Neoprene Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030

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. One of the primary factors driving market expansion is the rising demand for neoprene across various industrial verticals like automotive, construction, electrical, and others. Furthermore, neoprene's distinguishing qualities, including ozone & weather resistances, as well as better tensile strength, have become significant factors driving the worldwide neoprene market expansion.

Neoprene Market Report Key Highlights

• Global neoprene market value is estimated to expand by USD 2,802 million by 2030, with a 2.6% CAGR from 2022 to 2030.
• Asia-Pacific neoprene market accounting for nearly 40% of the total market share in 2021
• Among end-user, automotive segment grew at the fastest pace of nearly 2.8% during the projection period
• According to the OICA, automobile manufacturing in India would reach 4,399,112 units in 2021
• Based on product, neoprene rubber sheet segment will account for more than 50% of overall market share in 2021
• Denka is a prominent player in this sector, with an estimated market share of more than 23%

Neoprene is a artificial polymer that is synthesized artificially using free radical crystallization of chloroprene. It was invented in the 1930s as an oil-resistant alternative to natural rubber latex, and DuPont was the first company to market it in 1931. Neoprene has several benefits over latex from natural rubber and other synthetic materials. Neoprene has excellent resistance to oxidizing agents including oils, alcohols, and acids, as well as to any acetonic solvents. It also has strong resilience to physical breakdowns such as cuts and is resistant to flexing, abrasion, and twisting damage. It also does not disintegrate the exposure to sunlight, ozone, and weather, and it adheres well to fabrics or metals. Furthermore, Neoprene has exceptional physical and chemical properties as well as sustains elasticity over a diverse range of temperatures.

Global Neoprene Market Dynamics

Market Drivers

• Increasing adoption of neoprene rubber in the Automotive Sector
• Continually growing construction and electronic industries in emerging economies
• The increase in chloroprene production capacity expansion
• rapid advancements in polymer and increased application

Market Restraints

• Crude oil price volatility
• The presence of effective alternatives

Market Opportunities

• The increase in technical advancements
• Modernization of manufacturing procedures

Neoprene Market Report Coverage

The growing usage of neoprene in the architecture and building sectors due to its high tensile toughness, in the semiconductor industry for wire jackets, and in the garment and footwear industries is likely to fuel market revenue growth during the forecast period. Furthermore, rapid advances in polymer research, the use of neoprene in application fields such as corrosion-resistant coating materials and landfill linings, and the increasing use of neoprene for a protective coating for personal computers are some variables expected to drive market growth for neoprene and contribute significantly to market revenue growth in the future. Neoprene seems to be a solvent-resistant elastomeric that is being used to manufacture many automotive raw materials such as tires, hoses, as well as belts, and this is another reason that is projected to fuel market revenue growth in the future.

Due to rapid industrialization, the uses of Neoprene have increased dramatically in recent years, as the qualities of Neoprene are predicted to hold a unique position in industrial sector applications. Neoprene is a rubberized material with several applications, including fire-proof insulation, electrical wings, and civil engineering. Furthermore, the surge in urbanization is fueling an increase in urban infrastructure development such as smart urban. Rising demand for neoprene across various end-user sectors is expected to generate incremental income throughout the opportunity evaluation period. On the other hand, volatility in crude oil and petroleum derivative prices are projected to be important factors impeding the growth of the worldwide neoprene market in the coming years.

Neoprene Market Segmentation

The worldwide neoprene market segmentation is based on the product, end-user, and geography.

Neoprene Market By Product

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

According to the neoprene industry analysis, the neoprene sheet segment is predicted to account for a significant revenue share of the worldwide market over the forecast period. Neoprene rubber sheets are incredibly adaptable and resistant to petroleum, lubricants, and variations in weather conditions. Due to their stability and resistance to the harmful effects of UV radiation and ozone, neoprene sheets are favored over cheap rubber sheets. In the automotive sector, neoprene sheets are commonly utilized for under-the-hood as well as underbody parts purposes.

Neoprene Market By End-user

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

According to the neoprene market forecast, the automotive segment would experience a considerable revenue increase during the projected timeframe. This is owing to the increased use of neoprene rubber in the manufacture of auto parts and components due to its properties such as great durability against abrasion, physical damage, grease, and weather changes. Neoprene rubber is frequently utilized in automobile components such as hose covers, fan belts, steering system components, as well as shock absorber gaskets, among others. Car seat covers are also made from neoprene textiles. Neoprene cloth interiors offer outstanding protection against filth, scratches, or moisture, and their water resistance makes them an excellent choice as a covering to safeguard original automotive parts from spills and other contaminants.

Neoprene Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

The Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa