A new research report by IMARC Group, titled “Neoprene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global neoprene market reached a volume of 384 kilotons in 2018. First manufactured by DuPont in 1930, neoprene is a synthetic rubber that is produced by the polymerization of chloroprene. Highly resistant to water, oils, solvents and heat, neoprene is chemically stable and flexible over a wide range of temperatures. Unlike natural rubber, neoprene maintains its integrity even at extremely high temperatures, which helps in increasing the shelf life of neoprene-based products. In addition, it does not degrade when exposed to sunlight and provides excellent adhesion to fabrics and metals. As a result, neoprene is employed in a variety of products such as laptop sleeves, orthopedic braces, electrical insulation, hoses, belts, springs, flexible mounts, gaskets, adhesives and automotive fan belts.
Neoprene is extensively used as a building material owing to its ozone resistance, electrical resistance, and anti-weathering properties. On account of urbanization and increasing population, a rapid increase in construction activities has been witnessed which is boosting the sales of neoprene across the globe. Apart from this, neoprene rubber is widely utilized in the cables and wires industry in the production of jacketing for heavy-duty cables and lead press cured mining cables. Rising demand for wires and cables from power supply companies has catalyzed the sales of neoprene. Moreover, it is utilized in the automotive industry for the manufacturing of hose covers, oil seals, power transmission belts, tires and steering system components. Burgeoning sales of luxury cars as a result of inflating disposable incomes are creating a positive outlook for the market. On account of these factors, the global neoprene market is anticipated to reach a volume of 498 kilotons by 2024, exhibiting a CAGR of around 4% during 2019-2024.
- On the basis of the manufacturing route, the market has been bifurcated into the butadiene route and acetylene route. Amongst these, the butadiene route currently represents the most preferred manufacturing route for neoprene.
- Based on the grade, the market has been divided into the general-purpose grade, pre-crosslinked grade, sulfur-modified grade and slow crystallizing grade neoprene.
- On the basis of the application, the market has been categorized into technical rubber, adhesives industry and latex industry. Currently, neoprene is mostly used in the production of technical rubber.
- Based on the end-user, the market has been segregated into automotive, manufacturing, consumer goods and medical. Presently, the automotive segment is the biggest end-user of neoprene.
- On the geographical front, Asia Pacific is the biggest market for neoprene, accounting for the majority of the global market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being Denka Corporation, Lanxess, Showa Denko, Zenith Rubber, Tosoh, GK GmbH Endlosband, Pidilite Industries Ltd., Covestro AG and Asahi Kasei Corporation.
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