Neoprene Market Overview
Neoprene market
size is forecast to reach US$4.6 billion by 2027, after growing at a CAGR of 2.5%
during 2022-2027. Neoprene or polychloroprene is part of a family of synthetic
rubbers that are produced by the polymerization of chloroprene. Neoprene Adhesive
is a one-part polychloroprene-based adhesive agent. Polychloroprene polymer is
the main component of Neoprene and is characterized by its heat and chemical
resistance as well as temperature performance. Neoprene is a type of plastic
that is a category of synthetic rubber. It is used for a variety of purposes
including the production of wetsuits and other water-repelling products. Elastomeric
bearing pads are made of neoprene compress on vertical load and accommodate
both horizontal rotation and horizontal shear movement. Neoprene is used in a
wide variety of applications including medical, automotive, building and construction,
aquatics, and electronics. Neoprene’s cushioning abilities make it ideal for
laptop sleeves and protection for other electronics. It is also used for
exercise equipment as a soft coating for hand weights. Furthermore, the
flourishing automotive and textile industry is also expected to drive the
Neoprene industry substantially during the forecast period.
COVID-19 Impact
The Coronavirus pandemic has
impacted the neoprene industry stuttering the manufacturing industry. Neoprene
is widely used in automotive products including rubber gaskets, O-rings, seals,
hoses, and the construction industry's products including fire doors,
electrical insulation, waterproofing membranes, and others. The temporary halt
in construction and automotive activities due to the pandemic lockdown
negatively impacted the neoprene market. According to the Indian automotive
industry in India, the auto business was recuperated by 5.5% by 2021. However,
the demand for neoprene products such as medical gloves has significantly
increased during the global health crisis which intern fueled the neoprene
market growth.
Report Coverage
The report: “Neoprene Market Report – Forecast (2022-2027)”,
by IndustryARC, covers an in-depth analysis of the following segments of
the Neoprene Industry.
Key Takeaways
- Neoprene bearings and laminated elastomeric bearings are
commonly used in the construction industry. Various standards dictate the
manufacturing and design of these bearings to ensure robust performance,
longevity, and reliability.
- Neoprene is resistant to grease, wax, and oil and has a high
resistance to dilute acids, bases, and salt solutions. Another chief advantage
of neoprene is that it maintains high performance at a range of temperatures.
These advantages make neoprene one of the most attractive solutions in building
and construction applications which are expected to grow the market in coming
years.
- The properties like waterproofing layer on roofs in either
sheet or foam products in the construction industry are supporting the market
growth.
Figure: Asia-Pacific Neoprene Market Revenue, 2021-2027 (US$ Billion)
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Neoprene Market Segment Analysis – By Product Type
The neoprene rubber sheet segment accounted
for over 30% of the market share in 2021. The rubber sheet product offers
excellent properties such as a low compression set, excellent resilience and
abrasion resistance, and advanced resistance to ultraviolet and ozone
radiations. These properties make them ideal for their use in seals, gaskets,
building insulations, and liners in the automotive, electrical, and
construction industries. This rubber sheet product is widely used in
manufacturing gloves and adhesives which, in turn, are used in the automotive,
building and construction, and electrical and electronics industries. According
to invest India, electronics production in India to reach $300 billion by 2026.
The National Policy on Electronics (NPE) 2019 had set a target of achieving a
turnover of $400 billion by 2025. Thus, such rapid growth in construction
activities across both developing and developed economies will create major
traction for the growth of the neoprene market during the forecast period.
Neoprene Market Segment Analysis – By Application
The gasket segments accounted
for over 25% of the market share in 2021. Gaskets are made from neoprene rubber
sheeting and are often used with refrigerants and oils, both animal and
vegetable. Neoprene rubber sheeting also provides noise isolation in power
transformers and acts as a base for adhesives. Its resistance to burning has
led to it being used as weather stripping for fire doors. Neoprene also creates
flexible rubber gaskets to fit a larger amount of surfaces than other gaskets. It
is a durable product that is weather and abrasion-resistant. Neoprene gasket
properties ensure a longer work-life than many plastics and other rubbers as
well as a more reliable and stable gasket for more extreme applications. According
to the Singapore Commodity Exchange in March 2021, the price of rubber was US$2.37
per kilogram. The growth in the gasket is owing to the neoprene industry during
the forecast period.
