Chloroprene Rubber Market Overview to 2023
Chloroprene Rubber offers greater resistance to oils and solvents than its counterpart natural rubber and synthetic styrene butadiene rubber (SBR), and against the destructive effects of sunlight, aging and oxidation. This is solely because chloroprene is a liquid similar to its other counterpart isoprene in chemical structure, the only difference being chloroprene having a chlorine atom where isoprene has a methyl group. The significant properties such as resistant to heat, abrasion, and flame. Its resilience is lower than that of natural rubber and decreases rapidly at lower temperature. Major applications are found in rubber industry, as raw material for modifying adhesives and in latex products manufacturing.
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As per our Analysis, some of the prominent market factors and trends identified in the Global Chloroprene Rubber Market are rising demand for protective linings in many chemical plants owing to rapid industrialization, rising demand for chloroprene based rubber components in automobiles, and increasing demand for modified adhesives with Chloroprene. Moreover, the demand for Chloroprene rubber is predicted to witness significant growth over the assessment period due to inefficient Chloroprene Rubber counterpart such as synthetic SBR, natural rubber and isoprene. Rising demand for chloroprene based bearing pads in building bridges owing to increasing intra and inter trade & transportation is anticipated to be an important driver for Chloroprene Rubber Market during the review period. Increasing automobile production and sales along with rising consumption of chloroprene based automotive components is estimated to fuel the growth of the market. Furthermore, increasing demand for weather and cold resistant products such as wet suits in marine applications, is predicted to propel the growth of the market during the assessment period, 2017 to 2023. However, implementation of strict regulations by various government bodies have restricted the use of toxic organic chemicals such as vulcanizing agents used in the production of Chloroprene Rubber, which is expected to hamper the growth of the market.
The Global Chloroprene Rubber Market is categorized on the basis of type, application, and region. On the Basis of Grade, the market is bifurcated into linear, cross-linked, sulfur modified, and crystallizing resistant. On the basis of End Use Industry, the chloroprene rubber market is categorized into automobile, construction, furniture, chemical industries, textiles, and others. On the basis of Region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
North American Chloroprene Rubber Market is predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate. In the North American region, the U.S. is predicted to be a major contributor in the regional growth of Chloroprene Rubber Market and is expected to see a significant demand for Chloroprene Rubber during the forecast period, 2017 to 2023. As of 2016, the U.S accounts for the largest market share and is followed by Canada in terms of value & volume and is estimated to grow with the moderate CAGR on account of growth in the production of crude oil. Furthermore, penetration of light weight transportation trucks and vehicles is predicted to boost the existing growing chloroprene based tire market in this region.
Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness substantial growth owing to increasing consumer spending on passenger cars as well as involvement of new technologies and inventions in chloroprene rubber. Asia Pacific chloroprene rubber market is predicted to grow with the moderate CAGR due to increasing road and bridges construction to boost the trading in India and China which accelerates the use of chloroprene based bearing pads in the forecast period. Moreover, continuous growth of automotive sector in various economies of Asia Pacific such as China, India, Malaysia, Thailand, and Japan is expected to raise the demand for chloroprene based automotive components which in turn is predicted to fuel the demand for chloroprene rubber over the forecast period, 2017 to 2023.
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North American Chloroprene Rubber Market is predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate. In the North American region, the U.S. is predicted to be a major contributor in the regional growth of Chloroprene Rubber Market and is expected to see a significant demand for Chloroprene Rubber during the forecast period, 2017 to 2023. As of 2016, the U.S accounts for the largest market share and is followed by Canada in terms of value & volume and is estimated to grow with the moderate CAGR on account of growth in the production of crude oil.
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