Neoprene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Neoprene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global neoprene market size reached 422.3 Kilotons in 2022. Looking forward, IMARC Group expects the market to reach 504.3 Kilotons by 2028, exhibiting a growth rate (CAGR) of 2.9% during 2023-2028.

Neoprene is a synthetic rubber produced artificially by free radical polymerization of chloroprene. It was first developed in the 1930s, as an oil-resistant substitute for natural latex rubber with DuPont being the first to market the compound in 1931. Neoprene offers various advantages over natural rubber latex and other synthetic compounds. Neoprene provides a strong level of protection from oxidizing agents such as alcohols, oils, and acids and offers resistant to all acetonic solvents. It also provides high resistance to physical failures like cuts and is resistant to damage caused by abrasion, flexing and twisting. Neoprene also does not degrade in the presence of sun, ozone or weather and provides excellent adhesion to fabrics and metals. Moreover, Neoprene exhibits good chemical stability and maintains flexibility over a wide temperature range. Compared to natural rubber, neoprene is more gas permeation resistant and can tolerate higher temperatures: up to 200 degrees Fahrenheit (F). Even at such elevated temperatures, neoprene maintains its integrity, making it better suited to long-term use in high temperature applications compared to natural rubber. Neoprene’s polymer structure also allows it to be modified to create a material compound with a diverse range of chemical and physical properties, based on the product needs.

The global demand of neoprene has been increasing continuously over the last few years catalyzed by its superior physical and chemical properties. The automotive sector represents one of the biggest end users of neoprene. In the automotive industry neoprene is used in the manufacturing of tires, oil seals, power transmission belts, breaking and steering system components, hose covers, etc. Apart from the automotive industry, the growth in the construction sector is also catalyzing the demand of neoprene where it is used to provide electrical insulation; seals for windows, doors, and facades; elevator astragals; deviator pads; Highway and bridge seals, etc.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global neoprene market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on manufacturing route, grade, application and end-user.

Breakup by Manufacturing Route:

Butadiene Route
Acetylene Route

Based on the manufacturing route, the market has been segmented into the butadiene route and acetylene route. The butadiene route currently accounts for a higher share.

Breakup by Grade:

General-Purpose Grade Neoprene
Pre-Crosslinked Grade Neoprene
Sulfur-Modified Grade Neoprene
Slow Crystallizing Grade Neoprene

Based on the grade, the market has been segmented into general-purpose grade neoprene, pre-crosslinked grade neoprene, sulfur-modified grade neoprene and slow crystallizing grade neoprene.

Breakup by Application:

Technical Rubber
Adhesives Industry
Latex Industry

Based on the application, the market has been segmented into technical rubber, adhesives industry and latex industry. Technical rubber currently represents the biggest segment.

Breakup by End-User:

Automotive
Manufacturing
Consumer Goods
Medical

Based on the end-user, the market has been segmented into automotive, manufacturing, consumer goods and medical. The automotive segment currently represents the biggest end user.

Breakup by Region:

Asia Pacific
North America
Europe
Middle East and Africa
Latin America

Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest region, accounting for the majority of the global market.

Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being Denka Corporation, Lanxess, Showa Denko, Tosoh, Zenith Rubber, GK GmbH Endlosband, Pidilite Industries Ltd., Covestro AG and Asahi Kasei Corporation.

Key Questions Answered in This Report:
How has the global neoprene market performed so far and how will it perform in the coming years?
What are the key regional markets in the global neoprene industry?
What has been the impact of COVID-19 on the global neoprene market?
What is the breakup of the global neoprene market on the basis of manufacturing route?
What is the breakup of the global neoprene market on the basis of grade?
What is the breakup of the global neoprene market on the basis of application?
What is the breakup of the global neoprene market on the basis of end-user?
What are the various stages in the value chain of the global neoprene market?
What are the key driving factors and challenges in the global neoprene market?
What is the structure of the global neoprene market and who are the key players?
What is the degree of competition in the global neoprene market?
How is neoprene manufactured?