7 Reasons Why You Need to Know NBR HS Code for Your Business
NBR HS code is a six-digit code that classifies acrylonitrile-butadiene rubber (NBR) products for international trade. NBR is a synthetic rubber that has excellent resistance to oil, fuel, and other chemicals. It is widely used in various industries, such as automotive, aerospace, medical, and construction. If you are involved in importing or exporting NBR products, you need to know the NBR HS code for your business. Here are seven reasons why:
1. To comply with customs regulations
Every country has its own customs regulations and tariffs for different products. By using the correct NBR HS code, you can avoid delays, fines, or penalties at the border. You can also benefit from preferential tariffs under free trade agreements, if applicable.
2. To declare your shipments accurately
When you ship NBR products to another country, you need to declare them in the Automated Export System (AES) or the equivalent system of the destination country. You need to provide the NBR HS code, along with other information, such as the value, quantity, and origin of your goods. This helps the customs authorities to process your shipment faster and more efficiently.
3. To conduct market research and obtain trade statistics
The NBR HS code is a useful tool for conducting market research and obtaining trade statistics. You can use it to find out the demand, supply, price, and competition of NBR products in different countries and regions. You can also use it to identify potential markets and customers for your business.
4. To compare products and prices
The NBR HS code helps you to compare products and prices from different suppliers and countries. You can use it to find out the quality, specifications, and features of NBR products from different sources. You can also use it to negotiate better deals and terms with your suppliers or buyers.
5. To protect your intellectual property rights
The NBR HS code can help you to protect your intellectual property rights (IPR) in international trade. By using the correct NBR HS code, you can prove that your products are original and not counterfeit or infringing on others’ IPR. You can also use it to register your trademark or patent in different countries.
6. To ensure product safety and quality
The NBR HS code can help you to ensure product safety and quality in international trade. By using the correct NBR HS code, you can comply with the standards and regulations of different countries for NBR products. You can also use it to certify that your products are safe and meet the requirements of your customers.
7. To enhance your brand image and reputation
The NBR HS code can help you to enhance your brand image and reputation in international trade. By using the correct NBR HS code, you can demonstrate that your products are professional, reliable, and trustworthy. You can also use it to differentiate your products from others and create a competitive advantage for your business.
NBR HS Code: An Overview of the Global Market for Acrylonitrile Butadiene Rubber
Acrylonitrile butadiene rubber (NBR) is a synthetic rubber that is widely used in various industries such as automotive, oil and gas, construction, and medical. NBR has excellent resistance to oil, fuel, and other chemicals, as well as good mechanical properties and abrasion resistance. NBR is also known as nitrile rubber, Buna-N, or Perbunan.
The global market for NBR is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2020 to 2027, reaching USD 3.1 billion by 2027, according to a report by Grand View Research. The increasing demand for NBR in the automotive industry, especially for hoses, seals, gaskets, and belts, is one of the key drivers for the market growth. The rising adoption of NBR in the medical sector, especially for gloves and catheters, is another factor that is boosting the market demand. Moreover, the growing use of NBR in the oil and gas industry, especially for drilling fluids and blowout preventers, is also contributing to the market expansion.
However, the market growth may be hampered by the volatility in raw material prices, such as acrylonitrile and butadiene, which are derived from crude oil. The environmental regulations and health concerns regarding the use of NBR may also pose challenges for the market development. Furthermore, the competition from other synthetic rubbers, such as hydrogenated nitrile rubber (HNBR) and fluoroelastomers (FKM), may also limit the market growth.
The global market for NBR is segmented by product type, application, end-use industry, and region. By product type, the market is divided into hot NBR and cold NBR. Hot NBR is produced at high temperatures and has higher acrylonitrile content than cold NBR. Hot NBR has better oil and fuel resistance than cold NBR but lower elasticity and low-temperature performance. Cold NBR is produced at low temperatures and has lower acrylonitrile content than hot NBR. Cold NBR has better elasticity and low-temperature performance than hot NBR but lower oil and fuel resistance.
By application, the market is categorized into hoses, belts, seals, gaskets, o-rings, gloves, molded products, adhesives, sealants, foams, and others. Hoses accounted for the largest market share in 2019, owing to the high demand for NBR hoses in the automotive industry. Gloves are expected to witness the fastest growth rate during the forecast period, due to the increasing demand for NBR gloves in the medical sector amid the COVID-19 pandemic.
By end-use industry, the market is classified into automotive, oil and gas, construction, medical, industrial, and others. Automotive dominated the market in 2019, as NBR is widely used in various automotive components such as hoses, seals, gaskets, belts, brake pads, fuel injectors, and airbags. Medical is projected to register the highest CAGR during the forecast period, as NBR is increasingly used in medical devices such as gloves, catheters, syringes, blood bags, and surgical masks.
By region, the market is segmented into North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). APAC held the largest market share in 2019,
followed by North America and Europe. APAC is also expected to be the fastest-growing region during
the forecast period , due to the rapid industrialization , urbanization , and economic growth in countries such as China , India , Japan , South Korea , and Indonesia . The rising demand for NBR in
the automotive , oil and gas , construction , medical , and industrial sectors in APAC is also driving
the market growth in this region .
What Is The Harmonized System Code For NBR?
The Harmonized System (HS) code for NBR is 4002.59 , which falls under the category of “Synthetic
rubber and factice derived from oils , in primary forms or in plates , sheets or strip ; mixtures of any
product of heading 4001 with any product of this heading , in primary forms or in plates , sheets or
strip”. The HS code is a standardized numerical method of classifying traded products that is used by
customs authorities around the world to identify products when assessing duties and taxes and for
gathering statistics . The HS code consists of six digits , which can be further extended by countries
to add more specificity . For example , the U.S. Schedule B number for NBR is 4002.59.0000 , which
is a 10-digit code that is used for export classification and reporting .
References:
http://www.wcoomd.org/en/topics/nomenclature/overview/what-is-the-harmonized-system.aspx
http://www.wcoomd.org/en/about-us/wco-members/membership.aspx
https://www.science.org/doi/10.1126/science.aaa3141
https://web.archive.org/web/20150615224124/http://iisrp.com/WebPolymers/07NBR-18Feb2002.pdf
http://www.therban.com/
https://doi.org/10.1080%2F15583724.2013.776586
https://nbr.gov.bd/taxtype/tariff-schedule/eng
https://www.trade.gov/harmonized-system-hs-codes
https://www.findhs.codes/hs-code-for-nbr
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