Neoprene Market Size (2024 - 2029)

The neoprene market is experiencing growth, driven by increasing demand from the electrical and electronics industry, particularly for applications in wire and cables. Despite challenges posed by the availability of substitutes like thermoplastic and polyurethane elastomers, the market is buoyed by the rising popularity of neoprene gloves. The market's expansion is further supported by the significant consumption in the Asia-Pacific region, with countries such as India and China leading in demand.

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Market Size of Neoprene Industry

Neoprene Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 3.50 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Neoprene Market Major Players

*Disclaimer: Major Players sorted in no particular order

Neoprene Market Analysis

The neoprene market is projected to register a CAGR of over 3.5% during the forecast period.

COVID-19 harmed the market in 2020. The weakening automobile industry and a brief halt in construction and automotive activity owing to the pandemic lockdown had a detrimental impact on neoprene market demand. However, demand for neoprene products such as medical gloves had expanded dramatically, increasing neoprene demand in the market.

  • Over the short term, increasing demand for neoprene from the electrical and electronics industry for application in wire and cables is expected to drive the market's growth.
  • On the flip side, the availability of substitutes like thermoplastic and polyurethane elastomers in neoprene applications is hindering the market's growth.
  • The augmenting popularity of neoprene gloves will likely act as an opportunity for the neoprene market.
  • Asia-Pacific dominated the market across the world with the largest consumption in the countries such as India, China, etc.

Neoprene Industry Segmentation

Neoprene, also known as polychloroprene, is a synthetic rubber produced from chloroprene monomers polymerization. It poses high physical toughness, hydrocarbon oil resistance, good chemical stability, better flame retardant, and maintains flexibility over a wide range of temperatures. The neoprene market is segmented by type, application, end-user industry, and geography. By type, the market is segmented into normal linear, pre-cross-linked, sulfur-modified, and slow crystallizing grades. By application, the market is segmented into latex, elastomers, and adhesives. The end-user industry segments the market into building and construction, automotive, electrical and electronics, medical, and other industries. The report also covers the market size and forecasts for the neoprene market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kiloton).

Type
Normal Linear Grades
Pre-cross Linked Grades
Sulfur-modified Grades
Slow Crystallizing Grades
Application
Latex
Elastomers
Adhesives
End-user Industry
Building & Construction
Automotive
Electrical & Electronics
Medical
Other End-user Industries ( Marine and Packaging etc)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Neoprene Market Size Summary

The neoprene market is anticipated to experience steady growth over the forecast period, driven by its diverse applications across various industries. The demand for neoprene is particularly strong in the electrical and electronics sector, where it is used in wire and cable applications. Despite challenges posed by the availability of substitutes like thermoplastic and polyurethane elastomers, neoprene's unique properties, such as flexibility and resistance to environmental factors, continue to make it a preferred choice in building and construction. The material's ability to perform well in structural sealing and waterproofing applications further bolsters its demand in these sectors. The market's recovery from the COVID-19 pandemic is also supported by the increased demand for neoprene products, such as medical gloves, highlighting its versatility and essential role in various industries.

Asia-Pacific is expected to maintain its dominance in the neoprene market, fueled by robust demand from the construction, automotive, and electrical industries in countries like China and India. The region's growing electronics sector, driven by rising disposable incomes and domestic production, also contributes to the market's expansion. The construction industry's growth, particularly in Germany and the EU, along with significant investments in housing and infrastructure, is likely to further boost neoprene demand. The market is characterized by a partial fragmentation, with key players like Denka Company Limited, ARLANXEO, and Resonac Holdings Corporation leading the industry. Strategic acquisitions and expansions by these companies are expected to enhance their market presence and drive innovation in neoprene applications.

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Neoprene Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Electrical and Electronics Industry

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Availability of Substitutes like Thermoplastic and Polyurethane Elastomers

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Raw Material Analysis

    6. 1.6 Technological Snapshot

    7. 1.7 Manufacturing Process

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Type

      1. 2.1.1 Normal Linear Grades

      2. 2.1.2 Pre-cross Linked Grades

      3. 2.1.3 Sulfur-modified Grades

      4. 2.1.4 Slow Crystallizing Grades

    2. 2.2 Application

      1. 2.2.1 Latex

      2. 2.2.2 Elastomers

      3. 2.2.3 Adhesives

    3. 2.3 End-user Industry

      1. 2.3.1 Building & Construction

      2. 2.3.2 Automotive

      3. 2.3.3 Electrical & Electronics

      4. 2.3.4 Medical

      5. 2.3.5 Other End-user Industries ( Marine and Packaging etc)

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 Italy

        4. 2.4.3.4 France

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Neoprene Market Size FAQs

The Neoprene Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)

Denka Company Limited, Resonac Holdings Corporation, Tosoh Corporation, ARLANXEO and China National Bluestar (Group) Co, Ltd. are the major companies operating in the Neoprene Market.

Neoprene Market Report Snapshots

Neoprene Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)