Global Specialty Nitrile Market is valued USD 608.07 Billion in 2019 and is projected is to exhibit 4.54% CAGR during the forecast period. The market is projected to be around USD 829.72 Billion by 2026. The market is driven by the growing demand from automotive industries.
Specialty nitriles are produced as the end products while during the manufacturing of acrylonitrile. Specialty nitriles contain nitriles such as acetonitrile, hydrogen cyanide, oxazole, acetone cyanohydrin, and ammonium sulfate. Nitrile is an organic compound, which has a triple bond between carbon and nitrogen.
Specialty Nitrile Market Dynamics
The factors that drive the growth of the specialty nitrile market is growing demand from automotive industries and a rise in the sales of vehicles in the coming years. The increase in demand for specialty nitriles from the pharmaceutical sector in emerging economies is key factors that increase the growth of the specialty nitriles market. Additionally, a rise in deposable income is rising the demand for automotive across the globe.
Additionally, end-user industries and augmented demand from various sectors are offering significant growth to the specialty nitrile market. At the same time, fluctuations in the pricing of raw materials liked to hamper the growth of the market. Furthermore, rapid industrialization coupled with infrastructure development is like to boost the specialty nitrile market during the forecast period.
Specialty Nitrile Market Insight
Based on the region, North America is expected to dominate the specialty nitrile market, due to the growing automotive industry in North America is expected to drive the specialty nitrile market in the region. Additionally, Asia Pacific is expected to hold the second-largest market during the forecast period, due to the rise in the per capita income of people across the region. The growth in the use of specialty nitriles for manufacturing rubber products is supposed to drive the specialty nitriles market in the Asia Pacific.
Specialty Nitrile Market Segmentation
The global Specialty Nitrile Market is segmented into type, application, and region. On the basis of the type the market is divided into nitrile butadiene rubbers (NBR), hydrogenated nitrile butadiene rubber (HNBR). Based on application the market is segmented into automobile, adhesives, oil production, electrical, mechanical engineering, consumer goods, ship building, others. And based on the geography the market is further segregated into North America, Latin America, Europe and Asia Pacific.
Specialty Nitrile Market Competitive Landscape
The key players in Specialty Nitrile Market are listed as Zeon Chemicals, Lanxess, Synthos, Kumho Petrochemical, JSR Corporation, Sibur Holding, Versalis, Omnova Solutions, LG Chemicals, and Other.