Chloroprene Rubber Industry Overview
The global chloroprene rubber market size is expected to reach USD 1.39 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.6% from 2021 to 2028. Increasing adoption of chloroprene rubber in the automotive, electrical & electronics, construction, and textile industries is projected to fuel the market growth during the forecast period. It is widely used in tire sidewalls, automotive trims, gaskets, and related products owing to the rising demand for Electric Vehicles (EVs).
Chloroprene Rubber Market Segmentation
Grand View Research has segmented the global chloroprene rubber market on the basis of application and region:
Based on the Application Insights, the market is segmented into Automotive, Electrical & Electronics, Construction, Textile, Others.
- The automotive application segment dominated the market in 2020 and accounted for more than 35% of the overall revenue share. Chloroprene rubber exhibits toughness and excellent resistance to abrasion, chemicals, fuels, and flame, which make it suitable to manufacture tire sidewalls, O rings, fan belts, and automotive trims.
- The increasing demand for Electric Vehicles (EVs) and the rising disposable income levels are anticipated to fuel the product demand during the forecast period.
- The product is also widely used in the healthcare sector due to its good tensile strength and resistance to chemicals, which is expected to stimulate the demand for medical glove production. Also, increasing awareness about contagious diseases coupled with a rise in medical diagnostics facilities is anticipated to drive the product demand in the medical sector.
- Rapid urbanization has resulted in the emergence of new trends in the clothing sector. This is expected to drive the market for textiles. The evenly distributed gas bubbles provide the thermal insulation property in chloroprene rubber. The property makes it suitable to be used in winter clothing.
Chloroprene Rubber Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Leading market players compete based on their product development capabilities and new technologies used in product formulations. Established manufacturers are implementing different strategic initiatives to enter into the elastomer manufacturing business.
Some prominent players in the global chloroprene rubber market include
- Tosoh Corp.
- Denka Company Ltd.
- ARLANXEO
- Sedo Chemicals Neoprene GmbH
- QingDao Nova Rubber
Order a free sample PDF of the Chloroprene Rubber Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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