The global chloroprene rubber market is expected to witness tremendous growth owing to its increasing demand from the rubber industry, the raw material for adhesives, and for various latex applications. In addition, chloroprene rubber is also used in molded goods, cables, conveyor belts and transmission belts, which is anticipated to increase market share significantly over the forecast period. Increasing automotive production, economic growth, and the rising number of tire manufacturing units in Latin America and Asia are further expected to fuel rubber consumption. Other synthetic rubbers and natural rubber on account of being potential substitutes are anticipated to restrict chloroprene rubber market growth in the next six years. Growth in thermoplastic elastomers (TPEs) consumption owing to low production cost and novel applications is expected to restrict synthetic rubber use over the forecast period.
Asia Pacific is expected to be the largest and fastest-growing market for chloroprene rubber owing to surging demand from China in diverse automobile and industrial component applications. North America and Europe are anticipated to witness significant growth following the Asia Pacific on account of increasing population and rapid industrialization over the forecast period. Extensive R&D in terms of replacing smoked rubber suppression with vulcanization in chloroprene manufacturing process owing to benefits including retention of elastic memory and nonabsorbent properties are expected to provide extensive growth potential to key market participants.
Chloroprene rubber is widely used in binders, coatings, electric wire, hoses and belts in motor vehicle components, general industrial material, architectural rubber products, construction and window seals. Adhesives application segment of the chloroprene rubber market is anticipated to capture a major share of the overall demand in the next six years owing to increasing consumption in the construction and automotive industry. However, industrial rubber products including gaskets, belts, and hoses are projected to be the fastest-growing segment over the forecast period as a result of increasing the manufacturing industry worldwide.
Key players in chloroprene rubber market include 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.
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