2019-2025| Neoprene Market Report By Industry Growth & Regional Forecast | Key players are Denka Company Limited, Sundow Polymers Co., Ltd, Covestro AG, Lanxess, Zenith Rubber

The neoprene market is segregated into foam, rubber sheet and latex in terms of product types. The foam product market is likely to generate the highest revenue closely followed by the latex segment. The neoprene latex segment shall grow at a moderate CAGR throughout the review period. Neoprene latexes are extensively used in the production of adhesives that are widely used in construction, automotive and electrical & electronic industry. Neoprene latexes also find its application in wetsuits and industrial gloves production. Moreover, the neoprene foam is extensively used in automotive industry and gaining traction in the construction sector owing to its excellent sound proofing and insulation properties.

The global neoprene market is anticipated to command extensive gains specifically from the automotive sector, given that the material possesses excellent weather and thermal resistance as well as exhibits high tensile strength, making its use ideal in automotive parts like power transmission belts, hose covers, CVJ boots, shock absorber seals, vibration mounts, steering system components and more. It also goes without saying that the expansion of the automotive industry worldwide will also contribute to the growth of the neoprene industry. In 2014 for example, the overall automobile production was close to 70 million units which in 2018 surpassed 97 million – an apt increase that demonstrates how the expansion of the automotive sector will impact the global neoprene market.

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Owing to its excellent resilience to solvents, neoprene is often used in the chemical industry for lining vessels or containers containing reacting substances. Endorsed by a widespread application terrain, the global neoprene market will attract numerous investors in the years to come, especially across the economies of APAC and MEA.
Furthermore, in the building & construction industry, neoprene foam is used for thermal insulating and soundproofing owing to its excellent weathering and ozone resistance property.
Neoprene latex, another prominent product, is also used for manufacturing industrial gloves and also in the making of adhesives which has several applications in the automotive and building & construction industries. It is irrefutable therefore, that the neoprene market is bound to depict extensive growth primarily on account of the extensive product demand form the automotive & construction industries in particular.

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Automotive industry was the leading revenue generating segment in 2018 closely followed by the electrical & electronics industry. Asia Pacific shall witness maximum gains followed by Europe and North America, whereas Latin American is projected to exhibit a significant CAGR over the forecast period.

The major companies operating in the global neoprene market include Shanxi Group, Denka Limited, TOSOH, Covestro AG, Sundow Polymers, Lanxess, BGK Endlosband, Zenith Rubber, Pidilite, TuHuang Chemical and others. The global neoprene market is a highly competitive market with five or six major manufacturers having a strong global presence. These proficient players are mostly present in Asia Pacific and possess the advantage of cheap availability of energy and labor.

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