow steadily during the forecast time span. Nitrile Elastomer is a copolymer of butadiene and acrylonitrile and it provides excellent resistance to oil, solvents, mineral and vegetable oils, gasoline, fuels and hydraulic fuels. It possesses good physical properties such as resistance to tear, heat ageing and abrasion. It is superior to most elastomers in terms of compression set or cold flow. It is suitable for applications where excellent resistance to petroleum oils, grease and gasoline is required.
Nitrile elastomers market size will be driven by rising automotive and industrial applications during the forecast time span. They are used for fuel and oil handling hoses, grommets, hydraulic hoses, petroleum oil seals, hydraulic fluid seals, transmission fluid seals, O-rings, transmission belts, rollers, shock and vibration mounts, etc.
Globalization and technological innovations will revolutionize the global automotive industry. Higher income levels, changing consumer preferences and increasing awareness regarding fuel economy, safety and other features will propel the demand of automobiles in near future. Such trends associated with automotive industry will positively influence the nitrile elastomers market within the forecast period.
Nitrile elastomers are widely used in sealing applications of oil & gas industry. During drilling operations in deep water, these elastomers are used to operate at critical conditions owing to their high-performance benefits in terms of temperature, pressure and chemical stability.
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Moreover, they are preferred in enhanced oil recovery (EOR) processes due to their excellent operational performance at high levels of CO2. The demand of oil & gas is increasing around the globe and it will lead to surge in drilling activities in coming years. Rapid technological progressions and huge investments will support the growth of global oil & gas industry in future. This in turn will spur the nitrile elastomers market growth between 2019 to 2025.
Favorable trends associated with aerospace industry will propel the demand of nitrile elastomers in near future as they are widely used in aircraft fuel systems. High demand of air travel and large backlog of new aircraft orders will boost the production of aircrafts in future.
These factors coupled with huge investments and supportive government policies will create positive outlook for aerospace industry and it will facilitate the growth of nitrile elastomers in future. Increasing research and development activities to improve the performance of fuel systems will increase the demand of nitrile elastomers within the forecast period. However, market growth will be affected by availability of substitutes present in the market.
Based on type, nitrile elastomers market size is classified into sub-segments, carboxylated nitrile butadiene rubber (XNBR) and hydrogenated nitrile butadiene rubber (HNBR). Carboxylated nitrile butadiene rubbers have better hardness, abrasion resistance and tensile strength. Hydrogenated nitrile butadiene rubbers are used to resist better ageing in oil and hot air. They are used in vehicle tubing, seals, cables and profiles. Based on end-use, the market is classified into automotive, oil & gas, aerospace, medical, and others.
Some of the key players in nitrile elastomers market share are ZEON Corporation, JSR Corporation, INSA GPRO (Nanjing) Synthetic Rubber Co. Ltd., Sibur, Kumho Petrochemical Co., Ltd., Synthos S.A., LANXESS Aktiengesellschaft, Versalis S.p.A., and others.
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