Global Neoprene Market - Segmented by Type, End User, and Geography - Growth, Trends, and Forecast (2022 - 2030)

The global neoprene market is expected to register moderate growth during the forecast period, 2018 to 2023. The mounting demand from the wire & cable industry is expected to drive the market in the forecast period. Asia-Pacific accounted for the largest share of the global neoprene market in 2017.

Mounting Demand from the Wire & Cable Industry

Neoprene rubber parts are widely used for protective covering solutions in cable and wire systems, owing to the better heat, chemical, flame, ozone, and weathering resistance 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. The global cables & wires market has been exhibiting strong growth, supported by demand from power supply companies, telecom operators, and other end-user industries such as building & construction and industrial segments. The use of neoprene in the burgeoning wire & cable industry is anticipated to escalate during the forecast period.

Automotive End-user Segment to Dominate the Market

In terms of revenue, the automotive end-user segment accounted for a major share of the global neoprene market in 2017. Owing to the significant growth rate of the automotive industry annually, neoprene is expected to have wide implementation in the manufacture 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.



Asia-Pacific to Dominate the Market Growth

Asia-Pacific accounted for the largest share of the global neoprene market due to widespread adoption in automotive and other industrial segments of countries like Japan, China, and India. In Asia, capacities are mainly present in Japan and China. Historically, Japan has been the dominant country for neoprene production, with three companies catering to large exports. The steady growth rate of the neoprene market in Asia-Pacific is anticipated to be maintained, owing to the huge demand in China and ASEAN countries.

Key Developments in the Market

January 2018: ARLANXEO, a joint venture of LANXESS and Saudi Aramco, is expanding its global chloroprene rubber (CR) production at the site in Dormagen, Germany.

Major Players: Denka Company Limited, Lanxess, Shanxi-Nairit Synthetic Rubber Co. Ltd, Tosoh Corporation, Chongqing Chemical & Pharmaceutical Changshou Chemical Group Co. Ltd and Showa Denko K.K., amongst others.

Reasons to Purchase the Report

Current and future analysis of the global neoprene market in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Information of the segment that is expected to dominate the market
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This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

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