Neoprene Market

Neoprene Market Size

Neoprene is a synthetic rubber product manufactured by polymerization of chloroprene and it is also known as polychloroprene. Neoprene is resistant to oil-water and solvents and possess good chemical stability and remains flexible over a wide range of temperature. Neoprene has a low oxidation rate and ozone resistance which makes neoprene products durable. It possesses high tensile strength which makes them suitable to use in vibrating mounts, transmission belts, shock absorbers seals, anchor components, and bridge seals. It is widely used in diving suits, sports gear, life jackets, knee and elbow pads, sports gloves, and bicycle seats. Neoprene is used in an array of applications such as medical, automotive building and construction, aquatic, and electronics.

Market Highlights

Global Neoprene Market is expected to project a notable CAGR in 2030.

Global Neoprene Market to surpass USD 2.82 billion by 2030 from USD 2 billion in 2020 at a CAGR of 3.2% in the coming years, i.e., 2020-30. The market is estimated to grow owing to various advantages offered by the neoprene including chemical and thermal resistance, quick-drying, high stretchability, and enhanced comfort. Furthermore, the increasing application of neoprene in the construction and automobile industry is driving market growth. Also, mounting demand for cables and wires by power supply companies is expected to proliferate in the market in the coming years.

Recent highlights in the Global Neoprene Market

• In April 2019, MoArmouz announced the launch of their new Embossed Neoprene Sleeve for laptops. These new sleeves consist of neoprene and contain foam inside and have cushion padding outside. They are available in different colors such as pink, light blue, and black. It is very useful for laptops, chargers, smartphones, chargers and other essentials. It is designed in such a way so that it can protect the devices from scratches and dust.

• In June 2018, Subsea Supplies announced that they have received license from Eaton so that they can start using their Burton Subsea Product Line. Now, they can start the production of connector assemblies and Burton cable. With this, they will provide better services and products to their customer.

Global Neoprene Market: Segments

Neoprene rubber sheet segment to grow with the highest CAGR during 2020-30

Global Neoprene market is segmented by product into Neoprene Sponge/Foam, Neoprene Rubber Sheet, and Neoprene Latex. The Neoprene Rubber Sheet segment held the largest market share of XX.X% in the year 2019. Neoprene Rubber Sheets are widely used in building insulations, gaskets, seals, and liners in electrical, construction, and automotive industries owing to their exceptional properties including abrasion resistance, low compression set, and resistance to ozone and ultraviolet radiations. 

Automotive segment to grow with the highest CAGR during 2020-30

Global Neoprene market is divided by application into Automotive, Electrical, and Electronics, Building and Construction, Consumer Goods, Medical and Others. Automotive segment held the largest market share of XX.X% in the year 2019 and will continue to dominate the market in the coming years due to its tensile strength, thermal resistance, and durability. Neoprene is utilized in a wide array of products in automotive such as oil and fuel and molded parts like membranes, dampers, axle boots, and windshield wipers.

Market Dynamics

Drivers

Growing application of neoprene in automobiles

Surge in automobile production due to the inflating disposable income is estimated to fuel the demand for neoprene. Neoprene finds its application in the automotive industry to manufacture tires, CVJ boots, vibration mounts, hose covers, oil seals, steering and braking system, and power transmission belts. Furthermore, neoprene seat covers provide protection against dirt, scratches, and moisture. Since neoprene is resistant to temperature it can shield leather seats from the damaging effects of sunlight.

Boom in construction activities

With the rising urbanization and increasing population, there is a rapid growth in the number of building and construction activities which is projected to drive the growth of the market. Neoprene is employed in the construction industry for electrical wiring, fireproof insulation, and expansion joints in civil engineering applications. Additionally, it is used in cable coverings, window gaskets, and roof waterproofing membranes owing to superior durability, resilience, and waterproofing properties.

Restraint

Fluctuating prices of raw material

Neoprene is a synthetic rubber that is produced by petroleum feedstock. Hence the fluctuations in the price of crude oil may restrict the growth of the market in the coming years. Besides, the availability of substitutes like silicone rubber is likely to hamper the neoprene market.

Global Neoprene Market: Key Players

• Denka company limited

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• Sundow Polymers Co. Ltd,
• Covestro AG
• Lanxess.
• TOSOH Corporation
• Zenith Rubber
• BGK GmbH Endlosband
• Pidilite Industries
• The 3M Company
• Huang Chemical Co
• Shanxi Synthetic Rubber Group Co Ltd
• Other Prominent Players

Global Neoprene Market: Regions

Global Neoprene Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa. Global Neoprene Market in Asia Pacific held the largest market share of XX.X% in the year 2019. Asia Pacific will continue to dominate the global Neoprene market due to the growing construction activities and increasing infrastructural investment, propelling the automotive sector. In addition, the presence of major neoprene manufactures in the region is predicted to further strengthen the market.

    Global Neoprene Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Global Neoprene Market report also contains analysis on:

Neoprene Market Segments:

• By Product
  • Neoprene Sponge/Foam
  • Neoprene Rubber Sheet
  • Neoprene Latex
• By Manufacturing Route
  • Butadiene Route
  • Acetylene Route
• By Grade
  • General-Purpose Grade Neoprene
  • Pre-Crosslinked Grade Neoprene
  • Sulfur-Modified Grade Neoprene
  • Slow Crystallizing Grade Neoprene
• By End-User
  • Automotive,
  • Electrical and Electronics
  • Building and Construction
  • Consumer Goods
  • Medical
  • Others.
• Neoprene Market Dynamics
• Neoprene Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints