The chlorinated rubber market has been experiencing steady revenue growth due to an increase in demand from various application sectors and advancements in processing technologies. Chlorinated rubber is used in various industries for its durability, strength, flexibility, gas permeability, heat and chemical resistance, and temperature flexibility. The market growth is driven by factors such as the demand from the automotive sector and increasing population in many countries. However, factors such as harmful environmental impact and price fluctuations of raw materials are restraining market growth. Chlorinated rubber's properties make it useful in the healthcare sector, and it can also be used in making sealants, adhesives, protective suits, tubes, electrical cables, and more. The high viscosity chlorinated rubber segment dominates the market share, and the automotive segment is expected to generate the highest revenue over the forecast period. Asia Pacific is the largest market, with North America expected to lead in terms of revenue CAGR. Major companies in the market include Nippon Paper, Fujian Wantaixing Chemical Development Co. Ltd., Covestro, Hercules, and Imperial Chemical Industries. Our report offers historical data points and forecasts, industry trends, analysis, consumption patterns, and competitive landscape.
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Chlorinated Rubber Market: Drive factors
The global Chlorinated Rubber (CR) Paint market is expected to register a steady revenue CAGR over the forecast period, driven by rising demand from major application sectors such as the automotive industry, along with developments in processing technologies. Chlorinated rubber's excellent durability, strength, and flexibility make it suitable for a wide range of automotive applications. Additionally, specific qualities such as gas permeability, resistance to heat, chemicals, and ozone, and temperature flexibility are contributing to its growing demand in other industries.
The rise in demand for chlorinated rubber-based products in the market due to increasing population in many countries is also a major factor leading to growth. Moreover, chlorinated rubber's qualities such as chemical and weather resistance are rapidly being employed in other industries as well.
The automotive segment is expected to dominate all other end-use segments in terms of revenue generation over the forecast period, driven by fast-paced urbanization and rise in population. Chlorinated rubber has high demand in the automobile industry as it can be used as a replacement for rubber and PVC without compromising any performance parameter, and it can improve UV resistance and minimize thickness. Another significant benefit is that it may be made in any color to match the color of the car, as it delivers superior low-temperature performance and high abrasion resistance.
Among regional markets, Asia Pacific emerged as the largest market in 2020, with the highest revenue share, driven by rapid urbanization, significant rise in the population, particularly in developing countries including India, China, Malaysia, and Indonesia, and increasing government investments. North America chlorinated rubber market is expected to register the fastest growth in CAGR over the forecast period, driven by adaptability and cost-efficiency, particularly in the automobile industry.
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