Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Neoprene Market (By Product: Neoprene Sponge/Foam, Neoprene Rubber Sheet, Neoprene Latex; By End-user: Automotive, Electrical & Electronics, Building & Construction, Textiles) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”.
LOS ANGELES, Feb. 27, 2019 (GLOBE NEWSWIRE) -- The worldwide neoprene market is anticipated to touch the value of over US$ 2.5 Bn by the end of 2026 and expected to register significant CAGR growth rate of 2.6% over forecast period. The global neoprene market was valued over US$ 1.9 Bn in the year 2018.
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The rapid increase in automotive production in emerging economies such as Latin America countries and Asia Pacific countries is one of the prime factors which is resulting as revenue pocketing driver for the neoprene manufacturers. Growing consumer disposable income is the other factor boosting the growth of the market.
The global Neoprene market is segmented based on end-user, product type, and region. Segmentation by end-user includes automotive, electrical & electronics, building & construction, textiles. The global neoprene market segmentation by product type includes Neoprene Sponge/Foam, Neoprene Rubber Sheet, Neoprene Latex. The segmentation based on regions includes North America, Latin America, Europe, APAC, and MEA. The report includes in-depth analysis according the segmentations mentioned.
Industries including automobile, electrical, construction, and others are increasingly demanding the advanced materials such as Neoprene to improve the product quality and maintain safety. The differentiating properties of Neoprene including ozone and weather resistance, higher tensile strength, are one of the prime factors boosting the global neoprene market growth. Such properties of Neoprene are increasing its applications in areas such as bearing pads, window gaskets, sealing of windows and bridge, elevator astragals, and others.
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Neoprene is a rubber material and has numerous applications including electrical wing, fire-proof insulation, and application in civil engineering. The applications of Neoprene are increasing significantly from past few years due to rapid industrialization as the properties of Neoprene are expected to hold a unique position in industrial area applications. In addition to this, rise in urbanization is leading to the increasing in urban area development projects such as smart cities. The rising demand of neoprene across different end-user industries is anticipated to incremental opportunity in terms revenue generation over the opportunity assessment period. However, uncertainty in the prices of crude is expected to affect the growth of global neoprene market over the forecast period.
It is observed that the demand for advanced rubber materials such as Neoprene is becoming irreplaceable in the industries such as construction industry, automotive and others. The applications such as fire-proof insulation, expansion joints and, electrical wing in the areas such as civil engineering is rising due to its ability to resist the heat and ozone, anti-weathering properties, and other such as, electrical resistance. This trend is becoming one of the major phase shifters for the neoprene market.
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The APAC region is holding major market share in global Neoprene market due the dense presence of end-users of neoprene in APAC region and similar trend is expected to continue over forecast period. The dense presence of industries such as automotive and construction in the emerging economies present in APAC such as India, Malaysia, China, the Philippines, and Indonesia are expected to witness significant growth rate over forecast period. The governments of emerging economies are increasing investing in infrastructural and industrial developments which is ultimately boosting the demand for materials used and neoprene is one of such materials hence the neoprene market is expected to witness significant growth rate over forecast period in developing regions. On the other hand, the developed region such as North America and Europe are expected to register moderate growth rate. The global rise in construction and automotive industry is expected to accelerate the demand for Neoprene market hence expected to drive market growth over forecast period.
The global neoprene market is highly fragmented in nature due to increasing penetration of small enterprises. Some leading players are holding major market share in this market and dominating the market. The key manufacturers of Neoprene include Pidilite Industries, TuHuang Chemical Co., Covestro AG, Shanxi Synthetic Rubber Group Co Ltd., Lanxess, Tosoh Corporation, Zenith Rubber, Ltd, BGK GmbH Endlosband, The 3M Company, Polymers Co., and Denka Company limited. Out of these players, the Denka company is one of the prominent players in this and estimated to hold over 23% of market share in this market due to its strong regional presence and wide product portfolio offerings.
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