Chloroprene Rubber Market, Reaching US$ 1.69 Billion by the Year 2032 at a CAGR of 4.6% in the Forecast Period 2022 to 2032

The global chloroprene rubber market was worth US$ 1.08 Billion in the year 2022 and is expected to reach US$ 1.69 Billion by the year 2032 at a CAGR of 4.6% between 2022 and 2032.

Chloroprene could be referred to as a monomer in the liquid form. This colorless fluid is used for producing polymer polychloroprene. It could thus be inferred that chloroprene rubber is an artificial or synthetic polymer acting as elastomer, or, to put it simple, is termed as synthetic rubber. The major properties include resistance against heat, higher flexibility, solvent resistance, perspiration, weather aging, and bonding with several chemicals and substrates. The automotives vertical is another application of chloroprene rubber.

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At the same time, availability of alternatives for chloroprene rubber like isoprene, styrene-butadiene, and natural rubber could restrain the chloroprene rubber market. Also, cost-effective elastomers are in the offing. This is another factor restricting the chloroprene rubber market.

Additionally, end-consumers are changing their minds. In other words, they are getting inclined toward natural and eco-friendly materials. It’s a known fact that chloroprene rubber is neither recyclable nor could be re-processed. This could be another factor inhibiting the chloroprene rubber market going forward. On top of that, high stakes are involved in the production of chloroprene rubber. These factors could compel the new entrants to give a second thought regarding the chloroprene rubber market.

Future Market Insights has walked through these facets with insights in its latest market study entitled ‘Chloroprene Rubber Market’. Its team of analysts and consultants is there to look through bottom-up approach in its primary, secondary, and tertiary modes of research.

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“The footwear vertical is more into application of chloroprene rubber in the form of adhesives. This factor is expected to help the chloroprene rubber market grow on a good note in the near future”, says an analyst from Future Market Insights.

Key Takeaways from Chloroprene Rubber Market

• The Asia-Pacific holds the largest market share. It, in fact, holds more than 50% of the market on the whole. India and China are leading from the front with excessive demand from textile, electrical & electronics, construction, automotive, and other verticals. The demand exceeded the normal course in the pandemic era and the situation persists even in the post-pandemic era. This is majorly due to chloroprene rubber being increasingly used in producing PPE.
• North America holds the second-largest market share with rising demand for chloroprene rubber in producing cable jackets. Europe stands second on this count.

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Competitive Arena

• Armenian Economic Minister Tigran Khachatryan, in February 2020, did announce about interest of government of Armenia in the investment offers on Nairit Chemical Plant, thereby reviving production of chroloprene rubber.
• Nike, in October 2021, entered into collaboration with Liverpool F.C., thereby rejoicing on the latter’s colors by having new-fangled football shoes onboard. Air Huarache, with blend of white, red, yellow, and black, does have solid red base made from chloroprene rubber. This base does feature one of the off white-colored overlays along with yellow and white neoprene in the middle of tongues of shoes.
• ARLANXEO, in April 2021, started working on boosting the presence all over India by introducing ARLANXEO India Pvt. Ltd. Sri Lanka, Bangladesh, and Nepal are also being targeted.
• Tosoh Corporation, in August 2019, did reveal the plans of raising manufacturing capacity for CR (chloroprene rubber). It’s a part of Specialty business belonging to functional polymer product line-up. The product name under which it is marketed is called ‘Skyprene’.

What does the Report see through?

• The research study is based on end-use industry (automotive, electrical & electronics, construction, textile, and likewise), by grade (crystallizing resistance, linear, sulfur modified, and likewise), and by application (wires & cables, coatings & adhesives, hoses & tubes, and likewise).
• With an upswing in automotive and construction verticals, the global chloroprene rubber market is expected to grow on an unprecedented note in the forecast period.

Key players

DuPont Dow Elastomers, Bayer AG, EniChem Elastomers S.A, and TOSOH Corporation.

For more Insights: https://www.futuremarketinsights.com/reports/chloroprene-rubber-market

Explore Wide-ranging Coverage of FMI’s Chemicals & Materials Landscape

Chloroprene Rubber Market: Global Cellular Rubber demand is anticipated to be valued at US$ 8.4 Billion in 2022, forecast to grow at a CAGR of 5.91% to be valued at US$ 15 Billion from 2022 to 2032. Growth is attributed to increased demand for the automotive industries.

Reclaimed Rubber Market: The global reclaimed rubber market is expected to reach a market valuation of US$ 1.15 Billion by the year 2022, accelerating with a CAGR of 10.9% by 2022 to 2032. The reclaimed rubber market size is anticipated to be valued at about US$ 3.25 Billion by 2032 end.

Natural Rubber Market: According to the Future Market Insights report, demand for natural rubber is projected to be valued at US$ 18,270.6 million in 2023 and is anticipated to grow at a CAGR of 5.4% from 2023 to 2033.

About Future Market Insights, Inc. 

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries. 

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