Chloroprene Rubber Market: Current Analysis and Forecast (2021-2027)

Chloroprene Rubber Market: Current Analysis and Forecast (2021-2027)

The global chloroprene rubber market is expected to showcase a growth of over 4% during the forecast period (2021-2027). Chloroprene is a type of a synthetic rubber, since over the years the demand of synthetic rubber is increasing owing to easy availability, competitive cost compared to natural rubber, and suffice the physical and chemical requirement of end-use industries like automotive. Thus, increasing the preference for synthetic rubbers among manufacturers, thereby increasing the demand for chloroprene rubber as it is used in a wide range of application areas like automotive rubber parts, wires and cables, belts and hoses, and adhesive, among others.

However, chloroprene rubber industry is witnessing challenges in last few years with the decreasing production of automobiles. First change in the rules & regulation related to environment followed by COVID-19 had disrupted the global automobiles market. This in turn impacted the demand of chloroprene. In automobile industry, chloroprene is used in the production of air suspensions, constant velocity joint boots, rack and pinion boots, power steering hoses, brake hoses, belts for various drives, packing, joints, dust-proof caps, anti-vibration materials.

Insights Presented in the Report

“Amongst production method, butadiene held prominent share in the market in 2020.”

Based on production method, the market is categorized into acetylene and butadiene. Among both, butadiene held the significant share in the market and is expected to showcase significant growth during the forecast period. Large number of manufacturers prefer butadiene process as it is less energy-intensive and has low investment cost. Further, in case of acetylene way, production of vinyl acetylene is unstable which makes the reaction more intricate

“Amongst grade, industrial grade held prominent share in the market in 2020.”

Based on grade, the market is categorized into industrial, adhesive, and latex. Among all, industrial grade chloroprene has dominant share in the market. This can be attributable to wide use of chloroprene rubber in a wide range of industrial goods manufacturing like it is used as sheaths for wires and cables, automobile parts, belts and hoses, rubber linings, sponges, and wet suits, among others

“Asia-Pacific captured significant position in the Chloroprene Rubber market”

For a better understanding of the market adoption of chloroprene rubber, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific held the considerable share in the global chloroprene rubber market owing to large and rapidly growing end-use industry particularly in countries like China and India. Countries like China, Japan, South Korea, and India are among the largest automobile producers in the world and production is further likely to increase as increasing demand of vehicles in countries like India and China and growing adoption of electric vehicles. Further, shifting of manufacturing facilities from western economies to the Asia-Pacific is increasing the consumption of Chloroprene Rubber

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