DUBLIN--(BUSINESS WIRE )--The "Neoprene Market by Product and End-User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global neoprene market was valued at $1.9 billion in 2020, and is projected to reach $2.4 billion by 2030, growing at a CAGR of 2.5% from 2021 to 2030.
Neoprene, also known as polychloroprene, is a synthetic rubber that is produced from the polymerization of chloroprene monomers. It exhibits high physical toughness, resistance to hydrocarbon oil, enhanced chemical stability, superior resistance to flame, and flexibility over a wide range of temperatures.
The growth of the global neoprene market is driven by surge in demand from automotive, electrical & electronics, building & construction, and textile industries. Neoprene is majorly used in window gaskets, cable coverings, and roof waterproofing membranes and exhibits excellent durability, waterproofing, and resilience properties. Due to rapid industrialization and urbanization, the building and construction activities across the developing economies such as China and India have surged significantly, owing to which the demand for neoprene is expected to increase significantly during the forecast period.
In addition, increase in application of neoprene in automobile industry is anticipated to substantially contribute to product demand. Moreover, neoprene is widely used in the automotive industry, owing to its thermal resistance, tensile strength, and prolonged durability. Neoprene rubber is highly employed in hose covers, constant velocity joint (CVJ) boots, power transmission belts, vibration mounts, shock absorber seals, and steering system components. To curb the 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 toward the growth of the global market.
However, volatility in crude oil prices and presence of efficient substitutes are expected to hamper the growth of the neoprene market during the forecast period. Conversely, the rise in popularity of neoprene gloves is expected to provide lucrative growth opportunities for the expansion of the neoprene market during the forecast period.
The global neoprene market is segmented into product, end user, and region. By product, the market is categorized into neoprene sponge/foam, neoprene sheet, and neoprene latex. On the basis of end-user, it is segregated into automotive, electrical & electronics, building & construction, textiles, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The market was negatively impacted by COVID-19 in 2020. Neoprene is widely used in automotive products, including rubber gaskets, O-rings, seals, and hoses as well in the construction products, including fire doors, electrical insulation, and waterproofing membranes. The declining automotive industry along with temporary halt in construction and automotive activities due to the pandemic lockdown negatively impacted the neoprene market. However, the demand for neoprene products such as medical gloves has significantly increased during the global health crisis, which, in turn, fueled the neoprene market growth.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900