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.
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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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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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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.
Global Hydrogenated Nitrile Butadiene Rubber (HNBR) Market: Research Scope
Global Hydrogenated Nitrile Butadiene Rubber Market by Application
- Timing Belts
- Seals & Gaskets
- Others (including Axle Boots, Rolls, Stators, and Packers)
Global Hydrogenated Nitrile Butadiene Rubber Market by End-use Industry
- Oil & Gas
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