Neoprene Fabric Market Forecasts to 2028 - Global Analysis By Product Type (Polychloroprene rubber and Circular Knit), Application (Outerwear, Ready-To-Wear, Swim Wear, Wet Suit, Rash Guard and Other Applications) and By Geography

According to Stratistics MRC, the Global Neoprene Fabric Market is accounted for $46.76 billion in 2022 and is expected to reach $84.21 billion by 2028 growing at a CAGR of 10.3% during the forecast period. Neoprene, which is often referred to as polychloroprene, is a kind of synthetic rubber created by polymerizing chloroprene. It has properties such as a low rate of oxidation and resistance to ozone and weathering, which prolong the shelf life of products made of neoprene even when they are exposed to ozone compounds and weathering stimulators.

According to UNCTAD, online retail sales grew in several countries, with the Republic of Korea reporting the largest share at 25.9% in 2020, up from 20.8% in 2019.

Market Dynamics:

Driver:

Product innovation and portfolio extension leading to product premiumization

The changing consumer demands have compelled vendors to continually engage in product R&D and innovate their neoprene fabric products in terms of design, technology, performance, and features. The new items are then put to use in processes like making swimwear and sportswear. Customers' purchasing power has improved due to the large increase in disposable income, which had a favorable impact on how much they spend on sportswear. In addition, companies like PUMA SE, Adidas AG, and Nike Inc. are spending more money on product innovation due to the increased demand for high-end sportswear.

Restraint:

Exposing to extreme temperatures

Neoprene can become malleable and soft under the influence of high temperatures, which can result in stretching or deformation. Neoprene is a thermoplastic substance, which implies that it may soften and become more malleable when exposed to heat, which explains why. Neoprene can even melt or burn at extremely high temperatures, which could harm the substance permanently. Neoprene, on the other hand, can become rigid and inflexible when exposed to cold temperatures. Neoprene can shrink and harden as a result of the rubber molecules in the material contracting when it gets cold. This could impair the performance and durability of neoprene by making it more fragile and prone to cracking or ripping, which are projected to impede the fog computing market's growth.

Opportunity:

The extensive and unique benefits

The global neoprene fabric market is anticipated to be driven by the vast and distinctive advantages of neoprene fabric, including its high stretch ability, rapid drying time, chemical and heat resistance, and improved comfort. Additionally, rising consumer participation in sports activities boosts sales of performance clothing, including outfits made of neoprene fabric, which is anticipated to help the neoprene fabric market expand globally. Sales of athletic shoes, running shorts, and t-shirts, for instance, are rising as more customers engage in jogging for fitness. A rise in the younger generation's interest in health and sports, as well as an increase in disposable income, is other crucial factors projected to assist the growth of the neoprene fabric market.

Threat:

Environmental concerns

Neoprene is not an environmentally friendly material, and there are concerns about its impact on the environment. As consumers become more environmentally conscious, there may be increased demand for alternative materials that are more sustainable and eco-friendly. Wetsuits and other water sports gear frequently include neoprene, and when these things are thrown out or get lost in the ocean, they can release micro plastics and other dangerous pollutants that can harm marine life. Neoprene cannot biodegrade; hence, it can linger in the environment for a very long time. Neoprene items can occupy valuable landfill space, contribute to pollution, and other environmental issues when they are disposed of, which becomes a threat to market growth.

COVID-19 Impact:

The COVID-19 epidemic had a detrimental effect on the local neoprene fabric market in 2020. To stop the disease's spread, governments in places like China, India, and Australia enacted social segregation laws and state-wide lockdowns. However, restrictions in the area loosened in H2 2021 as a result of the introduction of vaccines and a drop in COVID-19 cases. The sales of local vendors increased as more stores began to reopen in Asia. Because watersports are becoming more popular in APAC, wetsuits and swimwear made of neoprene fabric will continue to be in demand during the forecast period. During the forecast period, these factors will support the expansion of the local neoprene fabric market.

