Expanding Automotive and Construction Industries is Likely to Propel the Growth of the Global Chloroprene Rubber Market

Pune, India, February 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Chloroprene Rubber Market.

Market Highlights

Global Chloroprene Rubber Market is estimated to be valued at USD 1.62 billion by 2030, registering a CAGR of 4%.

The growth of the global market is mainly driven by the growing adoption of the product in a broad range of industries such as automotive, electronics, and furniture owing to its superior properties such as resistance to weathering (both in dry and humid climates), excellent combustion behavior, aging and heat resistance, high tensile strength, tear and wear resistance, and high dynamic fatigue resistance. The market players are emphasizing capacity expansion and new approaches to manufacture chloroprene rubber. Increasing construction activities in the developing countries are likely to offer significant growth opportunities to the players in the global chloroprene rubber market. The growth of the medical industry and the growing popularity of chloroprene rubber in the manufacturing of gloves are also expected to offer growth opportunities for the market players in the years to follow.

However, the availability of substitutes to chloroprene rubber might affect market growth during the review period.

Segment Analysis

the global market has been segmented on the basis of grade, application, end-use industry, and region. On the basis of grade, the global market has been divided into linear, crystallization resistance, sulfur modified, and others. The linear segment held a significant share of 57.7% in 2018 and is expected to register a 3.56% CAGR during the review period. Linear-grade chloroprene rubber is also known as the general purpose of chloroprene rubber grade. General-purpose/linear grade is mostly produced with n-dodecyl mercaptan as the chain transfer agent and sometimes with xanthogen disulfide. The crystallizing resistant segment is expected to register 4% CAGR by the end of 2030. The crystallization-resistant grade is used to produce rubber articles, which are required to retain their properties at very low temperatures.

Based on application, the market has been segmented into coatings & adhesives, wires & cables, hoses & tubes, and others. The coatings & adhesives segment accounted for 32.7% share the global chloroprene rubber market, valued at USD 399.8 million in 2018. Chloroprene-based adhesives are used in numerous applications such as footwear, leather, furniture, construction, and automotive industries. The growing demand for coatings in the major end-use industries particularly automotive and construction is likely to drive the growth of the segment. The others were the second-largest segment in 2018 and is projected to register the highest CAGR of 4% during the forecast period 2022-2030. The increasing demand for chloroprene latex in medical applications is the prime factor driving the growth of the segment.

Based on the end-use industry, the global market has been segmented into automotive, construction, furniture, electronics, textile, and others. The automotive segment held the largest share in 2018 and is expected to register a CAGR of 4.05% during the review period. Increasing automobile production in emerging countries such as China, India, and Mexico is likely to drive the segment’s growth at a significant rate during the review period. The electronics segment was the second largest in 2018 owing to the increasing demand for rubber sheathed cables in numerous applications. The other segment is projected to record the highest CAGR during the review period primarily owing to increasing demand for chloroprene latex in medical applications.

Regional Analysis

The Global Chloroprene Rubber Market, by region, has been segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

As per MRFR analysis, the market in Asia-Pacific held the largest market share of 51.6 % in 2018 and is expected to register 4.49% CAGR during the review period. The market growth can be attributed to the rapid growth of major end-use industries particularly automotive, electrical & electronics, and construction. The market in Europe accounted for the second-largest share in 2018 and is expected to register 3.2% CAGR during the review period. The market in North America was valued at USD 189.5 in 2018 and is expected to reach USD 220.9 by the end of 2030. The market in Latin America and Middle East & Africa are expected to register a growth rate of 3.86% and 3.54% respectively during the forecast period.

Key Findings of the Study

• The global chloroprene rubber market is projected to reach over USD 1.62 billion by 2030 at a 4% CAGR during the review period of 2022-2030.

• Asia-Pacific accounted for the largest market share, with China being the major contributor to the growth of the market, followed by Japan.

• The automotive segment is projected to register the highest CAGR during the review period on account of expanding automotive production in the developing countries.

Key Players

Market Research Future (MRFR) recognizes Denka Company Limited (Japan), Tosoh Corporation (Japan), ARLANXEO (The Netherlands), SHOWA DENKO K.K (Japan), Shanxi Synthetic Rubber Group Co.Ltd (China), and Chongqing Changshou Chemical Co., Ltd (China), Trelleborg AB (Sweden), Polymer-Technik Elbe Gmbh (Germany), Maclellan Rubber Ltd (Germany), and Zenith Rubber (India) as the Key Players in the Global Chloroprene Rubber Market.Browse Full Report Details @ chloroprene rubber market