Chloroprene Rubber Market Overview
The global chloroprene rubber market is categorized into five regions based on geography, namely–North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Among them, the Europe accounts for around 25% market share as of 2016 and is predicted to grow with the healthy CAGR over the assessment period. Europe market is categorized into Germany, France, Italy, and U.K. Aforementioned nations are predicted to drive the demand for chloroprene rubber in the upcoming years due to presence of major automobile manufacturers, resulting in the higher consumption of chloroprene rubber. In North America, the chloroprene rubber market is predicted to grow with the highest CAGR during the assessment period, 2017 to 2023. Chloroprene rubber based adhesive formulation used in the furniture components bonding is the main area for chloroprene rubber consumption in the region.
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Manufacturers are shifting their focus in developing and producing more environmental friendly chloroprene rubber products which contain less harmful chemicals. Rising demand for green chloroprene rubber along with technological advancement is predicted to fuel the market growth over the forecast period. The Middle East & Africa COVID-19 analysis on chloroprene rubber market application is classified into Saudi Arabia, the U.A.E, and Kuwait. Comparatively U.A.E and Saudi Arabia are expected to be the dominant region on account of the increasing oil & gas exploration activities coupled with increasing construction activities. Moreover, the robust presence of petroleum refineries along with the increasing consumption of chlorine rubber based protective linings for these chemical industries is predicted to fuel the demand for chloroprene rubber over the assessment period. In Latin America, countries such as Brazil and Mexico is expected to witness significant market growth on account of increasing crude oil production combined with expansion of petroleum refining units. Asia Pacific is predicted to be the healthy growing market due to emerging crude oil processing as well as proliferation of petroleum refineries in India and China. Moreover, rising number of passenger cars and heavy duty vehicles along with increased usage of chloroprene rubber based automotive parts is expected to drive the demand for chloroprene rubber in this region.
Chloroprene Rubber Market Key Players
Some of the prominent players operating in the global chloroprene rubber market report are Chongqing Changshou Chemical Co., Ltd. (China), Denka Company Limited (Japan), The Dow Chemical Company (U.S.), Denka Company Limited (the Netherlands), MITSUI & CO., LTD. (Japan), Tosoh Corporation (Japan), Shanxi Synthetic Rubber Group Co.Ltd (China), SHOWA DENKO K.K. (Japan), The Goodyear Tire & Rubber Company (U.S.), and Dunlop (U.S.) among others.
Chloroprene Rubber Market Segmentation
The global chloroprene rubber industry is categorized on the basis of type, application, and region. On the basis of grade, the market is bifurcated into linear, cross-linked, sulfur modified, and crystallizing resistant. On the basis of end use industry, the chloroprene rubber market is categorized into automobile, construction, furniture, chemical industries, textiles, and others. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
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