BEIJING, Sept. 18, 2022 (GLOBE NEWSWIRE) — The Global neoprene market The size accounted for $2,231 million in 2021 and it is estimated to reach a market size of $2,802 million by 2030, growing at a CAGR of 2.6% from 2022 to 2030.
Key highlights of the Neoprene market report
- The global market value of neoprene was US$2,231 million in 2021, growing at a CAGR of 2.6% from 2022 to 2030
- The neoprene market in Asia Pacific dominates with a market share of more than 40% in 2021
- According to the US Census Bureau, the total value of construction in the United States was approximately $1,549,793 million in January 2021, with a growth rate of 8.2%
- Among the products, the neoprene rubber sheet segment captured more than half of the market share
- Growing acceptance in the automotive industry is driving the neoprene industry
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|neoprene market Size 2021||$2,231 million|
|neoprene market Forecast 2030||$2,802 million|
|neoprene market CAGR in 2022 – 2030||2.6%|
|neoprene market analysis period||2018 – 2030|
|neoprene market base year||2021|
|neoprene market forecast data||2022 – 2030|
|Covered Segments||By product, end user and geography|
|neoprene market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Important companies in profile||Lanxess, The 3M Company, Tosoh Corporation, Covestro AG, Zenith Rubber, Ltd, TuHuang Chemical Co., Pidilite Industries, Denka Company Limited, BGK GmbH Endlosband and Shanxi Synthetic Rubber Group Co Ltd.|
|report coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
The global demand for neoprene has steadily increased in recent years due to its exceptional chemical and physical properties. Neoprene is widely used in corrosion-resistant coating materials, as an electrical insulation material, and in components that are subjected to extreme conditions and heavy wear, such as those found in automotive and industrial applications. Due to its portability, flexibility and softness, it is widely used in the security, medical and packaging industries. The high demand for high-quality synthetic rubber, the increasing use of neoprene in the manufacture of wetsuits, and the adoption of neoprene as general-purpose elastomers are some of the key factors expected to drive the acceptance of neoprene in a variety of applications and drive the revenue growth of the neoprene market in the USA will expand future.
Neoprene has a high level of fire resistance, making it ideal for firefighting equipment and other applications. When used properly, neoprene can be climate and scratch resistant. It is commonly used in the clothing and household industries. Numerous research and development initiatives in recent years have led to the use of neoprene as a complement to traditional scar care techniques. The application of neoprene implants and splints has resulted in a significant reduction in scar tissue formation with no subsequent problems, which has increased the use of neoprene in a wide range of medical applications. Neoprene has also become a material that is commonly used in orthopedic support and the increasing awareness of its benefits is expected to drive the revenue growth of the market in the coming years.
Dynamics of the global neoprene market
Increasing demand from the automotive, electrical and electronics, mining and construction, and textile industries is driving the global neoprene market. Neoprene is widely used in windshield seals, wire covers and weatherproof roof membranes due to its high durability, waterproofness and resilience. Building and construction activities in emerging markets such as India and China have increased dramatically as a result of rapid urbanization and industrialization, and demand for neoprene is expected to increase significantly over the projection period. In addition, expanding the use of neoprene in the automotive industry is expected to contribute significantly to product demand. In addition, neoprene is used extensively in the automotive industry for its temperature resistance, compressive properties and extended durability.
However, fluctuations in crude oil prices and the availability of effective substitutes are forecast to hamper the expansion of the neoprene market during the forecast period.
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The global neoprene market has been segmented by Acumen Research and Consulting based on product and end-user. By product, the market is segmented into neoprene sponge/foam, neoprene latex and neoprene rubber sheets. By end users, the market is segmented into Electrical & Electronics, Automotive, Textiles, Building & Construction, and Others.
Regional Outlook for the Global Neoprene Market
The global neoprene market is segmented into five geographic regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. According to the analysis of the neoprene industry, North America is projected to account for the largest revenue share in the global market throughout the forecast period. This is due to the rapid development of the region in the automotive industry, the resources available at reasonable prices, the increasing manufacture of electrical and electronic equipment and the presence of significant market players. Additionally, the increased focus on environmental sustainability and reduced reliance on fossil fuels is driving the rapid adoption of electric vehicles, increasing the desire for and use of neoprene. This is another aspect that is expected to fuel the revenue growth in the North American market throughout the forecast period.
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neoprene market participants
The global neoprene market is highly fragmented due to the increasing penetration of small companies. A few dominant players control and dominate a large part of the market. Some of the leading companies in the neoprene market are Lanxess, The 3M Company, Tosoh Corporation, Covestro AG, Zenith Rubber, Ltd, TuHuang Chemical Co., Pidilite Industries, Denka Company Limited, BGK GmbH Endlosband and Shanxi Synthetic Rubber Group Co Ltd.
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