Chloroprene Rubber Market Outlook (2022 - 2032)
The global chloroprene rubber market is projected to have an average-paced CAGR of 4.6% during the forecast period. The current valuation of the market is US$ 1,077.89 million in 2022. The market value of the chloroprene rubber market is anticipated to reach a high of US$ 1,690.02 million by the year 2032. A historical market valuation of US$ 1,030.49 million has been recorded in the analysis conducted by Future Market Insights.
The chloroprene rubber market is projected to witness an unprecedented surge in the recent few years owing to the growth of the construction and automotive industries. The increased usage of chloroprene rubber pads in reinforced concrete structures in the construction sector is expected to boost market growth over the forecast period.
The use of optical fiber cables in the telecommunication industry is expected to drive the market for cable jackets. Due to its various characteristics, including low weight, dielectric capability, high-temperature resistance, and high impact quality, the electrical & electronic industry has an increasing demand for chloroprene rubber.
Future Market Insights have analyzed the demand from host end-use industries like rubber industries, adhesives industries, and more are propelling the market size of chloroprene rubber. The properties of this product, like heat resistance, perspiration, high elasticity, and adhesion to different substrates, are reckoned to be a crucial aspect fueling the adoption of chloroprene rubber in diverse end-use industries.
Furthermore, the demand for chloroprene rubber is foreseen to witness major growth over the forecast period due to useless chloroprene rubber counterparts such as synthetic SBR, natural rubber, and isoprene. Demand for wetsuits in marine applications is likely to fuel the sale of chloroprene rubber in the forthcoming years.
Due to the existence of numerous international and regional companies, the market for chloroprene rubber is very competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development.
The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world.
Leading market players compete based on their product development capabilities and new technologies used in product formulations. It is also identified by the expert analysts at FMI that established manufacturers are implementing different strategic initiatives to enter into the elastomer manufacturing business. American government’s interests in investment offers and reviving chloroprene rubber production are being actively recognized.
Therefore, due to all these elements prevailing in the forum, it is anticipated that the chloroprene rubber market is likely to witness significant growth during the forecast period.
Chloroprene Rubber Market Value (2022)
US$ 1,077.89 million
Chloroprene Rubber Market Anticipated Value (2032)
Chloroprene Rubber Projected Growth Rate (2022-2032)
Chloroprene Rubber Market: Global Industry Analysis and Opportunity Assessment 2015 - 2025 Overview
Chloroprene is a colorless liquid which is used as a monomer to produce polymer polychloroprene. Polychloroprene is a type of synthetic rubber. The main attributes of this synthetic rubber are high elasticity, solvent resistance, heat resistance, perspiration, adhesion to different substrates and weather aging.
Chloroprene rubber derives demand from a host of end use industries such as rubber industry, and adhesive industry. Chloroprene rubber is also used to manufacture dipped articles such as gloves, to improve bitumen quality and to manufacture molded foam.
Chloroprene rubber finds extensive industrial uses as hoses and belts in automotives, as architectural rubber product and also as general industrial materials. Earlier the application of chloroprene rubber was limited to electrical wires and adhesives. However the market has changed dramatically and now experiences considerable demand from automobile components and industrial products.
Majority of the demand for chloroprene rubber comes from China, Japan and the U.S. China in particular has high consumption of chloroprene rubber and its consumption increase is rapid due to the emergence of manufacturing industries in the location.
Developing countries in Latin America, Asia Pacific, and Eastern Europe witnessed strong demand for this material. Economic growth, increasing automotive output and emergence of manufacturing industries in these regions have resulted in higher consumption of chloroprene rubber.
Chloroprene rubber is one of the most favored synthetic rubbers. However there are a lot of potential substitutes for its application. One of the main competitors for chloroprene rubber is natural rubber, as they can be easily substituted in applications.
The price of rubber serves as the deciding factor between the two. Other than natural rubber, styrene-butadiene rubber, polybutadiene rubber, and polyisoprene have grown is acceptance and is expected to account for substantial demand.
Some of the companies who manufacture chloroprene rubber are DuPont Dow Elastomers, Bayer AG, EniChem Elastomers S.A, and TOSOH Corporation.
This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, regions, product types and distribution channels.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size & Forecast 2015 -2025
- Supply & Demand Value Chain
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
- Market Drivers and Restraints
Regional analysis includes
- North America
- US & Canada
- Latin America
- Brazil, Argentina & Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa