The global neoprene market is anticipated to witness grow at CAGR of 2.6% over forecast period. The global neoprene market was valued over US$ 1.9 Bn in the year 2018 and is expected to touch the value of over US$ 2.5 Bn by the end of 2026. Increase in consumer disposable income is other factor driving the automobile industry, which in turns drive the growth of the global neoprene market during the coming years.
Increasing need for more advanced materials to be used to maintain the quality of products is foreseen to accelerate the adoption of neoprene market growth. The rapid industrialization in the regions including APAC, Latin America, and MEA is propelling the neoprene market growth significantly. The significant year on year growth in the automotive production in APAC and Latin American countries is increasing the production of parts involved in the automotive parts and hence ultimately boosting the market growth.
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The global Neoprene market is segmented based on product type, end-user, and region. The global neoprene market segmentation by product type includes Neoprene Sponge/Foam, Neoprene Rubber Sheet, Neoprene Latex. Segmentation by end-user includes automotive, electrical & electronics, building & construction, textiles. The segmentation based on regions includes North America, Latin America, Europe, APAC, and MEA. The report includes in-depth analysis according the segmentations mentioned.
Boom in automobile productions is to fuel demand for neoprene
The automobile industry is increasing significantly and hence ultimately fueling the demand for materials such as neoprene. The neoprene has wide application areas due to the thermal resistance, durability, and tensile strength of these materials. The Neoprene is a type of rubber and is high in demand across different industry verticals including automobile, construction, and others. The automobile end-user is expected to hold major market share over forecast period due to constant increasing in the production of automobiles at global level.Also, the automotive industry is using neoprene in numerous applications such as vibration mounts, power transmission belts, seals for shock absorbing,hose covers, steering system components, and CVJ boots.
The global Neoprene market is fragmented in nature as the market is highly dominated by the leading players in this market. The leading players present in this market are holding significant market share. The key players catering in the Neoprene market includes Lanxess, Denka Company limited, Shanxi Synthetic Rubber Group Co Ltd., Tosoh Corporation,Polymers Co.,Covestro AG, Pidilite Industries, Zenith Rubber,Ltd, TuHuang Chemical Co., BGK GmbH Endlosband,The 3M Company,and others. The Denka company, which is one of the dominant players in this market is expected hold over 23% of market share in this market due to its wide product portfolio and strong regional presence.
Considering the revenue generation from the sale of neoprene, the APAC region is expected to dominate the global market due the increasing industrialization in this region demanding the neoprene and hence driving the market growth in APAC region and similar trend is expected to continue over forecast period. The industries such as automotive and rising focus on infrastructural developmentsin the emerging economies present in APAC such as India, Malaysia, China, the Philippines, and Indonesia is accelerating the adoption of neoprene in this region. The North America and Europe region are expected to witness moderate growth rate over forecast period.
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Industries including automobile, electrical, construction, and others are increasingly demanding the advanced materials such as Neoprene to improve the product quality and maintain safety. 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.
Changing Approach of Manufacturers
The neoprene manufacturers are expected to adopt multiple strategies to withhold their current presence in the market and continue to leverage it over forecast period. Some of the key strategies observed in neoprene market includes the maintaining of strong distribution channel. For example, the Tosoh and Denka which are prominent players in this market are maintaining their own distribution channel at the global locations. This strategy is helping these leading players in catering the growing product demand. Also, geographical expansion is one of the other strategies followed by these leading players.
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