The global specialty nitriles market is expected to witness significant growth over the forecast period. Nitrile is an organic compound with a triple bond between carbon & nitrogen. Scientifically, they are known as cyanides and the most typical occurring nitrile is nitrile rubber. Nitrile rubber is a synthetic copolymer of unsaturated acrylonitrile and conjugated butadiene and it is also resistant to chemicals. It is largely used in protective gloves that are used in chemical laboratories against the effect of chemicals and widely applied in the pipelines, hoses, tubes, conveyor belts, shoes, seals, and glues.
The important methods for producing nitriles are ammoxidation and hydrocyanation. Ammoxidation is an industrial process to produce nitriles using oxygen and ammonia. Hydrocyanation is the process in which hydrogen and cyanide ions are added to a molecular substrate. The electronic structure of nitriles is the same as of alkyne excluding the presence of lone pair of electrons with nitrogen, thus making it a polar molecule. Nitriles then tend to have higher boiling points; which is again the property of nitriles having various applications.
Specialty nitriles have extensive applications in the automotive industry worldwide and behold potential opportunities. The demand is growing due to the requirement for auto components which is one of the fastest-growing industries and is expected to be a million-dollar industry during the forecast period.
The driving factors responsible for the growth of specialty nitriles market include growing demand from automotive industries and a rise in the sales of vehicles in recent years. Additionally, end-user industries and augmented demand from various sectors are contributing significantly to the growth of the market. Furthermore, rapid industrialization coupled with infrastructure development globally is likely to boost the market. Moreover, the increased use of specialty nitriles in medical and industrial applications is anticipated to contribute to market growth. However, fluctuations in the pricing of raw materials linked to environmental concerns are projected to limit the market growth. Overall, the market growth for the specialty market is anticipated to grow at a significant CAGR during the forecast period owing to the driving factors.
Application-wise the global specialty nitriles market is segmented into hose, belting & cable, adhesive & sealants, industrial and medical gloves, molded & extruded products, cement, oil field products, and weather stripping cables. Industrial & medical gloves are anticipated to dominate the market whereas belting & cable, hose have been the largest application segment for the specialty market. End-user industries for the specialty market include automotive and construction. Construction is likely to grow at a higher CAGR during the forecast period whereas automotive sub-segment dominated the end-user industry in recent years and the trend is anticipated to continue in the forecast period.
Geographically, the global specialty nitriles market is segmented into North America, Western Europe, Eastern Europe, Middle-East, Asia-Pacific, and Africa. Asia-Pacific dominates the global market holding a significant CAGR. APAC regions are estimated to continue dominating the global market during the forecast period owing to upsurge demand. Since the economic recession in the last decade, the demand for specialty nitriles in North America and Western Europe has slowed down. China is the largest consumer of nitrile butadiene rubber (NBR) while North America and Japan are large consumers of hydrogenated nitrile butadiene rubber (HBNR). The key players in the global market include LG Chemicals, Omnova Solutions, Lanxess AG, and Zeon Chemicals.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
Leading SME award by D&B
"The quality of research they have done for us has been excellent."