Chloroprene Rubber Market Analysis
Chloroprene is a colorless liquid that is used to make the polymer Polychloroprene as a monomer. Polychloroprene is a synthetic rubber that comes in a variety of colors. High elasticity, solvent resistance, heat resistance, sweat, adherence to various surfaces, and weather ageing are the major characteristics of this synthetic rubber. One of the first oil-resistant synthetic rubbers was chloroprene rubber (CR), often known as Neoprene. It is a good all-around rubber with a strong combination of physical and chemical qualities. Its resistance to petroleum-based oils and fuels, on the other hand, is only moderate. Chloroprene rubber has a wide range of industrial applications, including automotive hoses and belts, architectural rubber products, and basic industrial components. Previously, chloroprene rubber was only used in electrical lines and adhesives. However, the market has altered considerably, and vehicle components and industrial products are now in high demand.
COVID-19 Impact analysis
The global COVID-19 epidemic has halted manufacturing activity around the world, hurting demand for chloroprene rubber as well as its manufacture and processing. Automotive and transportation are the most severely damaged end-use areas of the chloroprene rubber business. It has largely affected the supply chain management of the market.
Top Impacting Factors
Chloroprene rubber is used in a variety of industries, including the rubber and adhesive industries. Chloroprene rubber is also used to make dipped goods like gloves, as well as to increase bitumen quality and mold foam. Rapid development in developing regions such as Asia-Pacific and the Middle East, are expected to drive the demand for chloroprene rubber use. Furthermore, the market's expansion would be aided by significant investments in R&D. The global need for fuel-efficient vehicles will drive expansion in the chloroprene rubber market. The electronic sector is growing its need for chloroprene rubber due to its various attributes, including lightweight, dielectric capabilities, high-temperature resistance, and high-impact qualities.
Market Trends
- Rubber made with chloroprene Hoses, transmission belts, conveyors, and molded pieces are just a few examples of industrial usage. Shifting our attention to the construction industry, its use in the commercial and residential sectors has aided the market's growth. Rapid urbanization will almost certainly have a favorable impact on the market. In addition, due to workplace safety, rubber glove manufacturing is expected to see a significant increase in demand.
- China, Japan, and the U.S. account for the majority of chloroprene rubber demand. China, in particular, has a strong demand for chloroprene rubber, which is rapidly increasing due to the development of manufacturing businesses in the country.
- Because of rising demand from the rubber sector, as a raw material for adhesives, and for different latex applications, the global chloroprene rubber market is predicted to rise rapidly. Chloroprene rubber is also utilized in molded goods, cables, conveyor belts, and transmission belts, all of which are expected to grow significantly in market share over the projection period.
- Rubber consumption is likely to be fueled further by expanding vehicle production, economic expansion, and the growing number of tire manufacturing units in Latin America and Asia. Other synthetic rubbers and natural rubber are expected to limit chloroprene rubber market growth in the next six years due to potential substitutes. Synthetic rubber use is likely to be limited over the forecast period as demand for thermoplastic elastomers (TPEs) grows due to cheap production costs and new uses.
- In motor vehicle components, general industrial material, architectural rubber goods, construction, and window seals, chloroprene rubber is widely used in binders, coatings, electric wire, hoses, and belts. Because of rising demand in the construction and automotive industries, the adhesives application segment of the chloroprene rubber market is expected to take a significant share of overall demand in the next six years. However, due to the growing manufacturing industry worldwide, industrial rubber products such as gaskets, belts, and hoses are expected to be the fastest-growing segment over the projection period.
- 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. are among the major players in the chloroprene rubber market
- Increasing demand for chloroprene-based bearing pads in bridge construction is expected to be a major driver for the chloroprene rubber market during the forecast period, owing to increased inter-trade and transportation. The market is predicted to develop due to rising automobile production and sales, as well as rising consumption of chloroprene-based automotive components.
Key Benefits of the Report
- This study presents the analytical depiction of the chloroprene rubber market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the chloroprene rubber market share.
- The current market is quantitatively analyzed to highlight the chloroprene rubber market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed chloroprene rubber market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the chloroprene rubber Report
- Who are the leading market players active in the chloroprene rubber market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is chloroprene rubber?
- What does chloroprene rubber allow organizations to achieve?
- Which technologies combine to make chloroprene rubber critical organizational asset?
- What are the current trends and predicted trends?
Key Market Segments
- By Grade
- Linear
- Crystallizing
- Sulfur
- Others
- By Application
- Coating and Adhesives
- Wires and Cables
- Hoses and Tubes
- Others
- By End-Use Industry
- Automotive
- Construction
- Furniture
- Electronics
- Textile
- Others
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of LAMEA
Key Market Players
- Goodyear Tire and Rubber Company
- Chenguang Research Institute of Chemical Industry Co., Ltd.
- The Dow Chemical Company
- Zeon Corporation
- Apar Industries Limited
- DENKA Company Limited
- Solvay SA
- Kumho Petrochemical
- Asahi Kasei Corporation
- Mitsui Chemicals Inc.