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Neoprene Market Size

Report ID: GMI2627
Published Date: Oct 2024
Report Format: PDF

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Neoprene Market Size

The global neoprene market was valued at USD 2.2 billion in 2023 and is estimated to grow at a CAGR of over 2.6% from 2024 to 2032.

neoprene market

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The growing demand in automotive applications significantly drives the neoprene industry. Neoprene's unique properties, such as high durability, resistance to heat, oil, and weathering, make it ideal for various automotive components. It is widely used in the production of hoses, belts, gaskets, and sealing materials, ensuring the longevity and reliability of vehicles. As automotive manufacturers prioritize performance and safety, neoprene's ability to withstand extreme temperatures and environmental conditions becomes a key advantage.

Neoprene Market Report Attributes
Report Attribute	Details
Base Year:	2023
Neoprene Market Size in 2023:	USD 2.2 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	2.6%
2024 – 2032 Value Projection:	USD 2.7 Billion
Historical Data for:	2021-2023
No. of Pages:	310
Tables, Charts & Figures:	240
Segments covered:	Product Type, End User
Growth Drivers:	Growing demand in automotive applications Rising use in medical and healthcare products Expanding usage in construction and building insulation
Pitfalls & Challenges:	Volatility in raw material prices Competition from alternative synthetic rubbers

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Additionally, the rise in electric vehicles (EVs) has spurred demand for neoprene due to its insulation properties, which are critical for battery protection and thermal management. This growing trend in the automotive sector boosts the global demand for neoprene.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The global market size for neoprene was valued at USD 2.2 billion in 2023 and is projected to reach USD 2.7 billion by 2032, driven by a CAGR of over 2.6% from 2024 to 2032.

Neoprene rubber sheets accounted for USD 928.2 million in revenue in 2023, dominating the market due to their versatility and wide range of industrial applications.

The U.S. market was valued at USD 247 million in 2023, driven by robust growth in various industries, including automotive, construction, and healthcare.

Major players in the industry include 3M, BGK GmbH Endlosband, Covestro, Denka, Lanxess, Pidilite Industries, Shanxi Synthetic Rubber, and Sundow Polymers.