Global Chloroprene Rubber Market – Overview
Chloroprene Rubber (CR), also known as chlorobutadiene rubber and sometimes roughly referred as Neoprene is a prominent diene-based elastomer. CR finds its uses in range of applications, from custom applications in the general rubber industry to the demanding chemical and automotive applications where high-performance is expected. Similarly, it is absorbed in various sectors such as construction, furniture, and textiles, amongothers.
Although CR is a bit more costly than Natural Rubber, it is widely preferred for some of its special properties like good chemical resistance, low risk of glazing, high resistance to aging and ozone and hence a better wear resistance than natural rubber. Its augmented adoption in some of the burgeoning industries consecutively helps the market of CR to grow further to reach the heights on the global platform.
Recognizing the potential of the market to grow further in the years to come, Market Research Future (MRFR) has published a detailed study report giving out the market forecast for the period 2017 – 2023. In its analysis, MRFR asserts that the global Chloroprene Rubber market is expected to garner exponential growth by 2023, growing at a considerable CAGR during the review period of 2017-2023.
Furthermore, growing population and urbanization worldwide are propelling the market growth. Improving economic conditions worldwide, provide impetus to the market growth, improving the consumers’ purchasing power. Seminal efforts &investments put in the development of innovative products, by the eminent market players are paying off well, driving the market growth.
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Augmenting demand for protective linings in many chemical plants backed by the rapid industrialization, increasing demand for chloroprene based rubber components in automobiles, coupled with the adhesives modified with Chloroprene, impact the market growth positively. Moreover, increasing demand for weather and cold resistant products such as wetsuits in marine applications, and growing demand for chloroprene based bearing pads in building bridges owing to increasing intra and inter-trade & transportation is anticipated to be a prominent driver for Chloroprene Rubber Market during the review period.
On the other hand, factors such as stringent regulations imposed by the government bodies worldwide, to restrict the use of toxic organic chemicals such as vulcanizing agents used in the production of Chloroprene Rubber, are expected to impede the market growth during the assessment period.
Global Chloroprene Rubber Market – Competitive Analysis
Vendors operating in the Chloroprene Rubber Market strive to deliver the best quality products based on innovative technologies, and best practices. The high growth potential CR demonstrated by the market is likely to attract many entrants to the market resulting into intensified competition further.
Industry/ Innovation/ Related News:
January 22, 2018 – ARLANXEO (the Netherland), a leading global synthetic rubber company announced its expansion plans for chloroprene rubber production capabilities at the facility in Dormagen, Germany. Taking place in the first quarter of 2019, the production capacity will be increased to 70,000 tons per year.
Global Chloroprene Rubber Market – Segments
Global Chloroprene Rubber Market is segmented into 3 Key dynamics for easy grasp and enhanced understanding.
By Grades/Types: Comprises – Cross-Linked, Linear, Sulfur Modified, and Crystallizing Resistant among others.
By End-Use Industries: Automotive, Construction, Furniture, and Chemical Industries, Textiles, amongothers.
By Regions: North America, Europe, APAC and Rest of the World.
Global Chloroprene Rubber Market – Regional Analysis
Europe region accounted for the largest market share in 2016, and is estimated to grow at the highest CAGR during the forecast period. The dominance of Europe market is mainly due to the growing markets for Automobiles, Construction, & Furniture among others, mainly in Germany, the UK & France. Moreover, factors such as high adoption rate by the automobile manufacturers coupled with the increased expenditure in innovation backed by the increased affordability of consumers are predicted to drive the market in the forecast period.
North America accounted for the second largest market share of the global Chloroprene Rubber market in 2016. The market is further predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate. The US among the other North American countries is a significant contributor to the regional market growth and is expected to account for phenomenal accruals, witnessing a considerable demand during the forecast period, 2017 to 2023. While surging in value & volume, Canada market is estimated to grow at a moderate CAGR on account of increasing production of crude oil.
While Asia Pacific market for Chloroprene Rubber, emerging as the fastest growing market will register a moderate CAGR during the review period. Increasing infrastructure activities mainly in India & China will contribute to the regional market a great deal, accelerating the use of chloroprene based bearing pads. The burgeoning automotive sector in India, China, Malaysia, Thailand, and Japan is expected to raise the demand for chloroprene based automotive components which, in turn, is predicted to fuel the regional market growth over the forecast period, 2017 to 2023.
Latin America is expected to perceive substantial growth in the market due to increasing demand for Chloroprene Rubber in the end-use industries backed by the increasing consumer spending on passenger cars and intervention of new technologies in chloroprene rubber. Furthermore, penetration of lightweight transportation trucks and vehicles in countries such as Argentina, Colombia, and Brazil is predicted to boost the existing growing chloroprene based tire market in this region.
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