A recent report published by Infinium Global Research on neoprene market provides in-depth analysis of segments and sub-segments in global as well as regional neoprene market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional neoprene market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global neoprene market. According to the report, the global neoprene market is projected to grow at a CAGR of 6.3% over the forecast period of 2018-2024.
Neoprene is a family of synthetic rubbers that are produced by polymerization of chloroprene. It is also called as polychloroprene or pc-rubber. Neoprene exhibits good chemical stability and maintains flexibility over a wide temperature range. Several benefits of neoprene include heat resistance, ozone resistance, electrical resistance, and anti-weathering properties, that makes neoprene a very useful component in the construction and roofing sectors. Additionally, it has several applications in the mass transit industry, automotive industry, and electrical industry.
Neoprene rubber parts are widely used for protective covering solutions in cable and wire systems, and modern electrical equipment due to its the better heat, chemical, flame, ozone, and weathering resistance than its natural rubber counterpart. Cable jackets, jacketing in lead press cured mining cables, and jacketing in heavy-duty cables are some of the applications that benefit from neoprene specifically. Especially, global cables & wires market is exhibiting strong growth, supported by demand from power supply companies, telecom operators, and other end-user industries such as building & construction and industrial segments. Hence, in medium and long-term neoprene market is expected to grow due to its heavy demand from electronic industry. The automotive industry is witnessing high demand from developing and emerging economies. The automotive industry uses a large chunk of neoprene based rubber products. Owing to the significant growth rate of the automotive industry annually, neoprene is expected to have a wide implementation in the manufacture of hoses to withstand high pressure, oil and fuel hoses, and molded parts like bellows, axle boots, membranes, spring elements, dampeners, and windshield wipers. In addition, neoprene foam tape is commonly used in applications such as sealing and gasketing of electronics within automotive devices. These applications are expected to fuel the demand for neoprene in the automotive industry in the future for the long term.
Asia-Pacific region accounted for the largest market share of the global neoprene market due to widespread demand in construction, automotive and other industrial segments in countries like China, and India, and Japan. Neoprene based product finds wide-ranging of applications in the construction sector such as window seals, customized window gaskets, bridge bearing pads and highway & bridge seals which will boost the growth of neoprene market in this region in coming years. North America neoprene market size constitute a significant chunk of the overall business size in 2017. Strong automotive demand in the North America region will trigger the product demand, which would help to boost the neoprene market in this region. According to OICA, North America automotive sales recorded in 2012 was 2.3 million units which rose to 2.5 million units by the end of 2017. The trend is projected to continue in the forecast period which will drive overall product demand in the coming years.
The report on global neoprene market covers segments such as type and end user. On the basis of type, the global neoprene market is categorized into normal linear grades, pre-cross linked grades, sulfur-modified grades, and slow crystallizing grades. On the basis of the end user, the global neoprene market is categorized into latex, elastomers, coatings, building & construction, automotive and electrical.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global neoprene market such as Dupont, Bayer AG, EniChem, Denki Kagaku Kogyo, TOSOH Corporation, Showa DDE, Changshou, Haitong, and Hecheng.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global neoprene market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of neoprene market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the neoprene market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the neoprene market to understand the present and future trends in this market and formulate their strategies accordingly.
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