The chloroprene rubber market size is expected to see rapid growth in the next few years. It will grow to $2.36 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to increasing demand for protective gear, rising demand for wetsuits and sportswear, use in medical devices and equipment, growth in chemical processing applications, and demand for high-performance elastomers. Major trends in the forecast period include technological advancements, product diversification, digital transformation, an increased focus on recycling and reusing, and increased market penetration in emerging economies.
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Scope Of Chloroprene Rubber Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Chloroprene Rubber Market Overview
Market Drivers –
The growth in the construction sector is expected to propel the growth of the chloroprene rubber market going forward. The construction sector involves the planning, designing, and building of infrastructure, including residential, commercial, and industrial structures, roads, bridges, and other public works. The construction sector’s growth is due to rising population and urbanization, increased government infrastructure spending, economic development, technological advancements in construction methods, and a heightened focus on sustainable and green building practices. Chloroprene rubber, commonly known as Neoprene, is widely used in construction due to its excellent durability, flexibility, and resistance to environmental factors. Chloroprene rubber’s resistance to aging, chemicals, and extreme temperatures makes it a valuable material for various applications, contributing to the longevity and reliability of building structures. For instance, in August 2024, according to a report published by the US Census Bureau, a US-based government agency, the value of construction operations for residential projects in the US increased from $875,539 million in June 2023 to $939,806 million in June 2024. Therefore, the growth in the construction sector is expected to propel the chloroprene rubber market.
Market Trends –
Major companies in the chloroprene rubber market are focusing on developing innovative products, such as chloroprene latex formulations, to offer a cost-effective alternative for foam bonding in upholstery and furniture. Chloroprene latex formulation is a specialized chemical blend designed to enhance the properties of chloroprene latex, improving its performance in applications such as adhesives, coatings, and elastomeric products by increasing durability, flexibility, and resistance to various environmental factors. For instance, in September 2022, Showa Denko, a Japan-based petrochemical company, launched a new type of chloroprene latex called SD88. This offers enhanced initial adhesion with a lower solid content, making it a cost-effective solution for foam bonding in demanding applications such as upholstery and furniture. Additionally, it ensures high-temperature resistance and excellent storage stability, providing a reliable alternative to existing products such as the SD77S and SD100.
The chloroprene rubber market covered in this report is segmented –
1) By Type: Acetylene Method, Butadiene Method
2) By Grade: Linear, Cross-Linked, Sulfur Modified, Crystallizing Resistant, Other Grades
3) By Application: Coating And Adhesives, Wires And Cables, Hoses And Tubes, Other Applications
4) By End-Use Industry: Automotive, Construction, Furniture, Electronics, Textile, Other End User Industries
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Regional Insights –
Asia-Pacific was the largest region in the chloroprene rubber market in 2023. The regions covered in the chloroprene rubber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the chloroprene rubber market are Sinopec Group, SABIC, Goodyear Chemical, Mitsui Chemicals Inc., Freudenberg Group, Resonac Holdings Corporation, Celanese Corporation, Avery Dennison Corporation, LANXESS AG, Tosoh Corporation, ContiTech Deutschland GmbH, Toyoda Gosei Co. Ltd., Kumho Petrochemical, Hutchinson SA, Trelleborg AB, Denka Company Limited, Cooper-Standard Holdings Inc., Zeon Corporation, ARLANXEO, Pidilite Industries Ltd., Zenith Industrial Rubber Products Pvt. Ltd.
Table of Contents
1. Executive Summary
2. Chloroprene Rubber Market Report Structure
3. Chloroprene Rubber Market Trends And Strategies
4. Chloroprene Rubber Market – Macro Economic Scenario
5. Chloroprene Rubber Market Size And Growth
…..
27. Chloroprene Rubber Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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