The Swim wear segment is expected to be the largest during the forecast period

The swimwear segment is projected to witness the largest share as compared to other segments over the forecast period. Neoprene fabric is used to make different kinds of swimwear. Neoprene fabrics are mainly used for designing bikini bottoms, shorts, rash guards, etc. Neoprene fabrics are also used as lining material to make the inner part of wet suits, which prevents swimmers' bodies from getting cold during swimming. Moreover, the rise in government initiatives to promote travel and tourism drives the demand for this apparel among consumers. Countries such as India, the Philippines, Australia, and Thailand are some of the emerging coastal destinations which witness an upsurge in the number of western tourists, thereby boosting market growth.

The Circular knit segment is expected to have the highest CAGR during the forecast period

Growing demand for circular knit neoprene, which is extensively used in producing fashionable clothes like T-shirts, jackets, casual wear, etc., the circular knit sector of the type segments is anticipated to have considerable revenue growth in the market. A unique kind of fabric called circular knit is produced by tubes of fabric that are knitted on circular knitting machines. Smooth edges are produced by the yarn used in circular knit fabrics, which is spun from a single spool. Sportswear manufacturers like Nike and Adidas are the biggest users of it. Additionally, circular knit neoprene preserves material stability and flexibility while maintaining body temperature, which is a crucial factor fostering the expansion of the global market.

Region with largest share:

The North American neoprene fabric market dominated the global market in terms of revenue share, and it is anticipated that this dominance will continue over the course of the forecasted period due to the growing use of neoprene fabric in the production of various clothing items, including sports, wet suits, swimwear, etc. The neoprene fabric market in these areas is also anticipated to be driven by professional athletes' rising use of athlete wear. In addition, the blending of sportswear and leisurewear has given rise to athleisure, which is widely worn in North America as both sportswear and casual clothing.

Region with highest CAGR:

Due to the rising industrialization and manufacturing activities of China, India, and ASEAN nations, Asia Pacific is predicted to grow at the highest CAGR in this neoprene fabric industry over the forecast period. Due to changing lifestyles, rising consumer buying power, and a greater tendency for sports games among consumers, the neoprene fabric market is anticipated to expand in the Asia-Pacific region. A further factor driving consumer demand for apparel like wet suits and swimwear is the expansion of government initiatives to promote travel and tourism. A rise in the number of western visitors is being observed in countries like India, Australia, the Philippines, and Thailand, which is anticipated to fuel the expansion of the neoprene fabric market.

Key players in the market:

Some of the key players in Neoprene Fabric Market include Active Foam Products Inc., Auburn Manufacturing, Inc., Boardriders Inc., Bosforus Textile, Brunotti Europe B.V., COLMANT COATED FABRICS, Eastex Products, Inc., Fabric House S.r.l. Soc. Unipersonale, Johnson Outdoors Inc., Lomo Watersport UK, Macro International Co., Neoprene Solution GmbH, Rip Curl Group Pty Ltd., Rivertex Technical Fabrics Group BV, SHEICO Group, Sky Industries Ltd., Techneopro Ltd., Welcome Polymers India Pvt. Ltd and XCEL Hawaii, Inc.

Key Developments:

In April 2018, Auburn Manufacturing, Inc. (AMI), announces the addition of Ever Green® HS "White" and Ever Green "Reversible" to their Cut 'n Wrap™ modular insulation system line. Ever Green Cut 'n Wrap is a modular insulation system engineered for quick and easy on-site, custom fabrication of mechanical insulation covers. These ready-to-use insulation kits are used to cover steam, hot water, and dual temperature distribution pipe, valves, flanges, fittings and other hard wrap components.

Product Types Covered:

• Polychloroprene rubber
• Circular Knit

Applications Covered:

• Outerwear
• Ready-To-Wear
• Swim Wear
• Wet Suit
• Rash Guard
• Footwear
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances