Neoprene Market to witness a steady growth over the forecast timeframe
Category: #headlines  By Partha Ray  Date: 2019-08-01
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Neoprene Market to witness a steady growth over the forecast timeframe

The global neoprene market is slated to significantly augment its remuneration portfolio in the forthcoming years owing to the proliferating automotive & construction sectors. Invented back in 1930 by a team of scientists at the DuPont company, neoprene is noted to be the world’s first successful synthetic-rubber product as it is considerably more resistant to water, heat, solvents and oils than natural rubbers, making the product highly significant.

The product’s high tensile-strength coupled with its uncanny ability of withstanding heat, chemicals and weather degradation makes it an extremely important commodity for a number of industrial sectors. Neoprene is projected to maintain its position as the go-to family of synthetic rubbers for a number of applications that would help fuel the expansion of the global neoprene industry in the coming years.

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Indeed, it has been reported that immediately post its invention, the neoprene that was mass-produced in the U.S. had been deployed for war purposes, for manufacturing components such as fan belts, tires, gaskets for vehicles, seals and different types of gear. The discovery of the process of vulcanization further enhanced neoprene by making it melt-resistant & more elastic. Today, neoprene is widely used across a plethora of applications ranging from soft exercise weight coatings, wetsuits and automobile tires to sheathing bridge cables & bearing pads and sealing multi-story building floors.

The regional terrain is also expected to gain momentum from the fact the Canada neoprene market is experiencing significant growth since the last few years owing to the sharp expansion curve of the winter tire market in the country. According to a 2018 report by the Tire and Rubber Association of Canada (TRAC), the winter tire segment of the overall tire industry has depicted an impressive annualized rate of 4.5% over the previous six-year-period. The expanding automobile industry across the U.S. and the growing winter-tire consumption rates in Canada are expected to be the primary driving factors fueling the commercialization spectrum of the North America neoprene market over the upcoming years.

Home to some of the world’s biggest emerging economies, India and China, APAC is touted to be a dominant neoprene market player owing to the sheer volume at which the region’s automotive & construction industries consume neoprene products on an annual basis. According to the India Brand Equity Foundation (IBEF), in financial-year 2017-18, India’s automobile components sector accounted for approximately 2.3% of the nation’s GDP and employed more than 3 million individuals – directly and indirectly.

The nation’s automobile components industry has been experiencing robust growth in recent years and even recorded a $51.2 billion turnover in FY18 – a valuation that is anticipated to surpass the $200 billion mark by FY26. This would consecutively establish India as one of the most lucrative investment grounds for neoprene market players, thereby propelling the expansion scale of the APAC industry.

Apart from emerging economies, APAC is also home to a number of well-established economies, including Japan, Singapore, South Korea, New Zealand & Australia. Japan, touted to be among the world’s top 3 automobile manufacturers, would be another prominent neoprene market for APAC over the forthcoming years. Meanwhile, Australia’s construction industry has been slated to be responsible for further propelling the regional neoprene market share, owing to the Australian Government’s 2019 Infrastructure Priority List, which has picked out 121 nationally significant projects and has proposed a multibillion dollar budget to upgrade or develop the nation’s infrastructure. Amidst this backdrop, it comes as no surprise that the Asia Pacific neoprene industry is touted to record the highest CAGR over 2019-2025.

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Attributing to these proliferating regional trends, the global neoprene market has been projected to emerge as one of the most lucrative remuneration grounds globally. Powered by the consistent expansion of the global automobile & construction industries, the overall neoprene market size would be surpassing the $2.28 billion mark by 2025, claims a report by Global Market Insights, Inc.
 

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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