Market Size of Neoprene Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Neoprene Market Analysis
The neoprene market is projected to register a CAGR of over 3.5% during the forecast period.
COVID-19 harmed the market in 2020. The weakening automobile industry and a brief halt in construction and automotive activity owing to the pandemic lockdown had a detrimental impact on neoprene market demand. However, demand for neoprene products such as medical gloves had expanded dramatically, increasing neoprene demand in the market.
- Over the short term, increasing demand for neoprene from the electrical and electronics industry for application in wire and cables is expected to drive the market's growth.
- On the flip side, the availability of substitutes like thermoplastic and polyurethane elastomers in neoprene applications is hindering the market's growth.
- The augmenting popularity of neoprene gloves will likely act as an opportunity for the neoprene market.
- Asia-Pacific dominated the market across the world with the largest consumption in the countries such as India, China, etc.
