Chloroprene Rubber Market

The global chloroprene Rubber Market was estimated to be USD 1.9 billion in 2023, and is projected to grow at CAGR of 6.1% during the forecast period. Increasing demand from automotive and construction industries for durable and high-performance materials. Advancements in manufacturing technology, and increasing emphasis on the use of environment friendly, and sustainable products is driving growth in the chloroprene market. The rising demand for weather-resistant products, and the growing adoption of chloroprene rubber in electric vehicle is fueling the growth in market. Due to the flame resistance, and flexibility, the chloroprene rubber is significantly used in electrical and electronics industry. Textile industry is also widely using CR rubber to protect the components effectively.

The increasing consumption of elastomers with lower cost and their various applications may hinder the growth of the market. Growing demand for protective gear after the pandemic like the gloves, wetsuits, and other personal equipment made from rubbers are driving the demand in the market.

Growth Drivers

Urbanization in developing economies is at its peak, and rising disposable income along with it has fueled the market growth significantly. Chloroprene rubber is widely used in manufacturing, and construction industry due to its various properties like resistance to heat, oil, and chemicals. The chloroprene rubber is useful in the textile industry and the electronics industry. Expansion of these industries contribute to the growing demand for chloroprene rubber. Chloroprene rubber is used as an adhesive, and sealants due to its properties like durability, and resistance to environment factors.

Increasing urbanization and industrialization is driving growth in automotive industry significantly, and increasing growth in the manufacturing of electric vehicles is driving the demand for chloroprene rubbers. Textile industry is widely using the chloroprene rubbers for protecting its components.

Segmentation

By Application

·         Automotive

·         Electrical & Electronics

·         Construction

·         Medical

·         Textile

·         Others

By Type

·         Acetylene Method

·         Butadiene Method

By Grade

·         General Purpose Grade

·         Special Purpose Grade

By Region

·         Asia-Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa 

Chloroprene Rubber Market by Application Segmentation

On the basis of the application, the chloroprene rubber market is segmented into automotive, electrics and electronics, textile, construction, electrics and electronics, and others. Automotive is the leading segment in the market due to increasing demand for chloroprene rubber for vehicle safety.

Due to high tensile strength, good abrasion resistance, and flexibility over a wide temperature range, the automotive industry is the leading market segment. The growth of automotive production in countries like China, India, and Southeast Asia boosts demand for high-performance rubber materials, including CR. Countries like Thailand, and Taiwan are also witnessing growth during the forecast period.

The electrical and electronics industry is widely using chloroprene rubber due to the flame resistance and flexibility of CR. CR’s resistance to oils and chemicals makes it suitable for wide application in sealing electronic components. It is helpful in circuits to avoid rusting and mechanical stress. Increasing demand for chloroprene rubber as protective gear like gloves, wetsuits, and other personal equipment is the reason behind the significant growth in the market.

Regional Outlook 

On the basis of the regions, the chloroprene rubber market is segmented into 5 regions: Asia-Pacific, North America, the Middle East and Africa, Europe, and Latin America. The Asia Pacific region leads the market due to high consumption levels and flourishing automotive industry growth. China is the world’s largest automotive producer and fuels significant demand for chloroprene rubber. Chloroprene rubber is in significant demand in products.

like belts, hoses, and gaskets. The rising demand for electric and luxury vehicles is driving the demand in the market. Rapid urbanization and infrastructure projects in countries like China and India have increased the demand for chloroprene rubber in industries like automotive and electronics. Electronic industries in countries like South Korea, China, and India utilize it for component protection. Chloroprene is widely in use due to its heat-resistant properties in industries like automotive, electrical, and electronics. Increasing demand in the textile industry is also fueling growth in the market significantly. The presence of many a key player in the region is the key factor behind the growth in the market.

North America is another leading region due to increasing demand for chloroprene rubber in the automotive sector for manufacturing components such as seals, gaskets, and belts. The region is witnessing a shift towards electric vehicles, which is significantly contributing to the growth in the market. The presence of major manufacturers in the region, like DuPont, has historically enhanced the growth in the market. Growth in marine and oil and gas sectors is driving the demand for chloroprene rubber due to its properties of resistance to saltwater, oil, and chemicals.

Since the pandemic, the demand for personal protective equipment has increased, which has significantly contributed to the demand for chloroprene. Major manufacturers and companies are contributing to the demand for chloroprene rubber.

The European market, including countries like Germany, France, Italy, Spain, and the United Kingdom, has significantly contributed to the chloroprene rubber market. Germany is the leading country with a strong manufacturing base and significant technological advancement in the region. The construction industry in the German market is increasingly adopting chloroprene rubber for durability and weather resistance. France and the United Kingdom are also contributing to market growth through advancements in rubber formulation and increased production capacities. Due to the presence of major manufacturer companies, the market is witnessing significant growth during the forecast period.

The Middle East, Africa, and Latin America are witnessing moderate growth during the forecast period due to less urbanization and industrialization in comparison to the Asia Pacific or North America region. Countries like South Africa, Egypt, Brazil, and Argentina are exceptions, where the electrics and electronics and automotive industries are peaking at the right time and using chloroprene rubber due to its durability and heat-resistant properties.

Key Players

·         DuPont Performance Elastomer

·         Showa Denko K.K.

·         Denka Group

·         Shanxi Synthetic Rubber Group Co. Ltd.

·         Tosoh Corporation

·         Nairit Plant CJSC

·         Zenith Industrial Rubber Products Pvt. Ltd.

·         Asahi Kasei Chemicals Corporation

·         Dow Chemical Company.

·         ARLANXEO

·         SEDO Chemicals Neoprene GmbH

·         Qingdao Nova Rubber

·         Other Players