Sellbyville, DE -- (SBWIRE) -- 05/08/2019 -- Global Neoprene Market is forecast to exceed USD 2.2 billion; according to a new research report. The neoprene market is segregated into foam, rubber sheet and latex in terms of product types. The foam product market is likely to generate the highest revenue closely followed by the latex segment. The neoprene latex segment shall grow at a moderate CAGR throughout the review period. Neoprene latexes are extensively used in the production of adhesives that are widely used in construction, automotive and electrical & electronic industry.

Neoprene latexes also find its application in wetsuits and industrial gloves production. Moreover, the neoprene foam is extensively used in automotive industry and gaining traction in the construction sector owing to its excellent sound proofing and insulation properties.

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Neoprene market will be largely driven by automotive industry in the coming years. It has huge demand for sheets and foams in automobile manufacturing. However, neoprene production involves tremendous technological and energy requirements which acts as a major entry barrier for new entrants in the market. Moreover, the raw materials for the production of neoprene such as butadiene and acetylene being petrochemical feedstocks are subjected to high level of price changes which further act as a barrier for the entry of small-scale players in the market.

Thus, the players present have high level of competition within them to capture the global product demand which compels them to extensively invest in research & development activities to keep their regional hold intact. North America and Europe are major importers of the product and are considered to be the major revenue pockets for manufacturers such as Denka, Lanxess and TOSOH Corporation.

Automotive industry was the leading revenue generating segment in 2018 closely followed by the electrical & electronics industry. Asia Pacific shall witness maximum gains followed by Europe and North America, whereas Latin American is projected to exhibit a significant CAGR over the forecast period.

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The major companies operating in the global neoprene market include Shanxi Group, Denka Limited, TOSOH, Covestro AG, Sundow Polymers, Lanxess, BGK Endlosband, Zenith Rubber, Pidilite, TuHuang Chemical and others. The global neoprene market is a highly competitive market with five or six major manufacturers having a strong global presence. These proficient players are mostly present in Asia Pacific and possess the advantage of cheap availability of energy and labor.

Asia Pacific was the largest producer of neoprene rubber in 2018 and is projected to show the same trend throughout the assessment period. The market shall show tremendous growth in value and volume in Asia Pacific on account of rapidly growing automobile industry. Japan was one of the leading producers of neoprene rubber in 2018 and shall face stiff competition from China and India over the next few years.

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The major producers in these regions also possess their own channels of distribution which also adds to ease in products distribution to the lucrative markets of North America and Europe. For instance, Shanxi group handles its distribution of chloroprene rubber through two of its companies. The local distribution is handled by the Shanna Synthetic Rubber Group Co. Ltd. Whereas their overseas market is mainly supervised by their parent organization China BlueStar International Chemical Co. Ltd. This strategy reduces the cost of operation of the company and also ensures reliable supply to the target markets.