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.
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.(Says from Global Market Insights Inc.)
Post time: Dec-03-2020