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Neoprene Market Size Is Predicted To Reach At USD 2,802 Million By 2030, Registering A CAGR Of 2.6%, Owing To Rapid Growth In Construction And Electronic Industries

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BEIJING, Sept. 18, 2022 (GLOBE NEWSWIRE) -- The Global Neoprene Market Size accounted for USD 2,231 Million in 2021 and is estimated to achieve a market size of USD 2,802 Million by 2030 growing at a CAGR of 2.6% from 2022 to 2030.

Neoprene Market Report Key Highlights

  • Global neoprene market value was worth USD 2,231 million in 2021, with a 2.6% CAGR from 2022 to 2030
  • Asia-Pacific neoprene market dominates with more than 40% market share in 2021
  • According to the US Census Bureau, the total value of construction in the US was around USD 1,549,793 million in January 2021, with an 8.2% growth rate
  • Among product, neoprene rubber sheet segment captured more than half of the market share
  • Growing adoption in the automobile industry is driving the neoprene industry

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Report Coverage:

Market Neoprene Market
Neoprene Market Size 2021 USD 2,231 Million
Neoprene Market Forecast 2030 USD 2,802 Million
Neoprene Market CAGR During 2022 - 2030 2.6%
Neoprene Market Analysis Period 2018 - 2030
Neoprene Market Base Year 2021
Neoprene Market Forecast Data 2022 - 2030
Segments Covered By Product, By End-user, And By Geography
Neoprene Market Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled Lanxess, The 3M Company, Tosoh Corporation, Covestro AG, Zenith Rubber, Ltd, TuHuang Chemical Co., Pidilite Industries, Denka Company limited, BGK GmbH Endlosband, and Shanxi Synthetic Rubber Group Co Ltd.
Report Coverage
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

The global demand for neoprene has steadily increased in recent years, owing to its exceptional chemical and physical characteristics. Neoprene is frequently employed in corrosion-resistant coating materials, as an electric insulating material, and in components that face extreme conditions and heavy wear, such as those found in automotive and industrial applications. Due to its wearability, flexibility, and softness, it is widely utilized in the safety, medical, as well as packaging industries. High demands for high-quality synthetic rubber, increasing usage of neoprene in wetsuit manufacture, and the adoption of neoprene as general-purpose elastomers are some major factors projected to promote neoprene acceptance in a variety of applications and expand the neoprene market revenue growth in the future.

Neoprene has a high level of fire resistance, making it ideal to be used for firefighting equipment as well as other applications. When used appropriately, neoprene may be climate and scratch-resistant. It is frequently utilized in the apparel and household industries. Numerous research and development initiatives in recent years have resulted in the usage of neoprene as an addition to traditional scar care techniques. The application of neoprene implants and splints resulted in a considerable reduction in scar tissue formation with no subsequent problems, which has increased the usage of neoprene in a wide range of medical applications. Neoprene has also become a material commonly for use in orthopedic support, and rising awareness about its benefits is projected to drive market revenue growth in the future years.

Global Neoprene Market Dynamics

The increase in demand from the automobile, electrical and electronics, mining and construction, as well as textile industries is propelling the worldwide neoprene market forward. Neoprene is widely used in windshield gaskets, wire covers, and roof weatherproof membranes owing to its high durability, waterproofing, & resilience. Construction and building activities in emerging economies like India and China have increased dramatically as a result of fast urbanization and industrialization, and demand for neoprene is anticipated to increase significantly throughout the projection period. Furthermore, an expansion in the use of neoprene in the vehicle industry is expected to contribute significantly to product demand. Furthermore, due to its temperature resistance, compressive properties, and extended durability, neoprene is widely employed in the automotive industry.

However, fluctuation in prices for crude oil and the availability of effective replacements are projected to stymie neoprene market expansion during the projection period.

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Market Segmentation

The global neoprene market has been segmented by Acumen Research and Consulting based on product, and end-user. By product, the market is separated into neoprene sponge/foam, neoprene latex, and neoprene rubber sheet. By end-user, the market is divided into electrical & electronics, automotive, textiles, building & construction, and others.

Global Neoprene Market Regional Outlook

The global neoprene market is divided into five geographic regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. According to the neoprene industry analysis, North America is predicted to account for the biggest revenue share in the global market throughout the forecast period. This can be attributed to the region's rapid development in the automotive industry, the resources that are available at reasonable rates, the increased manufacturing of electrical and electronic goods, and the presence of significant market players. Furthermore, the increased focus on environmental sustainability and reduced reliance on fossil fuels is driving the rapid adoption of electric vehicles, which is increasing the desire for and utilization of neoprene. This is yet another aspect that is projected to promote revenue growth in the North American market throughout the forecast period.

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Neoprene Market Players

The global neoprene market is highly fragmented owing to the rising penetration of small businesses. Some dominant players control a large portion of the market and dominate it. Some of the prominent neoprene market companies are Lanxess, The 3M Company, Tosoh Corporation, Covestro AG, Zenith Rubber, Ltd, TuHuang Chemical Co., Pidilite Industries, Denka Company limited, BGK GmbH Endlosband, and Shanxi Synthetic Rubber Group Co Ltd.

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About Acumen Research and Consulting :

Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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