Established Applications Sustain Growth in the Global Chloroprene Rubber Market

Sustained demand from major end-use applications specifically in automotive components, adhesives and industrial rubbers is poised to drive the global Chloroprene Rubber market to reach 370.7 thousand metric tons by 2024.

Chloroprene rubber or polychloroprene rubber or neoprene is a synthetic rubber that is produced through chloroprene’s polymerization. While elastomers such as rubber are characterized by their rigid yet soft feature, they are difficult to be reprocessed or recycled as processing leads to rubbers becoming crosslinked whereby they cannot be re-molded or softened through heating process. Chloroprene rubber is however an exception as it can be recycled easily, thus lowering the amount of waste and scrap being generated. CR also exhibits better resistance to solvents and oils compared to synthetic rubbers and natural rubber. The material also exhibits superior resistance to adverse impact of aging, sunlight and oxidation. Polychloroprene rubber is primarily used in applications such as waterborne adhesives, automotive hoses and belts, dipped goods, footwear, and gloves, among others. In addition to traditional applications, CR-based special adhesive raw materials and lattices can be produced that offer high margins compared to other applications of chloroprene rubber.

Chloroprene rubber is an important material, given its extensive use in applications in several major industries such as medical, consumer goods, automotive and manufacturing. The global market for chloroprene rubber continues to be driven by the sustained demand from major end-use industries including automobile and construction sectors. The rising demand for industrial rubber products, adhesives and automobiles provides positive outlook for the CR market. The rising demand for chloroprene rubber components in automotive industry, growing need for using protective lining in chemical plants and the rising demand for CR-based modified adhesives are also fueling market growth.

Increasing automobile sales and production volumes is driving demand for automotive components, thus fueling demand for CR used in such components. Also, with manufacturing activity gaining strength in various industries, the demand for CR used in transmission belts, cables, molded goods, and conveyor belts is expected to continue witnessing an upward trend. In addition, increase in private public investments into construction sector and focus on infrastructure development projects especially in developing economies are favoring demand for CR in building & construction industry. Also driving the CR market is the rising demand for cold- and weather-resistant products such as wetsuits and marine products. Further, the market benefits from the increasing use of CR in electric cables to meet the ever-growing need for energy and subsequent the subsequent increase in the number of power transmission lines being established. The market also benefits from the inefficiencies associated with competitive products such as natural rubber, synthetic SBR and isoprene.

As stated by the new market research report on Chloroprene Rubber, Asia-Pacific represents the largest regional market, worldwide. Asia-Pacific is also forecast to register the fastest CAGR of 4.7% over the analysis period, driven by the increasing focus on infrastructure development projects, including construction of roads and bridges in countries such as China and India, rapid growth of automotive industry and the subsequent increase in demand for CR-based auto components, and escalating demand for industrial products and chemicals. In developed markets such as North America and Europe, while the demand for CR has slowed down, potential opportunities are emerging from the positive outlook in the automotive industry and uptick in manufacturing activity in these regions.

Major players in the market include ARLANXEO Holding B.V., Chongqing Changshou Chemical Co. Ltd., Denka Co. Ltd., Shanxi Synthetic Rubber Group Co. Ltd., Showa Denko K.K., Tosoh Corporation and Zenith Industrial Rubber Products Pvt. Ltd., among others.

The research report titled “Chloroprene Rubber: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, Mexico and Rest of Latin America). The report analyzes the Chloroprene Rubber market by End-Use Industry – Automobile, Construction, Chemical, Textile and Others.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

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