New Product Developments, and Joint Ventures were Key Strategies Adopted by Major Players in the NBR Market Between 2012 and 2017
The Nitrile Butadiene Rubber (NBR) market is projected to reach USD 1,393.0 Million by 2022, at a CAGR of 7.0% between 2017 and 2022. NBR is an oil-resistant synthetic rubber produced from a copolymer of acrylonitrile and butadiene. The presence of acrylonitrile in NBR determines its strength, resistance to hydrocarbon oils, and permeability to gases. NBR has several benefits over natural rubber, such as improved resistance to oil and temperature. It is primarily used in the manufacture of gloves, molded & extruded products, adhesives & sealants, cables, sponges, expanded foams, and floor mats. Key end-use industries in the NBR market include automotive & transportation, manufacturing, oil & gas, and medical.
Expansions, new product developments, and joint ventures were key strategies adopted by major players between 2012 and 2017. Key players operating in the NBR market include LANXESS (Germany), Sinopec (China), Kumho Petrochemical (South Korea), TSRC Corporation (Taiwan), SIBUR Holding (Russia), JSR Corporation (Japan), LG Chem (South Korea), Versalis S.p.A. (Italy), and ZEON Corporation (Japan).
LANXESS, a key player in the NBR market, adopted joint ventures as a key growth strategy to strengthen its position in the NBR market and widen its customer base. For instance, in April 2016, LANXESS and Saudi Aramco (Saudi Arabia) signed an agreement to create a 50:50 joint venture to form a company named, ARLANXEO. This newly formed company is responsible for producing synthetic rubber. The joint venture strategy enabled LANXESS to cater to the increasing demand for NBR and elastomers products worldwide. Moreover, the company is also focused on expanding its regional presence in the NBR market.
Sinopec, another key player in the NBR market, adopted the strategy of joint ventures to strengthen its existing production capacities. In May 2014, Sinopec entered into a joint venture with SIBUR (Russia) to construct an NBR plant with an annual capacity of 50 KT at Shanghai, China. Sinopec’s share in the joint venture was 74.9%, and SIBUR’s share was 25.1%. This development strategy enabled Sinopec to expand its footprint in the Asia Pacific region.
Related Reports:
NBR Market by Application (O-Rings & Seals, Hoses, Belts & Cables, Molded & Extruded Products, Adhesives & Sealants, Gloves), End-use Industry (Automotive & Transportation, Industrial, Oil & Gas, Medical), and Region - Global Forecast 2022
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