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SAN FRANCISCO , March 16, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Chloroprene Rubber - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE Edition: 16; Released: February 2022 Executive Engagements: 1075 Companies: 19– Players covered include ARLANXEO; Chongqing Changshou Chemical Co., Ltd.; Denka Co., Ltd.; Maclellan Rubber Ltd; Shanxi Synthetic Rubber Group Co., Ltd.; Showa Denko K.K.; Tosoh Corporation; Trelleborg AB; Zenith Industrial Rubber Products Pvt. Ltd. and Others. Coverage: All major geographies and key segments Segments: End-Use (Automobile, Construction, Textile, Chemical, Other End-Uses) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; Australia ; India ; South Korea ; Rest of Asia-Pacific ; Latin America ; Brazil ; Mexico ; Rest of Latin America ; Middle East ; Africa .
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Global Chloroprene Rubber Market to Reach 324.8 Thousand Metric Tons by 2026 Chloroprene rubber or polychloroprene rubber or neoprene, is a synthetic rubber that is produced through chloroprene's polymerization. Chloroprene rubber (CR) exhibits superior properties such as favorable chemical stability and flexibility over a broad temperature range, which contributes to its widespread use in a range of applications including as a raw material in modifying adhesives as well as the production of latex products, among others. Increase in private public investments into construction sector and focus on infrastructure development projects especially in developing economies remain critical to the demand for CR in building & construction industry. Rising demand for cold- and weather-resistant products such as wetsuits and marine products is also a major driver of growth. Also driving demand will be the increasing use of CR in electric cables to meet the ever-growing need for energy and subsequent the subsequent increase in the number of power transmission lines being established. The market stands to benefit from the inefficiencies associated with competitive products such as natural rubber, synthetic SBR and isoprene. With the COVID-19 pandemic denting prospects in industrial, manufacturing, construction and automotive industries, the demand for chloroprene rubber is also being adversely impacted. The recovering demand for industrial rubber products, adhesives and automobiles is thus a vital determinant of growth in the CR market.
Amid the COVID-19 crisis, the global market for Chloroprene Rubber estimated at 273.2 Thousand Metric Tons in the year 2022, is projected to reach a revised size of 324.8 Thousand Metric Tons by 2026, growing at a CAGR of 3.7% over the analysis period. Automobile, one of the segments analyzed in the report, is projected to record a 3.6% CAGR and reach 107.5 Thousand Metric Tons by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Construction segment is readjusted to a revised 4.6% CAGR for the next 7-year period. CR is finding extensive application in the manufacture of automotive belts and hoses, while the demand from construction industry arises from architectural rubber products. Automobile sales and production volumes, and the subsequent rise in demand for automotive components, remains a key factor driving demand for CR in the industry. The extent of manufacturing activity in various industries will also be a critical factor determining demand for CR in transmission belts, cables, molded goods, and conveyor belts.
The U.S. Market is Estimated at 43.2 Thousand Metric Tons in 2022, While China is Forecast to Reach 88.6 Thousand Metric Tons by 2026 The Chloroprene Rubber market in the U.S. is estimated at 43.2 Thousand Metric Tons in the year 2022. China , the world`s second largest economy, is forecast to reach a projected market size of 88.6 Thousand Metric Tons by the year 2026 trailing a CAGR of 4.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada , each forecast to grow at 2% and 2.2% respectively over the analysis period. Within Europe , Germany is forecast to grow at approximately 2.3% CAGR. Growth in the Asia-Pacific region is significantly influenced by increasing focus on infrastructure development projects, including construction of roads and bridges, specifically in countries such as China and India . These activities will fuel demand for bearing pads that use chloroprene rubber. The demand for industrial products and chemicals in countries such as India , China and Thailand is expected for impact consumption of CR used in these products. In developed regions, manufacturers are making increased R&D investments for replacing the smoked rubber suppression technique with vulcanization process in the production of CR, mainly due to the numerous advantages offered including non-absorbent properties. In North America , the demand for lightweight vehicles and trucks remains the major driver of demand for chloroprene rubber-based tires. Chloroprene rubber also finds increasing use in protective lining across several chemical plants. In Europe , demand for chloroprene rubber will be mainly influenced by the needs of the automotive industry, since the region is home to several leading automakers.
Neoprene Finds Widespread Use in Industrial & Commercial Applications Neoprene, the trade name for chloroprene rubber, is commonly termed as all-purpose rubber and finds use in a broad range of industrial and commercial applications based on its compelling mechanical and other characteristics. Neoprene rubber remains a highly popular elastomer despite its expensive nature in comparison to various synthetic options. With superior elasticity and pliability along with smooth finish, neoprene rubber is used in numerous products for outdoor and indoor applications. The primary use of neoprene rubber is for products like cable or wire insulation, gaskets, hoses, springs, belts, flexible mounts, shoe soles and adhesives. The elastomer is fit for applications requiring high resistance to abrasion, oil, temperature and flame. The superior ozone and weathering resistance of neoprene along with its ability to resist acids, oils, water, greases and inorganic salts make it an appropriate solution for outdoor applications like corrosion-resistant coatings or landfill linings. Neoprene rubber sheets provide superior noise isolation in transformers and used as base for several types of adhesives. The fire-resistant property of neoprene makes it an ideal candidate for weather stripping on fire doors. Neoprene is commonly used to protect industrial machinery, in computer pads and under car hoods.
The neoprene rubber market is segregated into neoprene foam, neoprene sheets and neoprene latex. Neoprene foams are extensively used in diving suits, aquatic sports gears, dry suits, life jackets and various outdoor applications like sports gloves and bicycle seats. Neoprene foam is also used for thermal insulation and sound proofing applications in the construction industry. While neoprene rubber sheets are fit for applications in the automotive and electronics industries, neoprene latex finds use in industrial gloves and neoprene latex adhesives for building & construction and automotive industries. By application, the automotive industry holds the major revenue share, and is estimated to maintain its strong position in the coming years. The segment is gaining from growing production of automobiles and increasing use of neoprene-based automotive parts within the automotive industry. The market is propelled by increasing adoption of neoprene rubber in electric vehicles in North America and Europe . In addition, rising investment by several countries in infrastructure development across the Middle East and Asia-Pacific is likely to considerably drive the construction segment of the global market.
Neoprene adhesives also find use in a wide range of industries. The demand for neoprene-based adhesives is attributed to their superior adhesion and desirable formulations at competitive price points. Contact adhesives built on neoprene hold several performance benefits over other alternatives for applications requiring high-strength, permanent and quick bonds. Contact adhesives are known for auto adhesion for a quick bond. Neoprene-based adhesives also benefit from rising safety, environmental and health concerns that are prompting industries to look away from organic options. Regionally, the neoprene-based adhesives segment is expected to be led by emerging economies including India and China .
Textile Segment to Reach 58.1 Thousand Metric Tons by 2026 In textile factories, polychloroprene is combined with additives to increase elasticity or highlight other traits. The evenly distributed gas bubbles in neoprene provide exceptional thermal insulation properties. This variant of chloroprene rubber is extensively used in manufacturing of immersion suits for water sports like diving and surfing. In the global Textile segment, USA , Canada , Japan , China and Europe will drive the 3.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of 32 Thousand Metric Tons will reach a projected size of 41.6 Thousand Metric Tons by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia , India , and South Korea , the market in Asia-Pacific is forecast to reach 12.9 Thousand Metric Tons by the year 2026, while Latin America will expand at a 4.6% CAGR through the analysis period. More
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