Neoprene Market Segment Analysis – By End-Use Industry
The automotive
segment accounted for around 41% of the market share in 2021. Neoprene is
widely used in the automotive industry owing to its thermal resistance, tensile
strength, and elongated durability. Neoprene applications
include NVH and sealing for lights, mirrors, steering systems, instrument panels,
heating and ventilation, air conditioning units and door closures, and any
areas that require sealing to prevent air, dust, water, and oil ingress. The
neoprene rubber is used in hose covers, constant velocity joint (CVJ) boots,
power transmission belts, vibration mounts, and shock absorber seals. According
to invest India, the automobile industry is expected to grow at 44% and hit 6.34
million-unit annual sales by 2027. Therefore, the growth of automotive
components is owing to the growth of the neoprene market during the forecast
period.
Neoprene Market Segment Analysis – By Geography
The Asia Pacific is accounted for a large share of over 35% in the global neoprene market in 2021. The growth of end-use industries like textile, automotive, electrical & electronics, marine, medical, construction, and others. The broadening of the leading appliance manufacturers such as LG electronics, whirlpool, Godrej, IFB, Samsung electronics, etc. is driving the market growth in the region. China has undertaken a massive infrastructural project to refurbish the country's infrastructure which has attributed to China's recent success. From there on, China experienced a rise in urbanization thus raising the demand for low-cost housing and commercial housing for its citizen. The construction industry is on the rise due to the billowing in urbanization in the region. According to data from MOHURD (Ministry of Housing and Urban-Rural Development, revenue generated from engineering consulting services in China, such as engineering supervision and cost consulting, reached $26.5 billion in 2021. Therefore, in the thriving automotive industry, there will be a rise in demand which is anticipated to drive the market in the Asia-Pacific region.
Neoprene Market Drivers
Increasing Automotive Production
Neoprene can be used to make automotive parts as it protects from abrasion, tear, solvent, oil and is weather-resistant. It is also heat and fireproof. It can be found in window and door seals, hose covers, belts, vibration mounts and shock absorber seals, braking and steering system components. To curb carbon emission and reduce the dependency on fossil fuels, the demand for electric vehicles has escalated significantly across the globe which has propelled the demand for neoprene, thereby contributing to the growth of the global market. According to the ITA (International trade administration), China dominates the automotive manufacturers, and the production of automotive is expected to reach US$ 35 million by 2025. Accordingly, the increasing automobile production requires automotive components which act as a driver for the neoprene market during the forecast period.
Flourishing Construction Sector
The Asia-Pacific construction sector is the largest in the world and is growing due to the rising population. It is used in construction for applications including elastomeric membranes and flashings, noise isolation, electrical insulation, motor fan-belts, and gaskets. Neoprene is more fire-resistant than hydrocarbon-based rubbers. Hence, it can be used for fire doors and in personal protective equipment such as face masks and gloves. Neoprene can be applied as a waterproofing layer on roofs, either sheet or liquid-applied elastomeric membranes. It can also provide the load-transferring contact surface between two components such as a beam and the substructure and can absorb vibration and prevent sound transmission. Neoprene pads are used for bearings in bridge construction where they can absorb horizontal movement in multiple directions. Used as a foam strip or foam tape, neoprene offers a solution to air and water leakage problems and is used widely for glazing applications. India is expected to become the third-largest construction market globally by 2022. According to the Indian Brand Equity Foundation (IBEF), the government is giving utmost priority to infrastructure development and has set a target of road construction worth US$ 206 billion.
Neoprene Market Challenges
Growing Environment Concern
Environmental concern has always been a major challenge in
the Neoprene market. Like most petrochemical-derived fabrics, neoprene has a
significantly negative impact on the environment. It is non-biodegradable and
the outdoor apparel company, Finisterre, estimates approximately 419 tons get
thrown away in the UK every year. The U.S. Environmental Protection Agency
mentions that long-term exposure to chloroprene may also affect the lungs,
liver, kidneys, and immune system. Patagonia introduced a natural rubber in
partnership with Yulex, an Arizona-based supplier of Forest Stewardship
Council–certified latex-free rubber. It’s a 100% plant-based natural rubber
derived from hevea trees made in a zero-waste production process that emits 80%
fewer carbon dioxide emissions than neoprene. Patagonia says Yulex neoprene is
light, stretchy, yet strong, all while still being good for the planet.
Neoprene Industry Outlook
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in this market. Neoprene
market top 10 companies are:
- Sundow Polymers Co. Ltd.
- Tuhuang Chemical Co.
- Covestro AG
- Lanxess
- Tosoh Corporation
- Zenith Rubber
- BGK GmbH Endlosband
- Pidilite Industries
- The 3M Company
- Denka Company Limited
Recent Developments
- In September 2021, Arlanxeo implements an energy surcharge for all its European-produced elastomers. In response to unforeseen and unprecedented energy cost escalations in Europe, ARLANXEO will implement an energy surcharge. This energy surcharge has been effective from October 2021 and applied to all European-produced elastomers.
- In August 2019, Tosoh to raise production capacity for chloroprene rubber. Tosoh Corp. announced plans to increase production capacity for chloroprene rubber (CR), marketed under the product name Skyprene, which is part of the functional polymer product lineup of the Specialty business.
Relevant Reports
Performance Elastomers Market - Forecast(2022 -
2027)
Report Code: CMR 84841
Specialty Polymers Market - Forecast(2022 - 2027)
Report Code: CMR 0065
Contact Adhesives Market - Forecast(2022 - 2027)
LIST OF TABLES
1.Global Market Segmentation and Analysis Market 2023-2030 ($M)1.1 By Type Market 2023-2030 ($M) - Global Industry Research
1.1.1 Normal Linear Grades Market 2023-2030 ($M)
1.1.2 Pre-Cross Linked Grades Market 2023-2030 ($M)
1.1.3 Sulfur-Modified Grades Market 2023-2030 ($M)
1.1.4 Slow Crystallizing Grades Market 2023-2030 ($M)
1.2 By End-user Market 2023-2030 ($M) - Global Industry Research
1.2.1 Latex Market 2023-2030 ($M)
1.2.2 Elastomers Market 2023-2030 ($M)
1.2.3 Coatings Market 2023-2030 ($M)
1.2.4 Building Construction Market 2023-2030 ($M)
1.2.5 Automotive Market 2023-2030 ($M)
1.2.6 Electrical Market 2023-2030 ($M)
2.Global Competitive Landscape Market 2023-2030 ($M)
2.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Global Industry Research
3.Global Market Segmentation and Analysis Market 2023-2030 (Volume/Units)
3.1 By Type Market 2023-2030 (Volume/Units) - Global Industry Research
3.1.1 Normal Linear Grades Market 2023-2030 (Volume/Units)
3.1.2 Pre-Cross Linked Grades Market 2023-2030 (Volume/Units)
3.1.3 Sulfur-Modified Grades Market 2023-2030 (Volume/Units)
3.1.4 Slow Crystallizing Grades Market 2023-2030 (Volume/Units)
3.2 By End-user Market 2023-2030 (Volume/Units) - Global Industry Research
3.2.1 Latex Market 2023-2030 (Volume/Units)
3.2.2 Elastomers Market 2023-2030 (Volume/Units)
3.2.3 Coatings Market 2023-2030 (Volume/Units)
3.2.4 Building Construction Market 2023-2030 (Volume/Units)
3.2.5 Automotive Market 2023-2030 (Volume/Units)
3.2.6 Electrical Market 2023-2030 (Volume/Units)
4.Global Competitive Landscape Market 2023-2030 (Volume/Units)
4.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Market Segmentation and Analysis Market 2023-2030 ($M)
5.1 By Type Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Normal Linear Grades Market 2023-2030 ($M)
5.1.2 Pre-Cross Linked Grades Market 2023-2030 ($M)
5.1.3 Sulfur-Modified Grades Market 2023-2030 ($M)
5.1.4 Slow Crystallizing Grades Market 2023-2030 ($M)
5.2 By End-user Market 2023-2030 ($M) - Regional Industry Research
5.2.1 Latex Market 2023-2030 ($M)
5.2.2 Elastomers Market 2023-2030 ($M)
5.2.3 Coatings Market 2023-2030 ($M)
5.2.4 Building Construction Market 2023-2030 ($M)
5.2.5 Automotive Market 2023-2030 ($M)
5.2.6 Electrical Market 2023-2030 ($M)
6.North America Competitive Landscape Market 2023-2030 ($M)
6.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
7.South America Market Segmentation and Analysis Market 2023-2030 ($M)
7.1 By Type Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Normal Linear Grades Market 2023-2030 ($M)
7.1.2 Pre-Cross Linked Grades Market 2023-2030 ($M)
7.1.3 Sulfur-Modified Grades Market 2023-2030 ($M)
7.1.4 Slow Crystallizing Grades Market 2023-2030 ($M)
7.2 By End-user Market 2023-2030 ($M) - Regional Industry Research
7.2.1 Latex Market 2023-2030 ($M)
7.2.2 Elastomers Market 2023-2030 ($M)
7.2.3 Coatings Market 2023-2030 ($M)
7.2.4 Building Construction Market 2023-2030 ($M)
7.2.5 Automotive Market 2023-2030 ($M)
7.2.6 Electrical Market 2023-2030 ($M)
