According to IMARC Group latest report titled” Neoprene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market reached a volume of 423.4 kilotons in 2020. The global neoprene market size to exhibit moderate growth during the next five years. Neoprene refers to a synthetic rubber that is widely used as a substitute for natural latex rubber. It offers protection against numerous oxidizing agents, such as alcohol, oil, acids, etc. Furthermore, as neoprene provides resistance against acetonic solvents, it also finds extensive applications across various industry verticals, such as automotive, medical, consumer goods, construction, etc.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Market Trends:
A significant growth in the automotive sector, along with the rising number of tire manufacturing companies, is primarily bolstering the global market for neoprene. Neoprene is widely used in the automotive industry for manufacturing tires, braking and steering system components, oil seals, hose covers, power transmission belts, etc. Moreover, the expanding construction industry is also driving the augmenting for neoprene in producing electrical insulation, elevator astragals, seals for windows, doors, and facades deviator pads, etc. In the coming years, the growing investments in extensive R&D activities for improving the chemical and physical properties of neoprene are further expected to drive the market growth.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Denka
- Lanxess
- Showa Denko
- Tosoh
- Zenith Rubber
- DowDuPont
- GK GmbH Endlosband
- Pidilite Industries Ltd.
- Covestro AG
- Asahi Kasei Corporation
Neoprene Market Segmentation:
Our report has categorized the market based on region, manufacturing route, grade, application and end use.
Breakup by Manufacturing Route:
- Butadiene route
- Acetylene route
Breakup by Grade:
- General-purpose grade neoprene
- Pre-crosslinked grade neoprene
- Sulfer-modified grade neoprene
- Slow crystallizing grade neoprene
Breakup by Application:
- Rubber
- Adhesives industry
- Latex industry
Breakup by End-User:
- Automotive
- Manufacturing
- Consumer goods
- Medical
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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