Chloroprene Rubber Market Report 2024

This Chloroprene Rubber market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The chloroprene rubber market size has grown rapidly in recent years. It will grow from $1.41 billion in 2023 to $1.56 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth observed during the historic period can be attributed to several factors, including rapid industrial expansion, the growth of the automotive industry, increased construction activities, a rise in consumer goods manufacturing, and expansion in the chemical industry.

The chloroprene rubber market size is expected to see rapid growth in the next few years. It will grow to $2.36 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The anticipated growth during the forecast period can be attributed to several factors, including a rising demand for protective gear, increased need for wetsuits and sportswear, applications in medical devices and equipment, expansion in chemical processing applications, and a growing demand for high-performance elastomers. Key trends expected during this period include technological advancements, product diversification, digital transformation, a greater emphasis on recycling and reusing, and increased market penetration in emerging economies.

The growth in the construction sector is expected to propel the growth of the chloroprene rubber market going forward. The construction sector involves the planning, designing, and building of infrastructure, including residential, commercial, and industrial structures, roads, bridges, and other public works. The construction sector's growth is due to rising population and urbanization, increased government infrastructure spending, economic development, technological advancements in construction methods, and a heightened focus on sustainable and green building practices. Chloroprene rubber, commonly known as Neoprene, is widely used in construction due to its excellent durability, flexibility, and resistance to environmental factors. Chloroprene rubber's resistance to aging, chemicals, and extreme temperatures makes it a valuable material for various applications, contributing to the longevity and reliability of building structures. For instance, in August 2024, according to a report published by the US Census Bureau, a US-based government agency, the value of construction operations for residential projects in the US increased from $875.53 billion in June 2023 to $939.8 billion in June 2024. Therefore, the growth in the construction sector is expected to propel the chloroprene rubber market.

Major companies in the chloroprene rubber market are focusing on developing innovative products, such as chloroprene latex formulations, to offer a cost-effective alternative for foam bonding in upholstery and furniture. Chloroprene latex formulation is a specialized chemical blend designed to enhance the properties of chloroprene latex, improving its performance in applications such as adhesives, coatings, and elastomeric products by increasing durability, flexibility, and resistance to various environmental factors. For instance, in September 2022, Showa Denko, a Japan-based petrochemical company, launched a new type of chloroprene latex called SD88. This offers enhanced initial adhesion with a lower solid content, making it a cost-effective solution for foam bonding in demanding applications such as upholstery and furniture. Additionally, it ensures high-temperature resistance and excellent storage stability, providing a reliable alternative to existing products such as the SD77S and SD100.

In June 2023, ChemSpec Ltd., a UK-based specialty polymer and chemical additive distribution company, partnered with Denka Company Limited. The partnership aims to launch the Evolmer product line in the United States, featuring a copolymer of chloroprene and acrylonitrile (NCR) that provides enhanced performance compared to traditional chloroprene rubber. Denka Company Limited is a Japan-based chemical company that specializes in rubber-based adhesives.

Major companies operating in the chloroprene rubber market are Sinopec Group, SABIC, Goodyear Chemical, Mitsui Chemicals Inc., Freudenberg Group, Resonac Holdings Corporation, Celanese Corporation, Avery Dennison Corporation, LANXESS AG, Tosoh Corporation, ContiTech Deutschland GmbH, Toyoda Gosei Co. Ltd., Kumho Petrochemical, Hutchinson SA, Trelleborg AB, Denka Company Limited, Cooper-Standard Holdings Inc., Zeon Corporation, ARLANXEO, Pidilite Industries Ltd., Zenith Industrial Rubber Products Pvt. Ltd.

Asia-Pacific was the largest region in the chloroprene rubber market in 2023. The regions covered in the chloroprene rubber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the chloroprene rubber market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Chloroprene rubber, also known as Neoprene, is a synthetic rubber produced by polymerizing chloroprene (2-chloro-1,3-butadiene). It is renowned for its durability, flexibility, and resistance to various environmental factors such as heat, oil, chemicals, and weathering. These characteristics make chloroprene rubber suitable for a range of industrial and consumer applications.

The primary methods for producing chloroprene rubber are the acetylene method and the butadiene method. The acetylene method involves polymerizing acetylene-derived monomers and is often used for applications that require high resistance to oil, heat, and chemicals. Chloroprene rubber is available in different grades, including linear, cross-linked, sulfur-modified, and crystallization-resistant. It is utilized in applications such as coatings and adhesives, wires and cables, hoses and tubes, among others. Chloroprene rubber is extensively used in various end-use industries, including automotive, construction, furniture, electronics, textiles, and more.

The chloroprene rubber market research report is one of a series of new reports that provides chloroprene rubber market statistics, including chloroprene rubber industry global market size, regional shares, competitors with a chloroprene rubber market share, detailed chloroprene rubber market segments, market trends and opportunities, and any further data you may need to thrive in the chloroprene rubber industry. This chloroprene rubber market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The chloroprene rubber market consists of sales of automotive seals, gaskets, belts, and wetsuits. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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