Neoprene Market Analysis & Forecast | 2022-2028

Market Insights

The neoprene market is estimated to grow from USD 1.75 billion in 2021 to reach USD 2.22 billion by 2028 at a CAGR of 3.36% during the forecast period.

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What is neoprene?

Neoprene is a type of synthetic rubber that is chemically stable and maintains its elasticity across a wide temperature range. Neoprene is available in solid form as sheets and foams, as well as in latex form. Neoprene sheets are the most widely utilized product type in the electronics, automotive, and construction industries. Because of its outstanding insulation capabilities, neoprene foam is also commonly used in the form of aquatic gear. Neoprene is used in a variety of specialist applications, including hammer tips in electronic pianos, masks, and more.

Key Players

Some of the key players in the neoprene market are-

• BGK GmbH Endlosband
• Covestro AG
• Denka Company limited
• Lanxess
• Pidilite Industries
• Shanxi Synthetic Rubber Group Co Ltd
• Sundow Polymers Co., Ltd
• The 3M Company
• Tosoh Corporation
• Zenith Rubber

Market Dynamics

These factors are expected to boost the demand for the market in the coming year:

• Rapid growth in the building and construction industry, particularly in Asia-Pacific and the Middle East.
• Increasing government participation in private and public infrastructure development in the Asia-Pacific nations.
• Neoprene has excellent weather and ozone resistance, as well as increased tensile strength, making it suitable for use in window seals, window gaskets, bridge seals, bearing pads, and elevator astragals, among other applications.

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Segment Analysis

By Product Type

The market is segmented as neoprene sponge/foam, neoprene rubber sheet, and neoprene latex. Neoprene rubber sheet occupied the largest share of the product segment in 2021 and is expected to maintain its dominance over the assessment period as well.

The growth of the segment is driven by its excellent properties such as low compression set, excellent resilience and abrasion resistance, and advanced resistance to ultraviolet and ozone radiations. These properties make neoprene rubber sheets the ideal claimant for use in seals, gaskets, building insulations, and liners in the automotive, electrical, and construction industries.

Furthermore, neoprene latex is estimated to be the second-largest segment during the assessment period, in terms of value and volume. These latex products are extensively used in manufacturing adhesives and gloves, which, in turn, are used in the automotive, building & construction, and electrical & electronics industries.

By End-User Type

The market is segmented as automotive, electrical & electronics, building & construction, textiles, and others. The market for automotive is likely to witness the highest growth during the forecast period. The surge in demand for automobiles in the Asia-Pacific and Middle Eastern regions has led to a flourishing growth in product demand in the automobile sector.

In addition, the growing construction business in the Middle East is also expected to positively influence product demand in the coming years. Furthermore, the growing adoption of neoprene foam in aquatic sports gear drives the market progress over the assessment period.

By Region

Asia-Pacific registered the highest growth in the market, both in terms of value and volume, in 2021, and is expected to maintain its indomitable lead during the assessment period. Latin America is estimated to be one of the fastest-growing regions in the global market.

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The progress can be attributed to the rapidly growing automobile sector in Brazil and Mexico. Furthermore, the Middle East is also expected to be a major revenue pocket for the market in the next five years. The flourishing construction sector is expected to bring about major progress for the neoprene industry in near future.

Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The neoprene market is segmented into the following categories:

By product type:

• Neoprene Sponge/Foam
• Neoprene Rubber Sheet
• Neoprene Latex

By end-user type:

• Automotive
• Electrical & Electronics
• Building & Construction
• Textiles
• Others

By region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making

What Deliverables Will You Get in this Report?

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Segmentation

• Current segmentation by any one of the product types by end-user type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.