Neoprene is produced by polymerization of chloroprene, exhibits good chemical stability, and maintains flexibility over a wide range of temperatures. According to BlueQuark Research & Consulting, the global Neoprene market is expected to witness a significant growth rate during the forecasted period. Factors such as the growing demand for Neoprene in the Automotive sector to its excellent abrasion, tear, solvent, oil, and weather-resistant and heat and fireproof capabilities drive the global Neoprene market in the forecasted period. Further, the extensive use of Neoprene in the Marine Industry to manufacture wet and diving suits is due to its good thermal and water resistance properties, which is expected to drive the Neoprene market in the forecasted period. Furthermore, Neoprene's fire and static resistance properties make it a prominent material for insulating power transformers, light bulbs, and electrical and electronics industry wires which are expected to drive the Neoprene market in the forecasted period. However, the high prices of raw materials used in Neoprene production and a majority of companies facing a high technological investment deficit in Neoprene production are expected to hamper the growth of the Neoprene industry in the forecasted period.

Neoprene is used to manufacture diving suits, neoprene wetsuits, insulating equipment, preventing roof leaks, shock absorber seals, hoses, neoprene rubber sheet, neoprene latex, and vibration mounts. It serves various end-users in the Automotive, Electrical and Electronics, Marine, Construction, and Medical industries.

The Construction Industry is a prime consumer of Neoprene globally and is expected to drive the future market. The neoprene market is extensive and widely used in building and construction applications. Neoprene rubber's excellent durability, waterproofing, flexibility, weather resistance, and fire resistance make it a preferred choice for construction manufacturers globally. The increasing population and rapid urbanization have increased the demand for residential and office spaces globally, with the leader's Asia Pacific region. The building and construction fragment represents one of the fastest-growing end use industries in terms of the usage of Neoprene. Neoprene provides demonstrated performance for various structural sealing and waterproofing applications. In building and construction, Neoprene is used in window gaskets, cable coverings, and roof waterproofing membranes and exhibits excellent durability, waterproofing, and resilience. Neoprene is widely used in construction to prevent roof leaks and sealing floors of multi-story buildings. Due to this rapid population growth, the Automobile industry is also on the rise. Neoprene is resistant to wax, grease, and oil and highly resistant to dilute acids, bases, and salt solutions. Another chief benefit of Neoprene is that it keeps high performance at a range of temperatures, ranging from -20°C (-4ºF) to 95°C (203ºF), and can even be compounded for more extreme temperatures. These advantages make Neoprene one of the most attractive solutions in building and construction applications. Since Neoprene is used widely in this sector, the demand for Neoprene is expected to rise with rising automotive demand. The automotive industry is experiencing a boom in the electric vehicle's global market. The environmental awareness amongst citizens and the government offering subsidies on its purchase propel the automotive industry. Thus, the increasing demand for construction and automotive material is expected to act as the market driver for the Neoprene industry.

The Asia Pacific is expected to be the largest market for Neoprene in the forecasted period. Due to the region's increasing population, the demand for construction materials and automotive vehicles is rising. In the last two decades, China has undertaken a massive infrastructural project to revamp the country's infrastructure, which has contributed to China's recent success. Following this, China experienced a rise in urbanization, thus raising the demand for low-cost and commercial housing for its citizens. In addition, rapid advancements in polymer research, utilization of Neoprene in applications like corrosion-resistant coatings and landfill linings, and growing application of Neoprene for protective covering for computers and other devices are some factors predicted to boost demand for Neoprene and contribute significantly to revenue growth of the market going ahead. Neoprene is a solvent-resistant elastomer that makes several automotive rubber products such as tires, hoses, and belts. This is another factor expected to propel market revenue growth of the market going ahead. The construction industry is rising due to the surge in urbanization in the region and the increasing demand for Neoprene in the forecasted period. The product provides excellent properties such as low compression set, remarkable resilience and abrasion resistance and progressive resistance to ultraviolet and ozone radiations. The neoprene latex segment is likely the second largest segment during the assessment period in terms of volume and value. These latex products are extensively worn in manufacturing gloves and adhesives which, in turn, are used in automotive, building & construction and electrical & electronics industries. The electronics and electrical market in the APAC is massive, with emerging economies like China, Japan, South Korea, and India leading the way. Neoprene is widely used in corrosion-resistant coatings, as an electrical insulator, and in materials subjected to harsh condition and a lot of wear, such as in industrial and automotive applications. It is popularly used in medical, safety, and packaging due to its flexibility, wearability, and softness. This billion-dollar industry and the construction and automobile are all set to drive the neoprene market growth.

Major market players in the industry were ARLANXEO, Chongqing Chemical & Pharmaceutical, Tosoh Corporation, Denka Corporation, Showa Denko, Martin's Rubber Company, and China Bluestar New Chemical Materials, among others.

ARLANXEO, a significant player in the Neoprene industry, commenced operations in India on 1st January 2021, hoping to enhance ARLANXEO 's presence in one of the most promising growth regions.

Global Neoprene Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Neoprene market by segmenting based on the Form (Neoprene Sheet, Neoprene Foam, Extruded Neoprene), End-User Industry (Automotive, Construction, Electrical and Electronics, Marine, Medical, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market share, market size, trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.