Chloroprene Rubber Market Overview
Chloroprene Rubber (CR) was the first synthetic rubber developed commercially and exhibits generally good ozone, aging and chemical resistance. It also has good abrasion and tear resistance and is suitable for use in heating and air conditioning systems (HVAC), refrigeration units and numerous dynamic applications. The global Chloroprene Rubber market is estimated to grow at a CAGR of 2.19 % during the forecast period 2018–2023. The APAC region is forecast to have the highest CAGR of 2.57%.
Chloroprene Rubber Market Outlook
There are various factors responsible for the growth of the CR market in APAC. The primary factors responsible for the growth include the rapidly growing construction industry coupled with the stable growth of the automotive industry. Also, the growing applications of chloroprene rubber in electric vehicles are boosting the growth of the market in Europe and North America. North America held a share of 24% of the overall CR market in 2017, and is estimated to grow at a CAGR of 1.73% during the forecast period 2018–2024.
Chloroprene Rubber Market Growth Drivers
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 Market Challenges
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.
Chloroprene Rubber Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Chloroprene rubber market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Chloroprene rubber, and their specific applications in different end user industries.
Chloroprene Rubber Market Report: Industry Coverage
The Chloroprene Rubber market is segmented based on type, end user industry. The types of Chloroprene Rubber include polyester, acrylic, epoxy, urethane, formaldehyde-based resins, and others. The end user industries include automotive, construction, paints and coatings, adhesives, electronics, and others.
The Chloroprene Rubber report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- Europe: The U.K., Germany, France, , Russia, Italy, Spain, Rest of Europe
- APAC: China, Japan, South Korea, India, Rest of APAC
- Rest of the World: Middle East and Africa, South America
Chloroprene Rubber Market Key Players Perspective
The major manufacturers of Chloroprene Rubber include Denki Kagaku Kogyo K.K. (DENKA (), Lanxess, Shanxi Synthetic Rubber Group, Tosoh, Showa Denko, and Chongqing Changshou Chemical Company.
Chloroprene Rubber Market Trends
- Manufacturers in this market offer good and efficient chloroprene rubbers, and at the same time, new manufacturers are coming up with cutting-edge technological innovations, resulting in tremendous increase in the degree of competition in the global market.
- Moreover, product launches, mergers and acquisitions, and partnerships by companies as well as individual researches have been boosting the market for Chloroprene rubbers.