The size of the global market for Neoprene is expected to reach USD 2,802 Million by 2030, expanding at a compound annual growth rate (CAGR) of 2.6%.
Key factor driving the neoprene market over the forecast spell is the rising demand for the product across the automotive as well as construction business mostly in Asia-Pacific region. Moreover, neoprene is extensively used in manufacturing of several products for automotive industry such as shock absorber seals, power transmission belts, breaking & steering system components, hose covers, CVJ boots, etc., this will further boost the neoprene market growth. Furthermore, the region is witnessing several socio-economic aspects with easy approval of loan, creating huge demand for automotive in the region. This high demand for automotive will ultimately have positive impact over neoprene market over the forecast period. Likewise, growing urbanization and industrialization attributed to rapidly rising construction business in Asia-Pacific region will also fuel the market over the forecast period.
On the other hand, major restraint towards neoprene market growth is availability of its substitutes in the market like polyurethane elastomers and thermoplastic elastomers. Moreover, strict environmental regulations can also hinder the markets’ growth in upcoming years.
Global Neoprene Rubber Market has been segmented by different product types, application and geography. Further, by product type neoprene market is bifurcated into solid sheet and cellular sheet/sponge. In addition, solid neoprene sheet is a solid product form that can chemical resistance as well as higher tensile strength similar to its springy counterparts. These properties of the product makes it appropriate for several applications prone to abrasion. But, cellular or sponge neoprene sheet has a foam like composition as compared to solid form of product. Moreover, this product type has some air pockets that makes it extremely compressible and desirable for making gaskets, seals, etc. Furthermore, it is a very good insulator of vibration, sound and can resist water.
Similarly application segment of the neoprene market is sub-segmented to medical, automotive, consumer, construction and other comprising aerospace industry, sports, etc. Medical segment is expected to boost the market over the forecast period owing to the compressible property of the neoprene, used for making material for knee, wrist and elbow support.
Some of the Key players operating in neoprene market include Covestro AG, GK GmbH Endlosband, Asahi Kasei Corporation, Lanxess, TOSOH Corporation, DowDuPont, Zenith Rubber and Pidilite Industries Ltd. Many of these players are making significant investment in order to increase production capacity so that they can meet the constantly rising product demand in their region.
Key segments of Global Neoprene Market include:
- Product Type Segmentation
- Solid sheet
- Cellular sheet/sponge
- Application Segmentation
- Other comprising aerospace industry, sports, etc
- Geographical segmentation
- North America
- Latin America
- Middle East and Africa
What to expect from the upcoming report on ‘Global Neoprene/ Polychloroprene (CR) Market’:
- Analysis about future prospects as well as Global Neoprene/ Polychloroprene (CR) Market trends market over the forecast period (2018-2025)
- Information regarding technological progressions as well as innovations taking place in developing as well as developed economies.
- Supportive initiatives by government likely to influence the market dynamics.
- Key drivers influencing market’s growth, opportunities, restraints, sales channels and distributors.
- In-depth analysis of different market segmentations including regional segmentations, applications and product types.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.