Neoprene Rubber Market: Overview
- Neoprene rubber is a highly resistant material used in a variety of applications, including marine and outdoor. It can be used as an alternative or substitute for rubber
- Neoprene rubber is also known as polychloroprene, as it is produced by the polymerization of chloroprene. It resists degradation of rubber more than natural and synthetic rubber.
- The material has good chemical stability and can be used in a wide range of applications. Neoprene rubber is available in a range of thicknesses from 1mm to 50mm with 60 shore hardness. This is considered as a standard hardness grade for use in commercial purposes.
- Automotive is the leading application segment of the global neoprene rubber market. Initiatives to adopt green vehicles will result in increased manufacturing of electric vehicles, thereby driving the demand for neoprene rubber in the automotive industry.
- The innovation in technology and developments of neoprene rubber in international markets is expected to increase the demand for neoprene rubber in the near future
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Key Drivers of Global Neoprene Rubber Market
- The global neoprene rubber market is driven by sustainable production and environmental capability of companies
- The global neoprene rubber market is also driven by sophisticated technological developments, high requirement of functionality, and safety of neoprene rubber. Manufacturers are more over to have significant opportunity to invest in the neoprene rubber market for the maximum profits.
- The global neoprene rubber market is driven by the automotive industry, as there is a huge demand for sheets and foams in the manufacturing of automotive products
Demand from Developing Regions to Offer Lucrative Opportunities
- Asia Pacific and Middle East & Africa are expected to be lucrative markets for neoprene rubber
- Asia Pacific is the largest manufacturer of neoprene rubber, where Japan is its major producer. Japan also possesses its own channels to distribute neoprene rubber in other demanding regions, such as North America and Europe.
High Technological Investments cost to Hamper Global Neoprene Rubber Market
- The major challenge currently being faced by companies is the lack of technologies, the production of neoprene rubber requires tremendous technological and energy requirements and cost and is the major barrier for the new entrants too.
- Prices of raw materials used in the production of neoprene rubber are high, which limits the entry of small-scale players in the market
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Asia Pacific Expected to Hold Major Share of Global Neoprene Rubber Market
- The global neoprene rubber market can be segmented into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is a leading consumer of neoprene rubber, followed by North America and Europe. In Asia Pacific, China is estimated to be the most prominent market for neoprene rubber due to its increase in demand from various end-use industries. India, Japan, Indonesia, and Thailand are other main countries contributing to the growth of the neoprene rubber market in Asia Pacific as the demand is high in these countries.
- The neoprene rubber market is expanding in North America due to high standards of living, high disposable incomes, and requirement for high quality products
- Europe holds a significant share of the global neoprene rubber market due to the presence of major players, such as BASF SE and LANXESS in the region
- Rise in imports of neoprene rubber in Latin America and Middle East & Africa due to their excellent properties is likely to boost its demand in these regions
Key Players in Global Neoprene Rubber Market
The global neoprene rubber market is highly concentrated with leading manufacturers accounting for approximately 20%-30% share of the market. Key players operating in the neoprene rubber market include:
- BASF SE
- Asahi Kasei Corporation
- Showa Denko
- Canada Rubber Group
- ACRO Industries
- Macro International Co.
- AJ Rubber & Sponge Ltd.
- Chongqing Changshou Chemical
- Martin's Rubber Company
- China Bluestar New Chemical Materials
Global Neoprene Rubber Market: Research Scope
Global Neoprene Rubber Market, by Type
- Rubber Pad
- Rubber Sheet
Global Neoprene Rubber Market, by Application
- Wire & Cables
Global Neoprene Rubber Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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