Market Research Future/MRFR projects that the chloroprene rubber market could attain a decent CAGR of 4% from 2020 to 2027. By the end of 2027, it is also anticipated that the market size can reach USD 1.57 billion.
Market Boosters and Barriers
Chloroprene rubber is well recognized for excellent gum vulcanizate strength backed by strain-induced crystallization. It also exhibits high storage hardening owing to slower crystallization rate while also boasting of impressive physical characteristics such as thermal resistance, weather resistance. CR is able to retain all these properties even in extremely low temperatures. Civil engineering as well as construction activities require high performance elastomers with exceptional weathering resistance, good mechanical properties, and long-term flexibility, for which chloroprene rubber is the ideal solution. It is also utilized in cables, molded goods, transmission belts, and conveyor belts, and therefore, will continue to enjoy high demand in the years to come. Surge in automotive production, soaring number of tire production units across Asia and Latin America in line with the improving economic status, should foster the chloroprene rubber consumption in the next few years.
Since CR has impressive tear and abrasion resistance, it finds exhaustive use in refrigeration units, heating, and air conditioning systems (HVAC), and various other dynamic applications. Chloroprene rubber market share is witnessing a healthy growth backed by consistent socio-economic improvement in developing countries. This has led to a higher purchasing capacity of people and has resulted in the growth of major end-use sectors like textile, construction, automotive, electronics, furniture, and more.
The COVID-19 outbreak has created a huge imbalance in the supply and demand ratio, in view of reduced workforce and the lockdown induced travel bans. However, companies are now shifting their focus on technical integration during the value chain, which should foster the competitive quotient. Rising deployment of innovative technologies such as drones, Internet of Things (IOT), robotics, blockchain, artificial intelligence and cloud computing is expected to change several aspects of chloroprene rubber manufacturing process, for the better. The use of these technologies has increased majorly for bolstering the safety level, fostering efficiency as well as reliability and facilitating accurate monitoring across the supply chain.
Chloroprene rubber market can be considered for Grade, Application, Type as well as End-User,
The grades discussed in the report include Sulfur Modified, Linear, Crystallizing Resistance and more. Linear grades have attained the top spot in the global market and are generally achieved using n-dodecyl mercaptan and sometimes, with the use of xanthogen disulfides. In the case of xanthogen disulfides being used, the elastomer is more easily processible and produces vulcanizates with much better mechanical characteristics.
Applications of CR include wires and cables, coating, and adhesives as well as hoses and tubes. Coating and adhesives applications of chloroprene rubber are the most extensive and therefore, have captured the highest share in the global industry. Surging consumption of coating and adhesives in the automotive and construction sectors are the top reasons for the segment’s strong growth in the market.
Formaldehyde-based resins, Acrylic, Polyester, Urethane, Epoxy, and others are the major types of chloroprene rubber available in the global market.
End-users considered in the report include Textiles, Electronics, Automotive, Adhesion (Furniture), Footwear, Construction, to mention a few.
The chloroprene rubber industry has been geographically segmented with respect to Europe, the Middle East Africa (MEA), Asia Pacific (APAC), Latin America along with North America.
Asia Pacific will not only capture the fastest CAGR but also emerge as the most lucrative market for chloroprene rubber in the following years. Thanks to the rampant demand for the product in China with extensive applications in industrial component and automobile, the regional market will continue to fare well in the coming years. Booming population along with the surge in the industrialization rate as well as rising focus of players on exhaustive RD activities should be favorable as well. Various companies in the region are working on bolstering their production capacity, given the escalating demand across end-use sectors. These strategical moves taken by the top manufacturers is bound to also work in favor of the chloroprene rubber industry during the analysis period.
The markets in North America and Europe stand to profit from the ever-increasing population and the high industrialization rates in both the regions. Innovations in technology with surging focus on using vulcanization instead of smoked rubber suppression during the chloroprene production process should also enhance the market sizes in both the regions over the ensuing period.
The leading contenders proactively employing strategies to remain one step ahead of their competitors include Asahi Kasei Chemicals Corporation, Denka Group, 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., Shanxi Synthetic Rubber Group Co. Ltd., Polymer-Technik Elbe Gmbh, Maclellan Rubber Ltd., Zenith Rubber, Trelleborg AB, ARLANXEO and Polymer-Technik Elbe Gmbh.
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