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).
The growing requirement for electrical power is
expected to drive the demand for electric cables for power transmission. This
is expected to drive the product demand in cable jackets. The rising private
& public investments in the construction sector focusing on the development
of infrastructure projects across the globe remain critical to the product
demand in construction applications. The product has a wide scope of
application in the manufacture of rubber pads products due to the demand
arising from the construction industry.
Major key players in the market are investing in
expanding and developing chloroprene for end-use industries. For instance, in
April 2021, ARLANXEO established ARLANXEO India Private Limited in India to
strengthen its position in the Indian market to meet the needs of quickly
expanding industries, such as pharmaceuticals, tires, automotive, and end-user
products.
The demand for industrial products and chemicals in
countries such as China, Japan, India, South Korea, and Thailand is expected to
impact the consumption of chloroprene rubber used in these products. Many
elastomer manufacturers are carrying out research and development activities to
develop a vulcanization process for manufacturing chloroprene rubber to replace
the existing smoked rubber suppression technique. One of the main advantages
offered by the vulcanization process is the improvement in absorbent
properties. This has helped position chloroprene rubber as a suitable material
for manufacturing protective lining in chemical plants.
Related Press Release@ Chloroprene Rubber Market Report
Chloroprene Rubber Market Report
Highlights
- In terms of revenue, the automotive application segment accounted
for the largest revenue share of more than 35% in 2020. It is expected to
grow further at a steady CAGR over the forecast period
- Asia Pacific was the largest regional market in 2020 and accounted
for more than 50.0% of the global revenue share
- China was the largest producer of vehicles in the Asia Pacific.
Rising consumer disposable income levels in the country coupled with the
high demand for EVs and luxury cars will; boost the product demand in
automotive applications in China
- Various strategic initiatives were recorded over the past few years
to boost the growth of the market
- For instance, in August 2020, Tosoh Corporation collaborated with
Bando Chemicals to develop cost-reducing technology for manufacturing
CNF-reinforced chloroprene rubber to be used in transmission belts in the
automobile sector
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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