Over a couple of decades, the global economy has witnessed rapid growth in the rubber industry, due to highly innovative and constantly growing products. The rubber industry is among the ever growing industries across the globe, owing to the significant properties of rubber. Rubber has low thermal conductivity and is useful in reducing heat transfer, it can reduce noise and vibration, and acts as an insulator, along with these advantage it provides excellent resistance to oil, chemical and heat and is used in a wide range of applications. It also offers high ultra violet and ozone resistance. Various types of rubbers are used for various applications in industries as well as for domestic purposes, each rubber type possesses some distinctive desirable properties, which increase its demand in the market. Among all types, neoprene rubber exhibits excellent properties that give it an edge over other rubber types. Neoprene is usually known as polychloroprene, because it can be produced by polymerization of chloroprene, which belongs to the synthetic rubber group. Neoprene rubber is soft, flexible and durable. It is a synthetic spongy rubber that possesses various unique characteristics, such as water and weather resistance, and thermal and moisture insulation; additionally, it is light weight, and latex free. Neoprene rubber is extensively used in gaskets, pads, bumpers, conveyor belts, insulators, and many more. Neoprene rubber is capable of dampening shock and vibrations in vertical, as well as lateral positions.
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Neoprene Rubber Market: Dynamics
The global neoprene rubber market is significantly expected to drive demand for the global rubber market between 2016 and 2026. Sustainable production and environmental capability are expected to drive the demand for neoprene rubber. There are other factors expected to boost demand for the market over the forecast period, such as sophisticated technological development, high requirement of functionality and safety. Manufacturers have a significant opportunity to invest in the neoprene rubber business to capture maximum profit. Regulations pertaining to the use of neoprene rubber in various applications across the globe, and availability of raw material in specified timeframe are the major factors estimated to restrict growth of the neoprene rubber market. Manufacturers are leaning towards increasing mergers and acquisitions and product development, which are expected to be new trends in the global neoprene rubber market. On the basis of geographical regions, high consumption of neoprene rubber is expected to translate to significant demand in Asia Pacific. The region is expected to create a benchmark for all other regions by growing with a healthy CAGR over the forecast period.
Neoprene Rubber Market: Segmentation
On the basis of product types, the neoprene rubber market can be segmented as follows:
- Neoprene Rubber Pad
- Neoprene Rubber Sheet
On the basis of application, the neoprene rubber market can be segmented as follows:
- Automotive & Aerospace
- Wire & Cables
Neoprene Rubber Market: Regional Outlook
Globally, the market for neoprene rubber is expected to grow at a healthy CAGR during the forecast period. North America and Europe have high standards of living with luxurious lifestyles, and high disposable incomes, and thus can afford using high quality products manufactured with the use of neoprene rubber. Economies in the APEJ region, especially India and China, will play a significant role in the growth of the neoprene rubber market over the forecast period. Globally, the Indian rubber industry stands fourth in terms of rubber production and second in terms of rubber consumption, which denotes significant potential for key players in the neoprene rubber market.
Attributing to the increasing adoption of sustainable technology in production globally, the neoprene rubber market is projected to grow at a significantly high CAGR during the forecast period. Furthermore, new technologies and inventions in neoprene rubber will foster growth in the global market.
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Neoprene Rubber Market: Market Participants
Examples of some of the prominent market participants in the neoprene rubber market are as follows:
- Macro International Co.
- ACRO Industries
- Canada Rubber Group
- AJ Rubber & Sponge Ltd.
- Martin’s Rubber Company