Chloroprene Rubber Market Size, Growth Factors, Demand, Trends and Forecast to 2028

The global chloroprene rubber market size was valued at USD 985.17 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2028. The growth of this market is directly proportional to the growth of the automotive and construction industries. The increased usage of chloroprene rubber pads in reinforced concrete structures in the construction sector is expected to boost the market growth over the forecast period. The use of optical fiber cables in the telecommunication industry is expected to drive the market in cable jackets.

Chloroprene rubber exhibits superior properties, such as flexibility and chemical stability, over a broad range of temperatures, contributing to its widespread usage in various applications, including as a raw material in modifying adhesives. In the post-forming and high-pressure laminate industry, they are used to construct building panels, where wood, plastic sheets, and metal are laminated to form a composite panel using a chloroprene adhesive formulation.

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Key Player Mentioned:

• Tosoh Corp.
• Denka Company Ltd.
• ARLANXEO
• Sedo Chemicals Neoprene GmbH
• QingDao Nova Rubber

Application Segment Analysis:

• Automotive
• Electrical & Electronics
• Construction
• Textile
• Others

Moreover, the COVID-19 pandemic drove a shift to remote working and increased voice traffic and high residential broadband & mobile data usage. The telecom industry responded favorably to this challenge with several operational improvements to ensure the user experience stayed positive. The rapid development of various end-use industries, such as automotive, construction, electrical & electronics, and textile, in Asia Pacific, Europe, North America, and the Middle East is expected to propel the product demand.

Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.

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Leading market players compete based on their product development capabilities and new technologies used in product formulations. Established manufacturers are implementing different strategic initiatives to enter into the elastomer manufacturing business. For instance, in February 2020, Armenian Economic Minister Tigran Khachatryan announced the Armenian government’s interest in investment offers on the Nairit Chemical Plant and revive the chloroprene rubber production.

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