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Boom in Automotive Industry Fuels the Hydrogenated Nitrile Butadiene Rubber Market || Key Players: OMNOVA Solutions Inc., Rahco Rubber, Inc., Synthos S.A., Versalis S.p.A., Zeon Corporation
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Rubber is a staple commodity in industrial supply chains but the price is extremely volatile and is currently at record lows. Indonesia, Thailand, and Malaysia account for almost 70% of natural rubber and they have cut their exports as a result of plummeting prices. Thus, there is a shift towards synthetic rubbers such as hydrogenated nitrile butadiene rubber, especially in emerging economies. As the world’s population is growing rapidly, urbanization is the need of the hour. A large middle class demands real estate and self-mobility as both are usually viewed as a status symbol. Synthetic rubbers find widespread application in high-performance products directly contributing to the growth of the hydrogenated nitrile butadiene rubber market.
APEJ is estimated to account for considerable value share in the global Hydrogenated Nitrile Butadiene Rubber market in the year 2017, and the market share in US $ is anticipated to get near about one and half times during the forecast period, 2018-2027. The continent is steered by the maximum production of Hydrogenated Nitrile Butadiene Rubber and also continue to demand maximum for Hydrogenated Nitrile Butadiene Rubber.
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The automotive industry is growing at a healthy clip and this is forecasted to continue in the medium term. Global auto sales have been largely driven by countries such as China, India, Indonesia, and Mexico. The automotive industry is the largest customer of the hydrogenated nitrile butadiene rubber market. Products such as O-rings, seals, synchronous timing belts, suspension parts, mountings, hoses, fan belts all necessitate frequent replacement benefiting the global hydrogenated nitrile butadiene rubber market.
In the report, FMR suggests that the price volatility of natural rubber and the demand-supply mismatch makes key stakeholders look at an alternative such as hydrogenated nitrile butadiene rubber. Moreover, the automotive industry is the largest end-user of hydrogenated nitrile butadiene rubber and is likely to remain so for the foreseeable future. The aforementioned factors are anticipated to drive the growth of the global hydrogenated nitrile butadiene rubber market during the forecast period.
The manufacturers operating in the global hydrogenated nitrile butadiene rubber market include Rahco Rubber, Inc., JSR Corporation, Kumho Petrochemical Co., Ltd., Zeon Corporation, Sibur Holding, ARLANXEO, Versalis S.p.A., OMNOVA Solutions Inc., Lianda Corporation, Synthos S.A., and others located across the globe.
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