APAC neoprene market to depict the highest CAGR over 2019-2025, escalating demand from automotive & construction sectors to impel the regional landscape
Publisher : Fractovia | Published Date : 2019-03-11Request Sample
The growing proliferation of high-performance, durable auto parts will drive the neoprene market growth in the years to come. Primarily known for its versatility, neoprene exhibits excellent resistance to chemicals, oil and oxidation, in addition to its flame-retarding properties. The material is widely used in automobile parts and in various heavy-duty equipment and, despite higher cost, offers high durability under harsh environmental conditions which makes it an ideal rubber alternative.
U.S. Neoprene Market Size, By End-user, 2014 - 2025 (USD Million)
Owing to its excellent resilience to solvents, neoprene is often used in the chemical industry for lining vessels or containers containing reacting substances. Endorsed by a widespread application terrain, the global neoprene industry will attract numerous investors in the years to come, especially across the economies of APAC and MEA.
The global neoprene market is anticipated to command extensive gains specifically from the automotive sector, given that the material possesses excellent weather and thermal resistance as well as exhibits high tensile strength, making its use ideal in automotive parts like power transmission belts, hose covers, CVJ boots, shock absorber seals, vibration mounts, steering system components and more. It also goes without saying that the expansion of the automotive industry worldwide will also contribute to the growth of the neoprene industry. In 2014 for example, the overall automobile production was close to 70 million units which in 2018 surpassed 97 million – an apt increase that demonstrates how the expansion of the automotive sector will impact the global neoprene market.
Neoprene foam market is anticipated to depict a substantial increase in terms of revenue in the years ahead, driven by the product’s rising application in wearable suits and gears. The material is also widely used in diving suits, dry suits and life jackets offer enhanced comfort. According to reports, a neoprene wetsuit can offer a compression e?ect to users independent of ambient pressure and wetness, offering ?uid balance identical to water immersion. In addition to its swimwear application, the material is used for making knee and elbow pads, bicycle seats, sports gloves and more.
Furthermore, in the building & construction industry, neoprene foam is used for thermal insulating and soundproofing owing to its excellent weathering and ozone resistance property. Neoprene latex, another prominent product, is also used for manufacturing industrial gloves and also in the making of adhesives which has several applications in the automotive and building & construction industries. It is irrefutable therefore, that the neoprene industry is bound to depict extensive growth primarily on account of the extensive product demand form the automotive & construction industries in particular.
Unveiling neoprene market trends from Asia Pacific
Speaking of the regional spectrum, it goes without saying that the APAC neoprene market will turn out to be a rather lucrative revenue pocket, given the massive proliferation of the automotive & construction sectors in the continent. As a matter of fact, APAC neoprene industry is forecast to depict the highest CAGR over 2019-2025. The growth can be essentially credited to the rising number of vehicle sales in the region and the extensive infrastructural expenditure across the economies of India, Japan, and China.
According to reports, India is one of the key markets for the auto industry in terms of sales growth and is expected to outsell Japan by 2021. China is already one of world leaders as far as the automotive industry is concerned. Not to mention, the region also hosts companies such as TOSOH Corp. and Shanxi Synthetic Rubber Group Co. Ltd., that would serve to further augment the APAC neoprene industry trends.
Speaking of which, Denka Company Ltd., Covestro AG, Sundow Polymers Co., Ltd., and the 3M Company among others, are the some of the other players in the neoprene market that are seamlessly adopting various organic and inorganic growth strategies to expand their market reach. Endowed with a widespread availability range – foams, sheets, and latex, neoprene is widely used due to its high tensile strength and resilience to temperature. Neoprene foam is also widely used in aquatic gears owing to its excellent insulation properties. Driven by its extensive application range, the overall neoprene market size is anticipated to exceed over $2.28 billion by 2025, according to Global Market Insights, Inc.
