Asia Pacific Neoprene Market: Industry Analysis and Forecast (2024-2030) by Product Type and Application

Asia Pacific Neoprene Market Overview:

Asia Pacific Neoprene Market report examines the market’s growth drivers as well as its segments (Product Type, Application and Region). Data has been provided by market participants. This market study takes an in-depth look at all of the significant advancements that are currently occurring across all industry sectors. To provide key data analysis for the historical period (2018-2022), statistics, and presentations are used. The report examines the Neoprene Market Drivers, Restraints, Opportunities, and Challenges. This SMR report includes investor recommendations based on a detailed analysis of the current competitive landscape of the Neoprene Market.

 

Neoprene is a type of synthetic rubber made by the free-radical polymerization of chloroprene. The process gives it properties such as resistance to ageing and wear and tear that lead to a wide variety of applications such as in the Automotive and Medical Market. It is also resistant to temperature changes, maintaining its physical properties over a wide range of temperatures (-35 to 100 degrees Celsius). Other properties that lead to widespread usage include strong resistance to oxidation and robustness against physical harm such as twisting and bending damage. Because of this, Neoprene finds applications in many associated markets such as Automotives, Construction and the textile market. Neoprene finds wide-scale usage in the Construction market because of its shock absorption properties. As a result, it is used in the construction of highways, roads and panels for windows and doors.

 

Asia Pacific Neoprene market was severely impacted during the Covid 19 pandemic. This is because of the slowdown caused by the pandemic in the Construction and Automotive market, both of which are the main markets for the application of the material. The severe shortage of labour during the lockdowns is also an added reason for the negative impact on the market. However, the increased usage of the material in the Medical Segment, where it was used to provide barrier protection because of its excellent non-penetrative and robust properties, saw its usage in PPE(Personal Protective Equipment) such as PPE suits and gloves. Neoprene was also used in respirators and ICU equipment, leading to the increased usage of the material during the pandemic period and therefore led to the growth of the Asia Pacific Neoprene market.

 

 

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Asia Pacific Neoprene Market Dynamics:

The Asia Pacific region is home to the largest Automotive and Construction Markets. Both of these markets are the leading segments for the usage of Neoprene. Neoprene is used in automobiles in the form of braking & steering system components, Tires, power transmission belts, oil seals, shock absorber seals and hose cover among other components. The inclination of the population towards vehicles in countries such as China, Japan and India further fuel the market growth in the region. These countries are home to some of the most difficult road transportation routes which result in the heavy wear and tear of tires used in commercial vehicles, which further leads to the growth of the Neoprene Market.

 

Governments in developing and developed countries such as Pakistan and Vietnam are launching policies that look towards the housing of poor and underdeveloped communities. As a result, there are large construction projects planned that would cater to the infrastructure and residential development of these regions. Neoprene is used in construction to provide electrical insulation, windows, doors, facade seals, elevator astragals, baffle pads, highways and bridge seals and more. All these factors would contribute further to the growth of the Neoprene Market in the Asia Pacific region.

 

In order to keep up with the competitive market, market leaders such as Sundow Chemicals are China look towards rampant Research and Development to come up with new products that display properties such as increased resistance to chemicals and temperature changes. They also use specialised trial production equipment that helps in the innovation and design of new products and models such as extrusion, injection and vulcanisation. These factors further lead to the development of new applications and therefore growth of the Neoprene Market in the Asia Pacific Region.

 

The material is also used to fix air and water leaks when used as sealing foam or tape. Therefore the material is also used in a wide variety of glazing applications which are widely used by the populations of developing and developed countries that use gasoline and gas stoves for cooking.

 

Neoprene pads are used to absorb horizontal movement in bridge structures. The growing network of roads as a result of increased urbanisation leads to the demand for high-speed transport through bridges and tunnels. Therefore the growth of these markets will lead to the growth of the Neoprene Market.

