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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.
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.
Report Attribute | Details |
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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 Use |
Growth Drivers: |
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Pitfalls & Challenges: |
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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.