The report covers forecast and analysis for the global neoprene market on a global and regional level. The research report presents a comprehensive valuation of the market, competition, opportunities, emerging trends, and industry-validated market figures. The study provides historic data of 2016 to 2018 along with a forecast from 2019 to 2026 based on volume (Million Tons) and revenue (USD Million).
The global neoprene market is likely to witness substantial growth within a few years and is expected to grow at a considerable rate within the forecast period. There is immense potential in the neoprene market due to its inherent characteristics, variety of applications and growing demand in the market. Some of the inherent characteristics are that it resists degradation from ozone, sun, and weather, performs well in contact with chemicals and oil, remains useful for a wide range of temperatures, and is more resistant to burning than other types of rubbers. These properties are expected to bolster the market for neoprene across the globe in the automotive, electrical & electronics, building & construction, textile industries. Moreover, increasing urbanization and government intervention towards the infrastructure development for the public and private benefit has led to the greater consumption of neoprene over the years.
The global neoprene market has been categorized on the basis of product and end-use industries. Based on the product type, the neoprene market is segmented into neoprene sponge/foam, neoprene rubber sheet, and neoprene latex. Based on the end-use industry, the market is segmented into automotive, electrical & electronics, building & construction, textiles. The neoprene foam is widely utilized in the automotive industry and construction sector on account of its insulation properties and eminent soundproofing whereas in anti-corrosion coating, waterproof clothing, vibration pads, and gaskets neoprene rubber sheet is often used. Moreover, wetsuits and safety gloves are made from neoprene latexes which are ultimately used in the electrical and construction industry.
One of the major factors which are expected to propel the consumption of neoprene is the growth of the automotive industry in the Asia Pacific region where neoprene is used in the manufacturing of power transmission belts, braking and steering system components, oil seals, shock absorber seals, and tires. The growth in the construction sector is also a crucial driver for the increase in the demand for neoprene, where it is used to provide electrical insulation; doors, seals for windows, and facades, elevator astragals, Highway and bridge seals, and deviator pads, etc. The factor which might hinder the market of neoprene is the availability of substitutes such as lycra, thermocline, neo green, and silicone rubber.
The major companies operating in the global neoprene market include Shanxi Group, TOSOH, Denka Limited, Covestro AG, Sundow Polymers, Lanxess, Pidilite, BGK Endlosband, Zenith Rubber, TuHuang Chemical, and others.
This report segments the global neoprene market as follows:
Global Neoprene Market: Product Segment Analysis
Global Neoprene Market: End-Use Industry Analysis
Global Valve Positioners Market: Regional Segment Analysis