Chloroprene Rubber Market Overview:
The global chloroprene rubber market has the opportunity to score more than USD 1576.3 million by 2025. Market Research Future reveals the possibility of reaching 3.80% CAGR during the forecast period of 2019 to 2025. The global market is expected to benefit from the weather-resistance properties. Industries like building & construction, manufacturing, and others would provide thrust to the market. Rising disposable income, growing urbanization, and industrial changes are expected to impact the market more.
However, the market is witnessing some setbacks due to the availability of substitutes like epichlorohydrin rubber (ECO), nitrile rubber (acrylonitrile butadiene copolymer), styrene-butadiene rubber (SBR), and natural rubber.
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Chloroprene Rubber Market Segmentation:
The global chloroprene rubber market study is getting backed by a proper segmentation of the market that includes grade, application, and end user industry. MRFR found several insights from these segments to understand how the market would behave in the coming years. These insights have been backed by charts and figures.
By grade, the global market report contains sulfur modified, crystallizing resistance, linear, and others. The linear segment accounted had 57.7% of the market share in 2018 and is predicted to grow with a CAGR 3.56% during the forecast period.
By application, the global report in the chloroprene rubber market includes wires & cables, hoses & tubes, coatings & adhesives, and others. The coatings & adhesives segment had the largest market share and the valuation was USD 399.8 million in 2018. The growing requirement for coatings is showing substantial growth for the chloroprene rubber.
By end-use industry, the report on the chloroprene rubber market includes construction, automotive, electronics, textile, furniture, and others. The automotive segment had the maximum market share and it could register a CAGR of 4.05% during the forecast period. The predicted valuation would be USD 644.3 million by the end of 2025.
The Asia Pacific market is expected to make good grounds during the forecast period as several countries are known for their production capacity. India is one of the leading countries in the region, with 4.85% CAGR during the forecast period.
The global market on the chloroprene rubber is benefiting from the market contributions made by companies like Tosoh Corporation (Japan), Denka Company Limited (Japan), Shanxi Synthetic Rubber Group Co.Ltd (China), ARLANXEO (The Netherlands), SHOWA DENKO K.K (Japan), Trelleborg AB (Sweden), Polymer-Technik Elbe Gmbh (Germany), Maclellan Rubber Ltd (Germany), Chongqing Changshou Chemical Co., Ltd (China), and Zenith Rubber (India). These companies are playing crucial roles in the market as they control the revenue outcome by implementing diverse strategies, including mergers, acquisitions, collaborations, and others. Their recent steps were recorded by MRFR for a closer look at the future prospects of the market and how the profitability can be impacted.
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