Nitrile Butadiene Rubber Latex Market Size

Nitrile Butadiene Rubber Latex Market size is poised to reach USD 10 Billion by the end of 2036, growing at a CAGR of 11% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of nitrile butadiene rubber latex was USD 3 Billion. The reason behind the growth is due to the rising spending in the medical sector. NBR latex is a synthetic material with a milky color that is used extensively in the medical and pharmaceutical industries for both surgical and examination purposes as it is stronger and more resilient and is typically more skin-friendly. According to the OECD Health Statistics 2023, preliminary estimates for a group of 20 countries indicate that health spending increased by almost 6% on average in 2021.

The growing awareness regarding the safety of employees in the workplace is also believed to fuel NBR latex market growth. The market for industrial protective gloves will expand as a result of increased awareness of workplace safety as organizations are focusing more on training efforts that educate employees about the importance of wearing protective gloves and other safety procedures that can boost their confidence and protect them from potentially harmful job conditions.