Global Chloroprene Rubber Market (2021 to 2027)
The global Chloroprene rubber market was valued at USD 0.98517 billion in 2020 which expected to reach USD 1.39 billion by 2027 at a CAGR 4.6% from 2020-2027.
Chloroprene is a colorless fluid that is used as a monomer to create the polymer polychloroprene. Polychloroprene is a type of artificial rubber. High flexibility, solvent resistance, heat resistance, sweat, adhesion to various surfaces, and weather aging are the major qualities of this synthetic rubber. Chloroprene rubber is utilized in a variety of industries, including the rubber and adhesive industries. Chloroprene rubber is used to make dipped goods like gloves, to increase bitumen quality, and to make molded foam.
Market Drivers
Chloroprene rubber is increasingly used in automotive and other end-use industries.
The growing global need for fuel-efficient vehicles will drive the Chloroprene Rubber market forward. The electronic sector is expanding its demand for chloroprene rubber because to its various attributes such as light weight, dielectric capabilities, high temperature resistance, and high impact qualities. Rapid urbanization and the economic expansion in Asia-rising Pacific’s countries are predicted to increase demand for chloroprene rubbers for use in construction composites. Chloroprene rubber is in high demand in end-use sectors such as the rubber and adhesive industries.
Market Restraints
The rapid adoption of alternative rubber products such as natural rubber, styrene butadiene rubber, and isoprene are important restrictions on the worldwide chloroprene rubber industry. Rising demand for chloroprene-based bearing pads in bridge construction due to increased inter-trade and transportation is expected to be a major driver for the chloroprene rubber market during the forecast period.
COVID-19 Impact on the Chloroprene rubber Market
The global COVID-19 pandemic has caused a stop to manufacturing activity all over the world, affecting demand for chloroprene rubber as well as its manufacture and processing. Automotive and transportation are two of the most severely hit end-use areas of the chloroprene rubber business. According to the Society of India Automobile Manufacturers (SIAM), passenger car sales in India fell 51 percent in March 2020 to 143,014 units. In addition, commercial vehicle sales decreased 88 percent to 13,027 units, while two-wheeler sales fell 40 percent to 866,849 units. The COVID pandemic has caused damage on the automotive sector. Automobile sales in the United States are supposed to decrease by 27% in 2020
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