Chloroprene Rubber Market Size, Share & Trends Analysis Report By Application (Textile, Automotive, Electrical & Electronics, Construction), By Region (North America, Europe, APAC, SA, MEA), And Forecasts, 2021 - 2028
Chloroprene Rubber Market Growth & Trends
The global chloroprene rubber market size is expected to reach USD 1.39 billion by 2028. 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.
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
Our reports have been used by over 10K customers, including:
The liquid synthetic rubber market is valued at 13,500 USD million in 2020 and is projected to register a CAGR of over 4.5% during the forecast period (2021-2026). The market was negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, the automotive manufacturing activities were temporarily stopped during the government-imposed...
The global barrier systems market exhibited moderate growth during 2015-2020. Looking forward, the analyst expects the market to grow at a CAGR of around 4% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the...
The global hot runner market exhibited moderate growth during 2015-2020. Looking forward, the analyst expects the market to grow at a CAGR of around 7% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic...
The global laminating adhesives market exhibited moderate growth during 2015-2020. Looking forward, the analyst expects the market to grow at a CAGR of around 6% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of...
The global DAQ system market size is estimated to grow from USD 1.7 billion in 2021 to USD 2.3 billion by 2026, at a CAGR of 5.5%. The market has a promising growth potential due to growing adoption of DAQ systems and solutions especially in automotive & transportation, aerospace & defense and power & energy verticals along with others in...
The global SOI market is projected to reach USD 2.3 billion by 2026 from an estimated USD 1.1 billion in 2021, at a CAGR of 17.2% from 2021 to 2026. The rising demand for 5G in mobile communications and the increasing adoption of AI and ML in consumer electronics are the major driving factors for the growth of the SOI market. The...
Automotive Trailer Market by Trailer Type (Trailer Type, Refrigerator, Chemicals & Liquid, Tippers, Flatbed and Others), Axle Type (Single Axle, Tandem Axle and Tandem Axle), And Vehicle Type (Two-Wheeler & Bicycle, Passenger Cars and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2021–2030 Automotive...
The global webbing market exhibited moderate growth during 2015-2020. Looking forward, the analyst expects the market to grow at a CAGR of 6% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different...
The development of augmented reality (AR), virtual reality (VR), and extended reality (XR) technologies expect to accelerate in upcoming years. Technology developers and adopters across various industries experiment with these innovations for mass deployment, driving the shift from product testing for specific application requirements to scaling...
173 pages •
By Prescient & Strategic Intelligence Private Limited
• Nov 2021
Microdisplay Market The global microdisplay market size is expected to reach $5,535.6 million by 2030, increasing from $1,145.6 million in 2020 at a 17.1% CAGR between 2020 and 2030. This will primarily be a result of the growing usage of near-to-eye (NTE) devices, such as head-mounted displays (HMD) and electronic...
Driver Assistance System
Virtual And Augmented Reality
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.