Stratview Research has recently published a report on the Neoprene Market. This strategically evaluated report provides a detailed overview that presents today's market scenario and future possibilities, as well as market intelligence and information, for a 5-year period from 2022 to 2028.
The market is segmented by Product Type (Neoprene Sponge/Foam, Neoprene Rubber Sheet, and Neoprene Latex), by End-User Type (Automotive, Electrical & Electronics, Building & Construction, Textiles, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Neoprene Market Analysis:
Stratview Research’s report discusses the segment-wise current market condition. Also, it offers an estimation of future growth opportunities. As per the estimation, the Neoprene Market is estimated to grow from USD 1.75 billion in 2021 to reach USD 2.22 billion by 2028 at a CAGR of 3.36% during the forecast period.
Some of the companies drive the market growth:
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By Product Type
The market is segmented as neoprene sponge/foam, neoprene rubber sheet, and neoprene latex. Neoprene rubber sheet occupied the largest share of the product segment in 2021 and is expected to maintain its dominance over the assessment period as well.
The growth of the segment is driven by its excellent properties such as low compression set, excellent resilience and abrasion resistance, and advanced resistance to ultraviolet and ozone radiations. These properties make neoprene rubber sheets the ideal claimant for use in seals, gaskets, building insulations, and liners in the automotive, electrical, and construction industries.
Furthermore, neoprene latex is estimated to be the second-largest segment during the assessment period, in terms of value and volume. These latex products are extensively used in manufacturing adhesives and gloves, which, in turn, are used in the automotive, building & construction, and electrical & electronics industries.
Asia-Pacific registered the highest growth in the market, both in terms of value and volume, in 2021, and is expected to maintain its indomitable lead during the assessment period. Latin America is estimated to be one of the fastest-growing regions in the global market. The progress can be attributed to the rapidly growing automobile sector in Brazil and Mexico. Furthermore, the Middle East is also expected to be a major revenue pocket for the market in the next five years. The flourishing construction sector is expected to bring about major progress for the neoprene industry in near future.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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