Neoprene Market Introduction
The global neoprene market was valued over US$ 1.9 Bn in the year 2018. The market is expected to witness significant growth rate of 2.6% over forecast period.
Rising demand from emerging countries for neoprene is boosting the market growth. The global Neoprene market is expected to touch the value of over US$ 2.5 Bn by the end of 2026.
The global Neoprene market report offers an analysis of the market based on segmentation such as end-user, product type, and region. The report provides detailed analysis as per segmentation and their respective contribution in this market. The global neoprene market report offers further in-depth analysis-based insights on the expected growth in this market as per segmented geographic regions
Neoprene Market Dynamics
Increasing demand of Neoprene across different industry verticals including automobile, electrical, construction, and others is expected to be one of the prime factors driving the market growth. The differentiating properties of Neoprene including ozone and weather resistance,higher tensile strength, are one of the prime factors boosting the global neoprene market growth. Such properties of Neoprene are increasing its applications in areas such as bearing pads, window gaskets, sealing of windows and bridge, elevator astragals, and others.
Neoprene Market Insights
The applications of Neoprene areincreasing significantly from past few years due to rapid industrialization as the properties of Neoprene areexpected to hold a unique position in industrial area applications. Neoprene is a rubber material and has numerous applications including electrical wing, fire-proof insulation, and application in civil engineering. In addition to this, rise in urbanization is leading to the increasing in urban area development projects such as smart cities. The rising demand of neoprene across different end-user industries is anticipated to incremental opportunity in terms revenue generation over the opportunity assessment period. On the other hand, fluctuations in prices of crude oils and being a petroleum derivative are expected to major factors hindering the growth of global neoprene market over the forecast period.
Neoprene Market Segmentation
The global Neoprene market is segmented on the basis of product type, end-user, and region.
The APAC region is holding major market share in global Neoprene market due the dense presence of end-users of neoprene in APAC region and similar trend is expected to continue over forecast period. The dense presence of industries such as automotive and construction in the emerging economies present in APAC such as India, Malaysia, China, the Philippines, and Indonesia are expected to witness significant growth rate over forecast period. The governments of emerging economies are increasing investing in infrastructural and industrial developments which is ultimately boosting the demand for materials used and neoprene is one of such materials hence the neoprene market is expected to witness significant growth rate over forecast period in developing regions. On the other hand, the developed region such as North America and Europe are expected to register moderate growth rate. The global rise in construction and automotive industry is expected to accelerate the demand for Neoprene market hence expected to drive market growth over forecast period.
Due to increasing penetration of small enterprises, the global neoprene market is highly fragmented in nature. Some leading players are holding major market share in this market and dominating the market. The key contributors in the Neoprene market are Shanxi Synthetic Rubber Group Co Ltd.,Lanxess, Denka Company limited, Tosoh Corporation, Pidilite Industries, Covestro AG, Zenith Rubber,Ltd, BGK GmbH Endlosband, TuHuang Chemical Co., The 3M Company,Polymers Co., and others. Out of these players, the Denka company is one of the prominent players in this and estimated to hold over 23% of market share in this market due to its strong regional presence and wide product portfolio offerings.