LONDON—Synthomer P.L.C.'s performance elastomers segment has been strongly impacted by a decline in demand for nitrile butadiene rubber latex gloves.
Overall, group sales fell 50 percent in 2022 to $306 million, reflecting an 85-percent decline in performance elastomers' sales to $60.3 million, according to the United Kingdom-based group's annual results.
Synthomer linked the decline to "significantly reduced" NBR latex demand due to "extreme medical gloves inventories" built up during the COVID-19 pandemic.
"Our year-to-date trading performance reflects the continuation of the challenging macroeconomic conditions in the final quarter of 2022," Synthomer said in its March 28 report.
The London-headquartered group also reported "subdued levels of demand" across most of its end markets and geographies.