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updated: May 5, 2020 19:00 EDT
May 5, 2020 (Newswire.com) –
As per the report published by Global Market Insights Inc., the Nitrile Butadiene Rubber Latex Market was valued at $1.32 billion in 2019 and is projected to reach $2.5 billion by 2026, registering a CAGR of 7.7% from 2020 to 2026. The report provides a complete analysis of the top winning strategies, major investment pockets, wavering market trends, drivers & opportunities, competitive scenario, industry size & estimations.
NBR latex exhibits excellent properties such as resistance to oil and other chemicals which makes them highly desirable in manufacturing protective equipment mainly gloves for the industrial & healthcare sector. This growing penetration is anticipated to create ample opportunities in the nitrile butadiene rubber latex market throughout the forecast period.
Growing penetration of industries in the developing regions coupled with growing awareness on labor safety will positively contribute to the growth of the market during the review period. Moreover, the augmenting usage of gloves in the chemical, paper, and food industries is also likely to boost the nitrile butadiene rubber latex market share throughout the forecast period.
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The widespread COVID-19 virus across the globe has resulted in a rise in healthcare spending which shall, in turn, boost the demand for NBR latex gloves during the forecast period. COVID-19 has led to the increased usage of gloves for personal protection and hence is anticipated to bring about a surge in the nitrile butadiene rubber latex market demand in the year 2020.
The NBR latex demand for industrial and food end-user industries is expected to remain low during the lockdown period in early 2020, however, the healthcare industry is anticipated to exhibit an all-time high demand during the same period.
Asia Pacific growth is projected to grow at the highest CAGR during the forecast period. The growing capacity expansions by major manufacturers along with increasing healthcare spending is likely to drive the nitrile butadiene rubber latex market during the given period 2020-2026. Malaysia, Thailand, and China substantially contribute to market growth. The Middle East & Latin America is anticipated to show sluggish growth throughout the forecast period. The limited number of NBR latex manufacturers in the region and the high dependency on imports is attributing to slow growth. The Middle Eastern NBR latex business is projected to grow at a CAGR of slightly over 3% during the assessment period.
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Key Findings of the NBR Latex Market Report:
- The market is highly capital intensive in nature with acts as a major barrier for the entry of new players in the market
- Gloves are the major application sector which accounts for over 90% of the overall market
- The medical sector was the major end-user industry in 2019 and shall exhibit the same trend throughout the forecast period.
- Industry players are focused towards merger and acquisition strategies to earn a competitive edge over the competitors in the market
The proficient players in this market are largely based in the Asia Pacific region owing to the easy availability of raw materials and the presence of a large number of NBR latex glove manufacturing companies. Malaysia is one of the largest importers and glove manufacturing countries in the region.
Some of the key players include in the nitrile butadiene rubber latex industry such as LG Chem, Omnova Solutions Inc., and Synthomer among others are seen to indulge in merger and acquisition strategies to attain a larger market share. For instance, In the year 2016, LG Chem announced the merger with the pharmaceutical subsidiary LG Life Sciences. The move was in line with its strategy to boost the application of its NBR latex products.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
Corporate Sales, USA
Global Market Insights, Inc.
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Source: Global Market Insights Inc.