Independence, Ohio – The nitrile butadiene rubber (NBR) latex market is set to exceed $2.4 billion (€2.1 billion) by 2025, according to a recent study by Global Market Insights Inc.
NBR latex demand to grow 10% through to 2025
The market was valued at over $1.1 billion in 2017 and is set to witness a CAGR growth of 10% for the next seven years, said the report, published in November.
The prime application of NBR latex is gloves production.
A rapidly growing healthcare industry will be the primary driver of NBR latex demand in sectors such as pharma, medical devices & equipment and accessories.
An aging and increasing population, market-expansion and advances in medical treatments will be major contributors to growth in the healthcare industry during the forecast period.
Additionally, regulations to promote safety are set to contribute to increasing demand for NBR gloves used for worker protection, the report said.
Asia Pacific is likely to expand with a substantial CAGR during the forecast timespan, owing to new players in the industry and industrialisation.
Malaysia leads the global gloves manufacturing market with a share of over 60%.
Low-cost labour and raw materials are two prime factors which have led to low prices for NBR latex and eventually gloves in this region.
The report went on to warn that fluctuations in crude-oil prices might hamper growth in the NBR latex market over the forecast period.