Chloroprene Rubber Market: Current Analysis and Forecast (2021-2027)

Over the years demand of chloroprene rubber has increased and is expected to showcase the same or more robust performance during the foreseeable future. After the severe COVID-19 impact, the industries are witnessing strong recovery which is likely to increase the demand of several raw materials including the chloroprene rubber. For instance, according to OICA, the automobile production between January to September of 2021 was stood at 57.3 million unit while the production in same period in 2020 was 52.1 million unit. In addition, to support the economy and boost the production of manufacturing goods, governments across the globe has taken several steps like providing COVID-19 stimulus package. Since chloroprene are used in a range of industrial application like conveyor belt, transmission belt, wires, and cables, therefore with improving industrial production, demand for chloroprene would also witness escalates. For instance, industrial production in India grew 20% in the first seven month of Fiscal Year 22 against a 17.3% contraction in the corresponding months of the previous year

Based on production method, the market is categorized into acetylene and butadiene. Among both, butadiene held the significant share in the market and is expected to showcase significant growth during the forecast period. Large number of manufacturers prefer butadiene process as it is less energy-intensive and has low investment cost. Further, in case of acetylene way, production of vinyl acetylene is unstable which makes the reaction more intricate

Based on grade, the market is categorized into industrial, adhesive, and latex. Among all, industrial grade chloroprene has dominant share in the market. This can be attributable to wide use of chloroprene rubber in a wide range of industrial goods manufacturing like it is used as sheaths for wires and cables, automobile parts, belts and hoses, rubber linings, sponges, and wet suits, among others.

Based on application, the market is categorized into wires and cables, automobile rubber parts, belts and hoses, rubber linings, sponges, and wet suits, general purposes, and adhesives. Among these, automobile rubber parts held the prominent share in the market. In automobile industry, it is used for the manufacturing of both interior and exterior components. Air suspensions, constant velocity joint boots, rack and pinion boots, power steering hoses, brake hoses, belts for various drives, packing, joints, dust-proof caps, anti-vibration materials are used in the requirements of automobiles.

For a better understanding of the market adoption of chloroprene rubber, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific held the considerable share in the global chloroprene rubber market owing to large and rapidly growing end-use industry particularly in countries like China and India. Countries like China, Japan, South Korea, and India are among the largest automobile producers in the world and production is further likely to increase as increasing demand of vehicles in countries like India and China and growing adoption of electric vehicles. Further, shifting of manufacturing facilities from western economies to the Asia-Pacific is increasing the consumption of Chloroprene Rubber

Some of the major players operating in the market include Tosoh Corporation, Denka Company Ltd., ARLANXEO, SEDO Chemicals Neoprene GmbH, Shanghai TuHuang International Trading Co. Ltd., Chongqing ChangFeng Chemical Co. Ltd., Chongqing Changshou Chemical Co. Ltd.