Chloroprene Rubber Market Size, Share, Growth, Trends and Forecast To 2028

Chloroprene Rubber Industry Overview

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 for cable jackets. Due to its various characteristics, including low weight, dielectric capability, high-temperature resistance, and high impact quality, the electrical electronic industry has an increasing demand for chloroprene rubber.

Gather more insights about the market drivers, restrains and growth of the Global Chloroprene Rubber Market

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. The growing middle-class population and the availability of low-cost labor and other resources supplement the growth of the automotive manufacturing industry in the Asia Pacific region, which is expected to contribute significantly to the market growth.

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.

Browse through Grand View Research's Plastics, Polymers Resins Industry Research Reports.

Pigment Dispersion Market: The global pigment dispersion market size was valued at USD 23.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030.
Automotive Plastics Market: The global automotive plastics market size was valued at USD 28.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030.

Market Share Insights

August 2020: Tosoh Corporation collaborated with Bando Chemicals to develop cost-reducing technology for manufacturing CNF-reinforced chloroprene rubber to be used in transmission belts in the automobile sector.
February 2020: Armenian Economic Minister Tigran Khachatryan announced the Armenian government’s interest in investment offers on the Nairit Chemical Plant and reviving the chloroprene rubber production.

Key Companies profiled:

Some of the prominent players in the global chloroprene rubber market include: