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Neoprene Foam Market: Global Industry Analysis (2022-2027) DuPont created neoprene, the world's first completely commercial synthetic elastomer, in 1931. Neoprene is now a generic word, however, it was previously the commercial name for DuPont's chemical formula, Polychloroprene. Initially, neoprene was developed as an oil-resistant substitute for conventional rubber. Neoprene has an established track record of over 90 years. When a hard rubber as tough as traditional rubber is required, but with tolerance to a number of chemicals that natural rubber lacks, neoprene is a potential choice.