Chloroprene rubber Market

Global Chloroprene rubber Market Size, Trends & Growth Opportunity, By Grade (Linear, Crystallizing Resistance, Sulfur Modified, Others), By Application (Coatings & Adhesives, Wires & Cables, Hoses & Tubes, Building & Construction, Automotive, Medical Applications and Others), By Region and Forecast till 2027.

Global Chloroprene rubber Market

The global Chloroprene rubber market was valued at USD 0.98517 billion in 2020 which expected to reach USD 1.39 billion by 2027 at a CAGR 4.6% from 2020-2027.

Chloroprene is a colorless fluid that is used as a monomer to create the polymer polychloroprene. Polychloroprene is a type of artificial rubber. High flexibility, solvent resistance, heat resistance, sweat, adhesion to various surfaces, and weather aging are the major qualities of this synthetic rubber. Chloroprene rubber is utilized in a variety of industries, including the rubber and adhesive industries. Chloroprene rubber is used to make dipped goods like gloves, to increase bitumen quality, and to make molded foam.

Market Drivers

Chloroprene rubber is increasingly used in automotive and other end-use industries.

The growing global need for fuel-efficient vehicles will drive the Chloroprene Rubber market forward. The electronic sector is expanding its demand for chloroprene rubber because to its various attributes such as light weight, dielectric capabilities, high temperature resistance, and high impact qualities. Rapid urbanization and the economic expansion in Asia-rising Pacific's countries are predicted to increase demand for chloroprene rubbers for use in construction composites. Chloroprene rubber is in high demand in end-use sectors such as the rubber and adhesive industries.

Market Restraints

The rapid adoption of alternative rubber products such as natural rubber, styrene butadiene rubber, and isoprene are important restrictions on the worldwide chloroprene rubber industry. Rising demand for chloroprene-based bearing pads in bridge construction due to increased inter-trade and transportation is expected to be a major driver for the chloroprene rubber market during the forecast period.

COVID-19 Impact on the Chloroprene rubber Market

The global COVID-19 pandemic has caused a stop to manufacturing activity all over the world, affecting demand for chloroprene rubber as well as its manufacture and processing. Automotive and transportation are two of the most severely hit end-use areas of the chloroprene rubber business. According to the Society of India Automobile Manufacturers (SIAM), passenger car sales in India fell 51 percent in March 2020 to 143,014 units. In addition, commercial vehicle sales decreased 88 percent to 13,027 units, while two-wheeler sales fell 40 percent to 866,849 units. The COVID pandemic has caused damage on the automotive sector. Automobile sales in the United States are supposed to decrease by 27% in 2020

Market Segmentation

The Global Chloroprene rubber Market is segmented into Grade, Application. By Grade such as Linear, Crystallizing Resistance, Sulfur Modified, Others. Further, market is segmented into By Application such as Coatings & Adhesives, Wires & Cables, Hoses & Tubes, Building & Construction, Automotive, Medical Applications and Others.

Regional Analysis

Global Chloroprene rubber Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominated the chloroprene rubber market. This is due to china’s growing demand in a variety of vehicle and industrial component applications. North America and Europe are expected to develop significantly after Asia Pacific due to rising population and rapid industrialization throughout the forecast period. The introduction of new technology for substituting smoked rubber suppression with vulcanization in the chloroprene manufacturing process has also resulted in the increase of the market in North America and Europe.

Key Players

Various key players are listed in this report such as Denka Group, Asahi Kasei Chemicals Corporation, DuPont Performance Elastomers, Dow Chemical Company, Showa Denko K.K., Lanxess AG, Chongqing Longevity Salt and Chemical Co. Ltd., Tosoh Corporation, Nairit Plant CJSC, Zenith Industrial Rubber Products Pvt. Ltd. and Shanxi Synthetic Rubber Group Co. Ltd. among others.

Market Taxonomy

By Grade

• Linear
• Crystallizing Resistance
• Sulfur Modified
• Others

By Application

• Coatings & Adhesives
• Wires & Cables
• Hoses & Tubes
• Building & Construction
• Automotive
• Medical Applications
• Others

By Region

• North America
• Latin America
• Europe
• China
• Asia Pacific
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Global Chloroprene rubber Market?
• What will be the growth rate from 2020 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?