8.South America Competitive Landscape Market 2023-2030 ($M)
8.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
9.Europe Market Segmentation and Analysis Market 2023-2030 ($M)
9.1 By Type Market 2023-2030 ($M) - Regional Industry Research
9.1.1 Normal Linear Grades Market 2023-2030 ($M)
9.1.2 Pre-Cross Linked Grades Market 2023-2030 ($M)
9.1.3 Sulfur-Modified Grades Market 2023-2030 ($M)
9.1.4 Slow Crystallizing Grades Market 2023-2030 ($M)
9.2 By End-user Market 2023-2030 ($M) - Regional Industry Research
9.2.1 Latex Market 2023-2030 ($M)
9.2.2 Elastomers Market 2023-2030 ($M)
9.2.3 Coatings Market 2023-2030 ($M)
9.2.4 Building Construction Market 2023-2030 ($M)
9.2.5 Automotive Market 2023-2030 ($M)
9.2.6 Electrical Market 2023-2030 ($M)
10.Europe Competitive Landscape Market 2023-2030 ($M)
10.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
11.APAC Market Segmentation and Analysis Market 2023-2030 ($M)
11.1 By Type Market 2023-2030 ($M) - Regional Industry Research
11.1.1 Normal Linear Grades Market 2023-2030 ($M)
11.1.2 Pre-Cross Linked Grades Market 2023-2030 ($M)
11.1.3 Sulfur-Modified Grades Market 2023-2030 ($M)
11.1.4 Slow Crystallizing Grades Market 2023-2030 ($M)
11.2 By End-user Market 2023-2030 ($M) - Regional Industry Research
11.2.1 Latex Market 2023-2030 ($M)
11.2.2 Elastomers Market 2023-2030 ($M)
11.2.3 Coatings Market 2023-2030 ($M)
11.2.4 Building Construction Market 2023-2030 ($M)
11.2.5 Automotive Market 2023-2030 ($M)
11.2.6 Electrical Market 2023-2030 ($M)
12.APAC Competitive Landscape Market 2023-2030 ($M)
12.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
13.MENA Market Segmentation and Analysis Market 2023-2030 ($M)
13.1 By Type Market 2023-2030 ($M) - Regional Industry Research
13.1.1 Normal Linear Grades Market 2023-2030 ($M)
13.1.2 Pre-Cross Linked Grades Market 2023-2030 ($M)
13.1.3 Sulfur-Modified Grades Market 2023-2030 ($M)
13.1.4 Slow Crystallizing Grades Market 2023-2030 ($M)
13.2 By End-user Market 2023-2030 ($M) - Regional Industry Research
13.2.1 Latex Market 2023-2030 ($M)
13.2.2 Elastomers Market 2023-2030 ($M)
13.2.3 Coatings Market 2023-2030 ($M)
13.2.4 Building Construction Market 2023-2030 ($M)
13.2.5 Automotive Market 2023-2030 ($M)
13.2.6 Electrical Market 2023-2030 ($M)
14.MENA Competitive Landscape Market 2023-2030 ($M)
14.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Neoprene Market Revenue, 2023-2030 ($M)2.Canada Neoprene Market Revenue, 2023-2030 ($M)
3.Mexico Neoprene Market Revenue, 2023-2030 ($M)
4.Brazil Neoprene Market Revenue, 2023-2030 ($M)
5.Argentina Neoprene Market Revenue, 2023-2030 ($M)
6.Peru Neoprene Market Revenue, 2023-2030 ($M)
7.Colombia Neoprene Market Revenue, 2023-2030 ($M)
8.Chile Neoprene Market Revenue, 2023-2030 ($M)
9.Rest of South America Neoprene Market Revenue, 2023-2030 ($M)
10.UK Neoprene Market Revenue, 2023-2030 ($M)
11.Germany Neoprene Market Revenue, 2023-2030 ($M)
12.France Neoprene Market Revenue, 2023-2030 ($M)
13.Italy Neoprene Market Revenue, 2023-2030 ($M)
14.Spain Neoprene Market Revenue, 2023-2030 ($M)
15.Rest of Europe Neoprene Market Revenue, 2023-2030 ($M)
16.China Neoprene Market Revenue, 2023-2030 ($M)
17.India Neoprene Market Revenue, 2023-2030 ($M)
18.Japan Neoprene Market Revenue, 2023-2030 ($M)
19.South Korea Neoprene Market Revenue, 2023-2030 ($M)
20.South Africa Neoprene Market Revenue, 2023-2030 ($M)
21.North America Neoprene By Application
22.South America Neoprene By Application
23.Europe Neoprene By Application
24.APAC Neoprene By Application
25.MENA Neoprene By Application