Neoprene is produced by polymerization of chloroprene, exhibits good chemical stability, and maintains flexibility over a wide range of temperatures. According to BlueQuark Research & Consulting, the global Neoprene market is expected to witness a significant growth rate during the forecast period. Factors such as the growing demand for Neoprene in the Automotive sector on its excellent abrasion, tear, solvent, oil, and weather-resistant and heat and fireproof capabilities drive the global Neoprene market. The extensive use of Neoprene in the Marine Industry to manufacture wet suits and diving suits is due to its good thermal and water resistance properties. Neoprene's fire and static resistance properties make it a prominent material for insulating power transformers, light bulbs, and electrical and electronics industry wires. However, the high prices of raw materials used in Neoprene's production and a majority of companies facing a high technological investment deficit in Neoprene's production are expected to hamper the growth of the Neoprene industry in the forecasted years.
Neoprene is used to manufacture diving suits, neoprene wetsuit, insulating equipment, preventing roof leaks, shock absorber seals, hoses, neoprene rubber sheet, neoprene latex, and vibration mounts. It serves various end-users like Automotive, Electrical and Electronics, Marine, Construction, and Medical industries.
The Construction Industry is a prime consumer of Neoprene globally and is expected to drive the future market. Neoprene rubber's excellent durability, waterproofing, flexibility, weather resistance, and fire resistance make it a preferred choice for construction manufacturers globally. The increasing population and rapid urbanization have increased the demand for residential and office spaces globally, with the leader's Asia Pacific region. In construction, Neoprene is widely used for preventing roof leaks and sealing floors of multi-story buildings. Owing to this rapid population growth, the Automobile sector is also on the rise. Since Neoprene is used widely in this sector, the demand for Neoprene is expected to rise with rising automotive demand. The automotive industry is experiencing a boom in the electric vehicle's global market. The environmental awareness amongst citizens coupled with the government offering subsidies on its purchase further propels the automotive industry. Thus, the increasing demand for construction and automotive material is expected to act as the market driver for the Neoprene industry.
Major market players in the industry were ARLANXEO , Chongqing Chemical & Pharmaceutical , Tosoh , Denka Corporation , Showa Denko , Martin's Rubber Company , and China Bluestar New Chemical Materials , among others.
The Asia Pacific is expected to be the largest market for Neoprene in the forecasted year. Owing to the increasing population in the region, the demand for construction materials and automotive vehicles is increasing. In the last two decades, China has undertaken a massive infrastructural project to revamp the country's infrastructure, which has attributed to China's recent success. Following this, China experienced a rise in urbanization, thus raising the demand for low-cost housing and commercial housing for its citizen. The construction industry is on the rise due to the surge in urbanization in the region, the increasing demand for Neoprene in the forecasted years. The electronics and electrical market in the APAC is massive, with emerging economies like China, Japan, South Korea, and India leading the way. This billion-dollar industry and the construction and automobile are all set to drive the neoprene market growth.
ARLANXEO , a significant player in the Neoprene industry, has commenced operations in India from 1st January 2021, hoping to enhance further ARLANXEO 's presence in one of the most promising growth regions.
Global Neoprene Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Neoprene market by segmenting based on the Form (Neoprene Sheets, Neoprene Foam, Extruded Neoprene), End-User Industry (Automotive, Construction, Electrical and Electronics, Marine, Medical, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market share, market size, trend, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.