 

The material's versatility allows it to be used in a variety of areas, including the medical market, where it is used in wrist and knee orthopaedic braces and dental braces. The material's low permeability, combined with its resistance to wear and tear, makes it excellent for PPE suits and other disposable medical apparel. Furthermore, its acid-resistance makes it excellent for laboratory gloves that handle corrosive acids, alcohols, organic acids, and alkalis. Substitutes and fluctuating oil prices key restraints:

 

The fluctuations in the oil prices are the key restraint that might hamper the growth of the Neoprene Market. This is because the material is used in bulk quantity for applications, and variation in the prices of the market can lead to instability of application markets, the stakeholders of which might look for alternatives. The toxicity of Neoprene because of its high Chlorine content when ignited leads to special treatment of the material when used in public transport. The growth of alternatives in these markets can also affect the growth of the Neoprene Market negatively.

 

Asia Pacific Neoprene Market Segment Analysis:

Based on the Product Type, the Asia Pacific Neoprene Market is segmented into Sheet, Latex and Foam segments. The Rubber Sheet segment held the largest market share in the year 2023. This can be attributed to the size of the Automotive and Construction markets in the Asia Pacific region where, due to the properties of Neoprene Rubber Sheets, which include high abrasion resistance, low gas permeability, low compression set, and ozone and ultraviolet radiation resistance, making them an ideal material for use in gaskets and seals, insulation sheets, and liners. The Latex segment held the second-largest market share in the Asia Pacific region. Neoprene Latex is used in a wide variety of products that are used extensively in different markets such as gloves and PPE suits for the Medical Market, adhesives for the Construction and Automobile Market and sealers and gaskets in the Electric Market. Neoprene Foam is used as the go-to sealant for water, gas and oil leaks. Therefore the product type finds usage in the Construction and Automobile market.

 

Based on Application, the Asia Pacific Neoprene Market is segmented into Construction, Automotive, Electrical and Electronics, Medical and Other segments. The Automotive segment held the largest market share in 2023 and is predicted to continue demonstrating the trend during the forecast period. This is because of the significant size of the Automotive segment in the region. The significant application of Neoprene in various parts used in the Automotive Market because of its thermal resistance, high tensile strength and resistance to abrasion are reasons for the growth. Parts include braking & steering system components, Tires, power transmission belts, oil seals, shock absorber seals and hose covers among other components. The region has a significant number of SUVs in the Automotive Market, that require a larger number of Neoprene based parts as a result of the increased number of doors, windows and ventilation systems. The Construction Segment head is the second-largest market share of the Asia Pacific Neoprene Market in 2023. An increase in government funding through infrastructure development programs in developing and underdeveloped countries in the Asia Pacific region such as Cambodia, Kiribati and Vietnam will boost the growth of the Construction Segment in the forecast period.

 

 

The report provides Porter’s Five Forces Model that will aid enterprise decision-makers to develop their long-term strategies and marketing positions. It identifies the key competitors, their positioning and how their products perform and are perceived by the customers. Through expert analysts’ opinions, the report provides consultation on the difficulty of entering the market for new players.

 

Further the report provides PESTEL Analysis which will help the company tailor the overall strategies for market activities. The analysis takes into consideration various environmental variables that are crucial for the development of the market position of the company such as government funding and other political variables. Therefore, this analysis helps the stakeholder evaluate the challenges and opportunities in a holistic way.

 

Asia Pacific Neoprene Market Scope:

Asia Pacific Neoprene Market
Market Size in 2023	USD 638.14 Mn.
2030	USD 784.84 Mn.
CAGR (2024-2030)	3%
Historic Data	2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Product Type Sheet Latex Foam
	by Application Construction Automotive Electrical and Electronics Medical Others
Country Scope	China India  Japan  South Korea Australia  ASEAN Rest of APAC

 

 Asia Pacific Neoprene Market Key Players:

• Sundow Polymers Co. Ltd (China)
• TOSOH Corporation (Japan)
• Zenith Rubber (India)
• Pidilite Industries (India)
• Denka Company Limited (Japan)
• TuHuang Chemical Co. (China)
• Shanxi Synthetic Rubber Group Co Ltd. (China)
• Asahi Kasei Corporation (Japan)
• Onsmooth Thai Co. (Thailand)