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.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.
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.
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.
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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.
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