The global chloroprene rubber market is expected to witness significant demand over the forecast period. Increasing demand from end use industries including adhesives, automobiles and rubber products is expected to steer the chloroprene rubber market growth. Chloroprene rubber (CR) is an artificial polymer that acts as an elastomer. Elastomers can experience greater elastic deformation under anxiety and recovers its former size without permanent deformation. CR has higher high ozone, weather resistance and greater mechanical quality, higher aging resistance, low flammability, great resistance toward chemicals, moderate fuel & oil resistance and adhesion to many substrates.
CR plays a major role in the global economy, with key applications in various industries including manufacturing, automotive, medical industries, and consumer goods. The automotive industry is expected to account majority of the share over the forecast period. Chloroprene rubber is extensively used in cables, molded goods, transmission belts and conveyor belts. Increasing demand for these products across the manufacturing sectors is expected to boost the market demand for chloroprene rubber over the next eight years.
Increasing automotive industry in emerging economies including India, China, and Thailand. Growing presence of several tire manufacturing facilities coupled with high economic growth regions including Asia and Latin America are expected to steer the rubber consumption over the forecast period. Natural rubber and synthetic rubber are estimated to act as substitutes owing to their properties related to chloroprene rubber. Hence these factors are expected to restrain the market growth over the forecast period. Rising thermoplastic elastomers (TPE) consumption due to its low production cost and wide applications is estimated to hinder the market growth.
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Asia Pacific is estimated to be the fastest and largest growing market globally for chloroprene rubber on account of increasing demand from major regions such as China, India and Thailand in several industrial and automobile product applications. Europe and North America are expected to witness substantial growth rate following Asia Pacific owing to rapid industrialization and increasing population over the next eight years. Expansion and investment in R&D particularly in substituting smoked rubber suppression technique along with vulcanization in chloroprene production procedures owing to various benefits such as retention of nonabsorbent properties and elastic memory estimated to offer high growth opportunities to key industry players.
On the basis of application the global market has been segmented into adhesives, automobiles, and industrial rubber. Chloroprene rubber is being used in coatings, binders, hoses, belts and electric wire in automobile components, construction, window seals, and architectural rubber products, general and industrial material. Adhesives application segment of the chloroprene rubber market is expected to attain major share of the global demand over the next eight years on account of increasing demand of these materials in automotive and construction industry. However, industrial rubber products such as gaskets, hoses and belts are estimated to be the highest growing segment worldwide.
Key industry participants in the global chloroprene industry are Asahi Kasei, Denka Group, DuPont Elastomers, Chemicals Corporation, Showa Denko K.K., Lanxess AG Dow Chemical Company. Other industry players include Tosoh Corporation, Chongqing Longevity chemical and salt, Zenith Industrial Rubber, Shanxi Synthetic Rubber, and Nairit Plant CJSC.
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