Neoprene Market

Neoprene Market Size and Growth-2023-2028

Neoprene Market exceeded USD 1.84 billion in 2022 and will register a CAGR of 2.5% during the foreseen period (2023-2028)

Neoprene is a type of synthetic rubber that is produced by the polymerization of chloroprene. It is made up of cross-linking polymers of carbon, hydrogen, and chlorine. It has good chemical stability and remains flexible over a wide temperature range. Neoprene is resistant to wear, weather, aging, heat, tearing, oils, water, and chemicals. It has a low rate of oxidation and low resistance to ozone. This increases the life of neoprene products.

Neoprene offers several advantages over natural rubber latex and other synthetic compounds. Neoprene offers a high level of protection against oxidizing agents such as alcohols, oils, and acids and offers resistance to all acetone solvents. It also offers high resistance to physical failure such as cuts and resists abrasion, bending, and twisting damage. Neoprene also does not degrade in the presence of the sun, ozone or weather conditions and provides excellent adhesion to fabrics and metals. Furthermore, neoprene has good chemical stability and maintains its flexibility over a wide temperature range. Compared to natural rubber, neoprene is more resistant to gas permeability and can tolerate higher temperatures, i.e., up to 200 degrees Fahrenheit (F). Even at such high temperatures, neoprene retains its integrity, making it more suitable for long-term use in high-temperature applications compared to natural rubber.

Neoprene Market Trends:

Rapid expansion in the construction industry, especially in the Asia Pacific and the Middle East, is predicted to drive the call for neoprene during the foreseen period. Escalating government involvement in the development of public and private infrastructure in Asia-Pacific countries is one of the main factors behind the growing call for products. Neoprene exhibits properties such as excellent resistance to weathering and ozone, along with improved tensile strength, making it suitable for use in window seals, bridges, bearings of bearings astragal elevators, etc.

Recent Developments in the Neoprene Market:

MoArmouz launched the embossed neoprene sleeve, an ideal product that adapts to all style and quality parameters. MoArmouz launched the embossed neoprene laptop sleeve, an ideal product that adapts to all parameters of style and quality. The laptop sleeve is a perfect purchase for those who like to carry their device in style.

Balenciaga introduced new neoprene high-top sneakers. The past few years have certainly seen a strong boost in the luxury sneaker space.

Neoprene Market Drivers:

The wire and cable industry is the driving force behind the global neoprene market. Neoprene rubber parts are widely employed as coating solutions in wire and cable systems. It is employed in lead press-hardened mining cables, cable jackets,s, and others. The growing call for neoprene from the automotive industry is driving the neoprene market. The escalating application of neoprene in the automotive industry is also predicted to contribute significantly to product calls during the evaluation period. It is widely employed in the automotive industry, due to its thermal resistance, tensile strength, and durability. The escalated health awareness among people and the growing interest in fitness among users are the main drivers of the expansion of the neoprene market around the world. Several advantages that neoprene fabric offers, such as thermal and chemical resistance, quick drying, high stretch, and improved comfort, are driving the expansion of the worldwide neoprene business. In addition, an increase in the participation of people in sports activities is driving sales of general performance clothing, including neoprene fabric clothing, which is driving market expansion.

NeopreneMarket Restraints:

However, neoprene faces stiff competition from other natural and synthetic rubber alternatives. The unstable cost of raw materials and high cost of design may hamper the expansion of the worldwide neoprene market.

Opportunities in the Neoprene Market:

The worldwide call for neoprene has grown steadily in recent years, catalyzed by its superior physical and chemical properties. The automotive industry is one of the largest end users of neoprene. In the automotive industry, neoprene is employed in the manufacture of tires, oil seals, power transmission belts, components of the brake and steering system, pipe covers, etc. In addition to the automotive industry, the expansion of the construction sector is also supporting the call for neoprene where it is employed to provide electrical insulation, seals for windows, doors, facades, lifts, diverter pads, junctions of roads and bridges, etc. Looking ahead, the global neoprene market is predicted to show moderate expansion over the next five years.

Challenges in the Neoprene Market:

The prevalence of neoprene substitutes, as well as the volatility of crude oil prices, is predicted to be one of the main drawbacks to the neoprene industry in the coming years.

NEOPRENE MARKET REPORT COVERAGE:

Market Segmentation:

Neoprene Market-By Application:

• Civil Engineering

• Aquatics

• Home Accessories

• Music Equipment

• Hydroponic Gardening

• Automotive

• Others

The automotive segment has a significant share of the neoprene market. It is also employed as a bare lead base between two concrete and steel plates. Neoprene is employed for the manufacture of waders and fishing suits, which provide insulation against the cold in aquatic climates. Also, it is employed in household products such as table stands, laptop sleeves, and mouse pads. Neoprene is employed to make speaker cones and practice drum pads.

Neoprene Market-By Grade:

• Normal Linear

• Sulfur Modified

• Pre-Crosslinked

• Slow Crystallizing

Pre-crosslinked grades are suitable for the extrusion of profiled parts in the automotive industry. Sulfur-modified grades are copolymers of chloroprene and elemental sulfur. These are employed to manufacture parts, such as transmission belts, timing belts, or conveyor belts, that are exposed to dynamic stresses. Grades of slow crystallization are employed to produce rubber products.

Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

The Asia-Pacific neoprene market is predicted to rise at a high rate throughout the foreseen period owing to a strong call from the automotive industry. China, India, and Japan are estimated to be the main producers and consumers of neoprene in the region. Japan dominates the neoprene market in Asia-Pacific. North America is supposed to grow at a tremendous rate during the outlook period due to technological advancement in the region. The neoprene market in Europe is likely to grow due to constant calls from the automotive industry. The neoprene market in Latin America the Middle East and Africa is expected to grow at a slow pace during the conjecture period. Asia-Pacific is the world market leader and is determined to dominate the market during the calculated timeframe. This is attributed to the high call from the automotive industry. India, China, and Japan are the main producers and consumers of neoprene in the Asia-Pacific region. North America is believed to grow at a favorable rate in the neoprene market during the forecast period due to technological advances in the area. The European market is anticipated to develop due to the worldwide boom in the automotive and construction industry.

Impact of COVID-19 on Neoprene Market:

The coronavirus pandemic has had a major impact on businesses around the world and consequently on the neoprene market. Almost all sectors around the world have reported a drop in call as containment measures went into effect, limiting economic activities and affecting livelihoods. Covid-19 has impacted the industry in different ways. On the one hand, there was an interruption in the supply of raw materials. On the other hand, a delay in operations and collection further exacerbated the problem. Due to the disruption of worldwide economic activities and restrictions on imports, essential inputs were in short supply. The volatility of worldwide markets has further weakened the industry's outlook.

Neoprene Market Key Players:

Few of the major competitors currently working in the neoprene market are

• Asahi Kasei Advance Corporation

• Zenith Rubber

• Denka Corporation

• Tynorindia

• Star Polymer

• Versalis

• Tosoh

• Pidilite Industries Ltd.

• Lanxess

• Showa Denko K.K.

• Dow

• BRP Manufacturing

• Monmouth Rubber & Plastics Corp

• Pacific Eagle Enterprise Co., Ltd

• Huntington Rubber Sales, LLC.

• White Cross Rubber Products Ltd.

• SHEICO Group

• Neotex Union Industries Co., Ltd.

• Tata Rubber Corporation

• Minor Rubber Products