- The global hydrogenated nitrile butadiene rubber (HNBR) market is projected to show growth at striking CAGR of 8% during assessment period 2019–2027. The market is likely to experience promising demand opportunities from automotive sector worldwide
- Asia Pacific is lucrative region for expansion of hydrogenated nitrile butadiene rubber (HNBR) market
ALBANY, N.Y, Dec. 7, 2020 /PRNewswire/ -- Hydrogenated nitrile butadiene rubber (HNBR) is gathering traction across numerous end-use industries including automotive industry. One of the key factors attributed to increased use of this product is its ability to retain properties even after exposure to oil, chemicals, and heat for long period. This scenario depicts that the global hydrogenated nitrile butadiene rubber (HNBR) market will experience noteworthy demand opportunities during forthcoming years.
Analysts at TMR are of the opinion that global hydrogenated nitrile butadiene rubber (HNBR) market is likely to experience upward growth curve throughout the assessment period 2019–2027. This growth is attributed to increased demand from developing countries, due to the existence of many end-use industries.
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Key Findings of Hydrogenated Nitrile Butadiene Rubber (HNBR) Market Report
- The global hydrogenated nitrile butadiene rubber (HNBR) market is anticipated to gain valuation of ~ US $ 63 Mn by 2027 end.
- This suggests that the market will grow at a decent CAGR of 8% during the forecast period 2019–2027.
- Asia Pacific is lucrative region in the hydrogenated nitrile butadiene rubber (HNBR) market.
- The nature of the hydrogenated nitrile butadiene rubber (HNBR) market is highly consolidated, with presence of two key companies that held almost 80% of market share in 2018.
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Hydrogenated Nitrile Butadiene Rubber (HNBR) Market: Key Driving Factors and Promising Avenues
- The hydrogenated nitrile butadiene rubber (HNBR) market is likely to grow at decent pace on the back of increased demand for hydrogenated nitrile butadiene rubber from various end-use industries including construction, automotive, oil and gas, industrial, and medical.
- In recent period, major consumer pool from all across the globe is growing inclination toward the use of high-quality rubber. This factor is expected to boost the sales of the global hydrogenated nitrile butadiene rubber (HNBR) market in the years ahead.
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- The hydrogenated nitrile butadiene rubber (HNBR) market is predicted to experience substantial sales opportunities in automotive industry. One of the key reasons supporting this statement is growing demand for high-quality rubber from this sector.
- In addition to this, the market for hydrogenated nitrile butadiene rubber (HNBR) is experiencing prominent demand opportunities from oil and gas industry. Key reason attributed to this growth is growing use of HNBR in numerous applications such as gaskets, sealing, and down-hole packers.
- The government bodies of many countries such as India, Thailand, Indonesia, and Shri Lanka are providing financial support for many companies working in the global hydrogenated nitrile butadiene rubber (HNBR) market. The support is offered in the form of tax breaks, subsidies, and as custom duty waivers. This factor is projected to impact positively on the overall market expansion in the near future.
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Hydrogenated Nitrile Butadiene Rubber (HNBR) Market: Competitive Assessment
- Enterprises in the global hydrogenated nitrile butadiene rubber (HNBR) market are utilizing various strategies to strengthen their businesses. Several players are focused on growing their customer base. To achieve this motive, they are increasing concentration toward using online channels and websites.
- Several enterprises are focused on strengthening their production capabilities to cater to growing demand for hydrogenated nitrile butadiene rubber from end-use industries.
- Many stakeholders in the hydrogenated nitrile butadiene rubber (HNBR) market are expanding their regional presence by employing various strategic moves such as mergers and acquisitions.
- The list of key vendors working in the hydrogenated nitrile butadiene rubber (HNBR) market includes ARLANXEO, Zeon Chemical L.P., Rahco Rubber, Inc., Polycomp, Ge Mao Rubber Industrial Co., Ltd. (GMORS), and Elastomer Engineering Ltd.
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The hydrogenated nitrile butadiene rubber (HNBR) market is bifurcated as follows:
- Oil and Gas
- Timing Belts
- Seals and Gaskets
- Axle Boots
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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