April 21, 2020
According to the research report titled ‘Neoprene Market Size By Product , By End-user, Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, worldwide neoprene market is expected to cross USD 2.2 billion by the year 2025.
Rapid expansion of automotive industry and growing demand for neoprene products in the automobile sector are prime factors driving the neoprene market growth. However, excessive energy requirement and technological aspects for production of neoprene along with fluctuating prices of raw materials may act as a restraining factor for the market expansion.
As per product type, foam based neoprene market segment is expected to register substantial growth during the forecast period, followed by neoprene latexes segment. Neoprene foam is used in automotive industry due to its exceptional insulation and sound proofing properties. Alternatively, neoprene latexes are widely utilized for producing adhesives which are further used in electrical, electronic, automotive and construction sectors. Neoprene latexes are also employed in industrial gloves and wetsuits production.
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Citing the end-use landscape, automotive industry held a significant share of neoprene market in 2018 and will witness robust expansion in the subsequent years.
The report states that although Europe and North America currently lead the neoprene market, Latin America and Asia-Pacific markets are presumed to expand considerably during the study period. Growing automobile industry and high concentration of market majors are promoting the business scenario in Asia-Pacific region.
Key contenders in neoprene market are TuHuang Chemical, Pidilite, Zenith Rubber, BGK Endlosband, Lanxess, Sundown Polymers, Covestro AG, TOSOH, Denka Ltd. and Shanxi Group among others.
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