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The neoprene fabric market share is expected to increase to USD 237.81 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.2%.
This neoprene fabric market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers neoprene fabric market segmentation by type (polychloroprene rubber and circular knit) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The neoprene fabric market report also offers information on several market vendors, including Active Foam Products Inc., Auburn Manufacturing Inc., Boardriders Inc., Bosforus Textile, COLMANT COATED FABRICS, Eastex Products Inc., Fabric House S.r.l. Soc. Unipersonale, Lomo, Macro International Co., Neoprene Solution GmbH, Rivertex Technical Fabrics Group BV, SHEICO Group, Sky Industries Ltd., Techneopro Ltd., and Welcome Polymers India Pvt. Ltd. among others.
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The product innovation and portfolio extension leading to product premiumization is notably driving the neoprene fabric market growth, although factors such as the availability of counterfeit brands offering swimwear and sportswear may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the neoprene fabric industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Neoprene Fabric Market Driver
One of the key factors driving the global neoprene fabric market growth is the 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 products are then used in applications such as manufacturing sportswear and swimwear. The significant increase in disposable income has increased the purchasing power of customers, which has positively influenced their spending on sportswear. In addition, due to the high demand for premium sportswear, brands such as PUMA SE, Adidas AG, and Nike Inc. are increasingly investing in product innovation. They are also focusing on differentiating their products from other products offered by rival brands in the market, which will augment the market growth during the forecast period.
Key Neoprene Fabric Market Trend
Increased preference for purchasing sportswear online is one of the key neoprene fabric market trends that is expected to impact the industry positively in the forecast period. Consumers prefer e-commerce platforms owing to convenience, delivery, and various discounts that are not available in physical retail stores. In 2020, owing to the COVID-19 pandemic, various sportswear brands have adopted digital strategies and made their neoprene fabric-based swimwear and sportswear available to consumers through e-commerce platforms. For instance, in 2020, PUMA SE witnessed an increase in the online sales of their swimwear and sportswear. According to the data provided by 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. This is attributed to the growing presence of prominent B2C e-commerce platforms, such as Amazon.com Inc., eBay, JD.com, and Alibaba. Such market trends will lead to increased demand for neoprene fabric and will drive the growth of the market in the forecast years.
Key Neoprene Fabric Market Challenge
One of the key challenges to the global neoprene fabric market growth is the availability of counterfeit brands offering swimwear and sportswear, which are made using other fabrics such as polyester and spandex, and nylon. The advent and growing penetration of e-commerce have further propelled the sales of counterfeit swimwear and sportswear. In addition, the huge availability of me-too brands, especially in developing countries, such as China and India, has further complicated the market environment for international players to operate. The similarity of products in terms of designs, colors, and logos, confuses customers while distinguishing between genuine and counterfeit products. Moreover, counterfeits are available in low cost than genuine products, which has increased their demand in price-sensitive customer base. Such factors may limit the growth of the market during the forecast period.
This neoprene fabric market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global neoprene fabric market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the neoprene fabric market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the neoprene fabric market encompasses successful business strategies deployed by the key vendors. The neoprene fabric market is fragmented and the vendors are deploying growth strategies such as investment in R&D to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The neoprene fabric market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the neoprene fabric market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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45% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for neoprene fabrics in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The changing lifestyles of consumers, the increased spending power, the consumer propensity toward sports and games, and the increase in spending by millennials on premium and high-quality athleisure wear made from neoprene fabric will facilitate the neoprene fabric market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 outbreak had a negative impact on the regional neoprene fabric market. Governments in countries such as China, India, and Australia imposed nationwide lockdowns and social distancing norms to curb the spread of the disease. However, in H2 2021, with the introduction of vaccines and reduction in COVID-19 cases, restrictions in the region eased. With an increasing number of stores reopening in APAC, the sales of regional vendors improved. Owing to the increasing popularity of watersports in APAC, the regional demand for neoprene fabric-based wetsuits and swimwear will continue to increase during the forecast period. These factors will contribute to the growth of the regional neoprene fabric market during the forecast period.
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The neoprene fabric market share growth by the polychloroprene rubber segment will be significant during the forecast period. The growth of the polychloroprene rubber segment can be attributed to the growing use of neoprene fabric in manufacturing various clothing, such as swimwear, wetsuit, and sportswear. Polychloroprene has characteristics such as ozone resistance, weathering resistance, and low oxidization rate that extend the shelf life of neoprene fabric-based products, despite the fabric being exposed to ozone compounds and weathering stimulators.
This report provides an accurate prediction of the contribution of all the segments to the growth of the neoprene fabric market size and actionable market insights on post COVID-19 impact on each segment.
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Neoprene Fabric Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.2% |
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Market growth 2022-2026 |
$ 237.81 million |
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Market structure |
Fragmented |
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YoY growth (%) |
3.2 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 45% |
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Key consumer countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Active Foam Products Inc., Auburn Manufacturing Inc., Boardriders Inc., Bosforus Textile, COLMANT COATED FABRICS, Eastex Products Inc., Fabric House S.r.l. Soc. Unipersonale, Lomo, Macro International Co., Neoprene Solution GmbH, Rivertex Technical Fabrics Group BV, SHEICO Group, Sky Industries Ltd., Techneopro Ltd., and Welcome Polymers India Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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