Sellbyville, DE -- (SBWIRE) -- 02/20/2019 -- Based on the product type, neoprene market size can be segmented into solid sheet and cellular sheet/sponge. Solid neoprene sheet is a dense product form with similar tendency for chemical resistance and higher tensile strength than its spongy counterparts. The above-mentioned product characteristics makes it desirable for applications prone to wear and tear. On the other hand, cellular neoprene sheet/sponge has a foam like composition compared to solid product form.

It has several air pockets which makes it highly compressible and desirable for making seals, gaskets, etc. Additionally, it is an excellent insulator for sound, vibration and can repel water. The above-mentioned product features make it desirable across several end-user industry such as construction, medical, automotive, consumer, sports, etc. which will help attain promising gains to neoprene market size in the coming years.

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Based on the application, neoprene market can be segmented into automotive, medical, consumer, construction and other including sports, aerospace industry, etc. In medical industry, the product is desirable to make material for knee, wrist and elbow support, owing to its excellent compressible properties which will boost the product demand during the forecast timespan.

Global Neoprene Market size is anticipated to grow at a healthy CAGR which in turn will help attain substantial gains to the overall neoprene market size over the forecast spell. Strong product demand across automotive and construction industry mainly in Asia Pacific will make notable contribution to neoprene market size in the forecast spell. The product possesses superior properties such as chemical inertness and thermal, oil and water resistance which makes it desirable across the aforementioned industries.

The product is widely used in the automotive industry for manufacturing power transmission belts, shock absorber seals, breaking & steering system components, CVJ boots, hose covers, etc. which will help attain promising gains to the neoprene market size over the projected timespan. Rising socio-economic factors along with easy loan approvals in the region has triggered demand for automotive in the region, which in turn will have positive impact on product demand in the coming years. According to OICA, China automotive sales recorded in 2014 was 2.3 million units which rose to 2.9 million units in 2016. The aforementioned trend is anticipated to continue in the forecast timespan which will have subsequent impact on the global neoprene market size over the forecast timespan.

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Rapidly growing construction industry in Asia Pacific, which is attributed to rising industrialization and urbanization will have significant impact on the neoprene market size in the coming years. For instance, Asia Pacific construction industry is likely to rise at a CAGR of approximately 7% which will drive the product demand in the forecast time spell.

Product finds wide-ranging applications in the construction sector such as window seals, customized window gaskets, bridge bearing pads, highway & bridge seals, etc. which will help attain considerable gains to neoprene market size in the coming years. This is mainly due to product excellent weathering performance, ozone resistance, high tensile strength, etc. which makes it an attractive synthetic rubber for outdoor applications. Availability of several product substitutes such as thermoplastic elastomers, polyurethane elastomers, etc. is probable to hinder the overall product demand in the coming years. Moreover, stringent environmental regulations will also have an adverse impact on the overall neoprene market size in the coming years.

North America neoprene market size constitute a significant chunk of the overall business size in 2016. This is mainly considerable product applications across automotive, medical and aerospace industry in the region. Strong automotive demand in the region due to consistently changing consumer preferences and their high spending power will trigger product demand, which will help make notable contribution to neoprene market size during the forecast timespan. According to OICA, North America automotive sales recorded in 2012 was 2.3 million units which rose to 2.5 million units by the end of 2017. The trend is projected to continue in the forecast period which will drive overall product demand in the coming years.

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Some of the major neoprene market share players are Asahi Kasei Corporation, Covestro AG, Lanxess, DowDuPont, TOSOH Corporation, Zenith Rubber, GK GmbH Endlosband and Pidilite Industries Ltd. Most of these players are making substantial investment to increase production capacity to meet the consistently rising product demand in the region. For instance, Lanxess A.G. successfully completed expansion of its Baypren neoprene solid rubber production operations in Dormagen in June 2014.