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Chloroprene Rubber Market Size Forecast to Reach $1.65 Billion by 2025

05-11-2021 03:22 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: IndustryARC

Chloroprene Rubber Market

Chloroprene Rubber Market

Chloroprene Rubber Market size is forecast to reach $1.65 billion by 2025, after growing at a CAGR of 3.6% during 2020-2025. Chloroprene rubber is a synthetic rubber manufactured by chlorine-butene monomer polymerization. Chloroprene rubber is characterized by its balance of properties, which makes it unique among synthetic elastomers. It exhibits high mechanical strength, low flammability, aging resistance, high ozone and weather resistance, excellent resistance toward chemicals, moderate oil and fuel resistance, and adhesion to many substrates. The growth of the global chloroprene rubber market is primarily driven by the expanding Automotive industry.

Full Report Link @ https://www.industryarc.com/Report/15786/chloroprene-rubber-market.html

By Grade - Segment Analysis

Linear segment held a significant share in chloroprene rubber market in 2019. Linear grades are mostly produced with n-dodecyl mercaptan as the chain transfer agent and occasionally with xanthogen disulfides. If xanthogen disulfides are used, the elastomers are more readily processible and give vulcanizates with improved mechanical properties. Sulfur-modified grades are copolymers of chloroprene and elemental sulfur. Sulfur modification improves the breakdown of the rubber during mastication (lowering of viscosity). Sulfur-modified grades are used in particular for parts exposed to dynamic stress, such as driving belts, timing belts or conveyor belts because of their excellent mechanical properties. But the polymers are less stable during storage and the vulcanizates less resistant to aging.

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By Application - Segment Analysis

Coatings & Adhesives segment held a significant share in chloroprene rubber market in 2019 growing at a CAGR of XX% during the forecast period. Some 60% of chloroprene rubber production is used in the rubber industry for products such as molded goods, cables, transmission belts and conveyor belts. About one third of chloroprene rubber production is used as a raw material for adhesives (both solvent-based and water-based). The balance of chloroprene rubber production has different latex applications such as dipped articles (e.g., gloves), molded foam and as a rubber modifier for improved performance in asphalt products.

The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for chloroprene rubber and also production & processing of them. The most critically impacted end-use segments of the chloroprene rubber industry include automotive & transportation. According to the Society of India Automobile Manufacturers (SIAM), passenger vehicle sales declined 51% to 143,014 units in March 2020 in India. Also, sales of commercial vehicles declined 88% to 13,027 units, those of two-wheelers fell 40% to 866,849 units. The COVID outbreak has crashed the automotive industry tremendously. U.S. is anticipated to witness a decline of 27% in automobile sales in 2020.

Geography- Segment Analysis

Asia Pacific dominated the chloroprene rubber market with a share of more than XX%, followed by North America and Europe. This is due to surging demand from China in diverse automobile and industrial component applications. North America and Europe are anticipated to witness significant growth following Asia Pacific on account of increasing population and rapid industrialization over the forecast period. New technology development for replacing smoked rubber suppression with vulcanization in the chloroprene manufacturing process has also led to the expansion of the North America and Europe market.

Different automakers have reported sharp decline in their sales and in the production owing to the COVID-19. Fiat Chrysler reported that its first-quarter sales in the U.S. fell by 10% even though sales were up the first two months of the quarter. Similarly, General Motors reported 7% decline in its sales in the first quarter due to the COVID-19. IN U.S., Honda reported 19% decline in first quarter, whereas Hyundai reported 11%.

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Drivers – Chloroprene Rubber Market

Increasing usage of chloroprene rubber in automotive and various end use industries

The growing demand for fuel-efficient vehicles across the world will boost the Chloroprene Rubber market growth. The demand for chloroprene rubber from the electronic industry is increasing due to their varied properties such as light-weight, dielectric properties, high-temperature resistance, and high-impact qualities. Rapid urbanization and the economic boom in the emerging countries of Asia-Pacific are expected to boost the demand for chloroprene rubbers for use in construction composites. Chloroprene rubber has demand in end use industries such as rubber industry, and adhesive industry. Chloroprene rubber is as well used to manufacture dipped articles such as gloves, to improve bitumen quality and to manufacture molded foam.

Challenges – Chloroprene Rubber Market

Availability of substitutes

The availability of substitutes to chloroprene rubber such as styrene-butadiene rubber (SBR), nitrile rubber (acrylonitrile butadiene copolymer), epichlorohydrin rubber (ECO), and natural rubber is likely to hamper the market growth during the forecast period. 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. Moreover, environmental concerns pose major challenges in the chloroprene rubber market as chloroprene rubbers cannot be re-processed and recycled, and can neither be decomposed naturally. Moreover, the market is very capital intensive, which requires extended periods for payback, and thus, there is substantial risk for the small and emerging players to enter the market.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the chloroprene rubber market. In 2019, the market of chloroprene rubber has been consolidated by the top five players accounting for xx% of the share. Major players in the chloroprene rubber market are 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. among others.

Geographical Expansion

In August 2019, Tosoh Corporation proposed to increase the production capacity for chloroprene rubber (Skyprene) at its plant in Shunan City, Yamaguchi Prefecture, Japan.

Key Takeaways

New product developments and increasing investments in research and development of chloroprene rubber are expected to drive the growth of this market.

Among application, coatings & adhesives segment is projected to lead the chloroprene rubber market during the forecast period.

Asia Pacific dominated the chloroprene rubber market.

Related Reports :

A. Butyl Rubber Market
https://www.industryarc.com/Report/1267/Butyl-Rubber-Market-Analysis-Report.html

B. Industrial Rubber Products Market
https://www.industryarc.com/Report/15900/industrial-rubber-products-market.html

For more Chemicals and Materials Market reports @ https://www.industryarc.com/Domain/4/chemicals-materials-market-research.html

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

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