Neoprene Market Trends, Share, Size, Growth, Opportunities and Forecasts, 2023–2028
Zion Market Research has published a new report titled “Neoprene Market Report by Product (Neoprene Sponge/Foam, Neoprene Rubber Sheet, and Neoprene Latex) and by End-Use Industry (Automotive, Electrical & Electronics, Building & Construction, Textiles): Global Industry Perspective, Comprehensive Analysis, and Forecast.
According to The global neoprene market size reached 422.3 Kilotons in 2022. Looking forward, the market is projected to reach 504.3 Kilotons by 2028, exhibiting a growth rate (CAGR) of 2.9% during 2023–2028.
The global neoprene market is anticipated to observe noticeable growth over the years. Neoprene is a synthetic rubber that exhibits superior properties such as superior ozone and weather resistance in line with better tensile strength, which makes them well-suited for its use in window seals, bridge seals, window gaskets, bearing pads and elevator astragals, etc. The increasing applications of neoprene in the automobile industry owing to its thermal resistance, tensile strength and durability are projected to have noteworthy growth of the product within the forecast period. It is widely used in shock absorber seals, hose covers, power transmission belts, CVJ boots, vibration mounts, and steering system components. Moreover, the rising penetration of neoprene in the electrical and aquatic sports gear industries is projected to drive the global neoprene market within the forecast timeframe.
The global neoprene market has been segmented on the basis of product and end-use industries. In terms of the product type, the neoprene market is classified into neoprene sponge/foam, neoprene rubber sheet, and neoprene latex. The neoprene rubber sheet product type segment is projected to have a maximum share within the forecast period. This is due to superior properties of the neoprene such as excellent resilience, low compression set, and abrasion resistance & advanced resistance to ultraviolet and ozone radiations. Henceforth, these properties make them unique and ideal for their use in seals, gaskets, building insulations and liners in the automotive, electrical and construction industries. The neoprene foam is expected to have a noticeable growth within the forecast period as it is majorly utilized in the automotive industry and construction sector on account of its insulation properties and eminent soundproofing whereas in anti-corrosion coating, waterproof clothing, vibration pads, and gaskets neoprene rubber sheet is often used. The neoprene latex segment is anticipated to be the second-largest segment within the forecast period in terms of volume and value. These latex products are broadly utilized in manufacturing gloves and adhesives which, in turn, are used in building & construction, automotive, and electrical & electronics industries. Based on the end-use industry, the market is segmented into automotive, electrical & electronics, building & construction, textiles. The automotive segment is anticipated to have a maximum share within the forecast period. The neoprene market for automotive is up surging owing to the rising demand for the automobile in the Asia Pacific and the Middle East which has led to a burgeoning rise in product demand in the automobile sector.
The major companies operating in the global neoprene market include -
- Shanxi Group
- TOSOH
- Denka Limited
- Covestro AG
- Sundow Polymers
- Lanxess
- Pidilite
- BGK Endlosband
- Zenith Rubber
This report segments the global neoprene market as follows:
Global Neoprene Market: Product Segment Analysis
- Neoprene Sponge/Foam
- Neoprene Rubber Sheet
- Neoprene Latex Digital
Global Neoprene Market: End-Use Industry Analysis
- Automotive
- Electrical & Electronics
- Building & Construction
- Textiles Food & Beverages
Global Valve Positioners Market: Regional Segment Analysis
- North AmericaU.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- Middle East and Africa
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