Global Neoprene Market: Rising Demand from the Automotive Industry Supporting Growth

by Chris jackson Market Research

Neoprene, also known as chloroprene rubber or polychloroprene, is a type of foamed synthetic rubber made through the polymerization of chloroprene. It exhibits a high level of chemical inertness, mechanical strength, low flammability, along with superior thermal, oil, water, and solvent resistance. On account of these beneficial properties, neoprene can be used as a raw material in the production of adhesives, conveyor belts, molded goods and cables. When compared to natural rubber, neoprene offers better gas permeation resistant and has better tolerance towards high temperatures up to 200 degrees Fahrenheit (F). Moreover, it is easier to produce and is preferred in applications where improved material properties are required.

Neoprene first came into existence during the 1930s when an increase in the demand for natural rubber led to the discovery of its synthetic equivalent. Wallace Carothers, a chemist in the fundamental research group of DuPont, discovered neoprene during a polymerization experiment using chloroprene. Since then, the global neoprene market size has grown substantially, reaching a volume of 384 kilotons in 2018. According to estimates by IMARC Group, the market is further expected to expand at a CAGR of around 4% during 2019-2024, reaching a volume of 498 kilotons by 2024.

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Global Neoprene Market Trends

Nowadays, neoprene is widely employed in the automotive industry with rising demand for sheets and foams in the production of automobiles. These foams and sheets support a wide range of applications such as joint fillers and edge extrusions, seating, and acoustic, along with seals and gaskets which protect against the intrusion of moisture, UV light, or dirt. Besides, adhesives have been experiencing a significant rise in their demand across the globe, which, in turn, is driving the market growth of neoprene. The adhesives made with neoprene are used in industrial applications such as construction, furniture and shoemaking. Some of the other factors that are having a positive effect on the demand for neoprene include growing urbanization and recovery in infrastructure spending.

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Market Segmentation

The market for neoprene has been segmented on the basis of the manufacturing route, which mainly includes the butadiene and acetylene routes. Currently, butadiene is the most preferred route for manufacturing neoprene.
On the basis of the grade, the report has analyzed the market as general-purpose, pre-crosslinked, sulfur-modified and slow crystallizing grade neoprene.
Based on the application, the market has been divided into technical rubber, adhesives industry and latex industry. At present, neoprene is mostly used for the production of technical rubber, which is further utilized in the manufacturing of various products such as shoe soles and low rolling resistance tires.
The market has been categorized according to end users into automotive, manufacturing, consumer goods and medical. Amongst these, the majority of the neoprene is used in the automotive industry.
On a regional basis, Asia Pacific represents the largest market for neoprene, holding the majority of the market share. This can be attributed to the increasing production of neoprene in countries like India and Japan. Along with this, most of the key players are established in the region who benefit from the low cost of energy and labor. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has been examined with details about some of the key players being Denka, DowDuPont, Lanxess, Showa Denko, Zenith Rubber, Tosoh, GK GmbH Endlosband, Pidilite Industries Ltd., Covestro AG and Asahi Kasei Corporation.

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About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the neoprene industry, which has enabled the clients to set up and expand their businesses successfully. Some of the company’s offerings include:

Market Research
Plant setup
Plant Expansion
Marketing and sales
Procurement and Distribution
Innovation and Product Development

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Source: http://www.researz.com