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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.
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.
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.
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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.
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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:
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A. Performance Elastomers Market – Forecast(2022 – 2027)
B. Specialty Polymers Market – Forecast(2022 – 2027)
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