Global Neoprene Market 2019-2023 | 6% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Jan 17, 2020--
The global neoprene market size is poised to grow by 122 thousand tons during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global neoprene market 2019-2023. (Graphic: Business Wire)
The growing construction industry is expected to increase the demand for neoprene during the forecast period. Neoprene is a rubber material that exhibits superior heat and electrical resistance, ozone resistance, and anti-weathering properties and is used in the construction industry for fire-proof insulation, electrical wiring, and expansion joints in civil engineering applications. It is suitable for construction applications due to its ability to withstand extreme climatic conditions. Urbanization is a key driver for the construction market and has led to the development of smart cities. In countries such as China and India, the increase in government spending on construction for industrial and public infrastructure will augment the consumption of neoprene during the forecast period.
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As per Technavio, the innovations in neoprene will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Neoprene Market: Innovations in neoprene
The neoprene market has been witnessing consistent innovations over the years. One such emerging trend is the development of noble gas-infused neoprene closed-cell foams for achieving ultra-low thermal conductivity. Closed-cell foams are widely used for insulation and thermal management of protective garments for extreme environments. Technological advances focusing on the combination of noble gases into neoprene foam cells improve the insulation properties of neoprene foam. Noble gases infused into the neoprene foam cells act as blowing agents and result in excellent foam insulation. Thus, innovations in neoprene will have a positive impact on the growth of the market during the forecast period.
“Other factors such as the increasing demand for medical gloves, and the expansion of chloroprene production capacities will have a positive impact on the growth of the neoprene market during the forecast period,” says a senior analyst at Technavio.
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Neoprene Market: Segmentation Analysis
This market research report segments the neoprene market by application (technical rubber, adhesive industry, and latex industry), by end-user (automotive, manufacturing, consumer goods, and medical), and geographical regions (APAC, EMEA, and Americas).
The APAC region held the largest share of the market in 2018, followed by the Americas and EMEA respectively. During the forecast period, the APAC is expected to maintain its dominance as well as register the highest incremental growth owing to the thriving automotive and infrastructure industries and the increasing urban population and disposal income in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: BUILDING SYSTEMS MANUFACTURING OTHER CONSTRUCTION & PROPERTY CONSTRUCTION & PROPERTY CHEMICALS/PLASTICS
SOURCE: Technavio Research
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PUB: 01/17/2020 02:00 AM/DISC: 01/17/2020 02:01 AM