Neoprene Market, By Component, By Authentication Type, By Function, By Application - Forecast 2024 by Top Key Players Dupont, Bayer AG, EniChem, Denki Kagaku Kogyo, TOSOH Corporation
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Mounting Demand from the electronics industry
Neoprene rubber parts are widely used for protective covering solutions in cable and wire systems, and modern electrical equipment due to its unique properties such as better heat, chemical, flame, ozone, and weathering resistance quality, than its natural rubber counterpart. Cable jackets, jacketing in lead press cured mining cables, and jacketing in heavy-duty cables are some of the applications that benefit from neoprene specifically. Especially, global cables & wires market is exhibiting strong growth, supported by demand from power supply companies, telecom operators, and other end-user industries such as building & construction and industrial segments. Hence, in medium and long-term neoprene market is expected to grow due to its heavy demand from electronic industry.
Automotive Segment to Dominate the Neoprene Market
The automotive industry is witnessing high demand from developing and emerging economies. The automotive industry uses a large chunk of neoprene based rubber products. Owing to the significant growth rate of the automotive industry annually, neoprene is expected to have a wide application in the manufacturing of hoses to withstand high pressure, oil and fuel hoses, and molded parts like bellows, axle boots, membranes, spring elements, dampeners, and windshield wipers. In addition, neoprene foam tape is commonly used in applications such as sealing and gasketing of electronics within automotive devices. These applications are expected to fuel the demand for neoprene in the automotive industry in the future for the long term.
Raw Material Price Fluctuations can hamper market growth
Changing the price of its raw material Chloroprene frequently is hampering the growth of this market. Chloroprene is a synthetic rubber, which is derived from petroleum by-product. Petroleum product’s price is highly volatile, hence its byproduct price also changes frequently. So, its volatile price hampers the profit margin of the manufacturer in long term.
Growing Technological Developments and Miniaturization in the Products
Growing technological developments and miniaturization of the automobile, electrical equipment, and mass transit industry is providing lots of new opportunities every day to this industry. As disposable income of the middle-class population is increasing rapidly they ware preferring their own automobile, home, modern electrical gadgets. All these growing demands from middle-class consumers and technological developments in several industries are boosting the growth of this market.
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Asia-Pacific to influence the Global neoprene market through 2018-2024
Asia-Pacific region holds the largest market share of the global neoprene market due to continuous growing demand in construction, automotive and other industrial segments in countries like China, and India, and Japan. Neoprene based product finds wide-ranging of applications in the construction sector such as window seals, customized window gaskets, bridge bearing pads and highway & bridge seals which will boost the growth of neoprene market in this region in coming years. North America neoprene market size constitute a significant chunk of the overall business size in 2017. Strong automotive demand in the North America region will trigger the product demand, which would help to boost the neoprene market in this region. According to OICA, North America automotive sales in 2012 was 2.3 million units which rose to 2.5 million units by the end of 2017. The trend is projected to continue in the forecast period which will drive overall product demand in the coming years.
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