4 notable trends driving neoprene market outlook
The material finds usage in the manufacturing process of fan belts, gaskets for vehicles, seals, and different types of gear. The vulcanization process has supported and improved the quality of neoprene by making it melt-resistant and more elastic.
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Today, the product is used across a plethora of applications ranging from soft exercise weight coatings, automobile tires, and wetsuits to sheathing bridge cables and bearing pads as well as for sealing in multi-story building floors. According to reports, the global neoprene market size could surpass USD 2.2 billion in total annual remuneration through 2025.
Expounded below are some of the factors likely to impact the industry in the coming years.
Increasing sale of automobiles
Improvement in disposable income over the years along with urbanization has fueled the sale of automobiles in various parts of the world. The OICA reported that more than 91 million vehicles had been sold across the world in 2019. An increase in vehicle production due to the presence of numerous automobile companies in most parts of the world will support the use of the material in the automobile industry.
Neoprene is used to make vehicle components as they are oil, solvent, abrasion, tear, and weather-resistant and are also fire and heatproof. The product may be found in door and window seals, belts, hose covers, vibration mounts, and shock absorber seals.
Asia Pacific as a leading producer of neoprene
With respect to geographical terrain, the Asia Pacific neoprene market has witnessed considerable gains over the years and was regarded as one of the largest producers of neoprene in the year 2018. The development in the regional product adoption is due to the constant developments in the automobile sector.
The wide presence of automobile giants in APAC has supported the sale and demand for the same over the years. Some of the brands include Toyota, Hyundai, Maruti Suzuki, Kia, Honda, and TATA Motors, to name a few. The advancements in the sector will support the regional market growth of neoprene. Japan, in particular, was regarded as one of the leading producers of the product in 2018 and will face strong competition from countries like India and China in the coming years.
High demand for neoprene latex
Concerning the type of product, the neoprene market is bifurcated into rubber sheet, foam, and latex. The foam product market is expected to generate the highest revenue followed by the latex segment. The neoprene latex segment shall grow at a considerable rate over the years as they are widely used in the production of adhesives used in the construction, electrical, electronics, and automobile sectors. Neoprene latex also finds use in wetsuits and the production of industrial gloves.
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Competitive market dynamics
Neoprene companies are constantly working towards increasing their product portfolio to increase their customer base and to expand their geographic reach. For instance, Germany based Covestro AG in September 2020, inked an agreement to acquire the Resins and Functional Materials arm from Royal DSM. Through the deal, Covestro aims at strengthening its sustainable and innovation-driven businesses.
Prominent neoprene companies include Sundow Polymers, Lanxess, Denka Limited, Shanxi Group, TOSOH, and Pidilite among various others. Attributing to the wide usage of the product in various end-user sectors, the global neoprene market is slated to witness considerable gains in the coming years.
However, it must be noted that the production of neoprene comprises of tremendous energy and technological requirements that act as a major obstacle for new entrants in the industry. Additionally, the raw materials required for the production of neoprene such as, acetylene and butadiene are subjected to superior levels of price changes which will act as an obstacle for the entry of small-scale players in the market.
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