Neoprene Market to gain significant revenue through 2025

According to the report published by Global Market Insights Inc., the Neoprene Market was valued at $1.95 billion in 2018 and is anticipated to hit $2.28 billion by 2025, registering CAGR of 2.3% from 2019 to 2025. The report presents a comprehensive study of the market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.

Booming automotive and construction sector across the globe will drive global neoprene market share over the forecast timeframe. The automotive segment generated most of the revenue share in the year 2018 followed by the electrical & electronics industries. Asia Pacific automotive sector is expected to gain immense traction in the future followed by Europe and North America. Additionally, Latin America will depict a notable CAGR in terms of auto production over the coming years.

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It boasts high tensile strength that can be ideally used in manufacturing shock absorber seals, bridge seals, vibrating mounts, anchor components, and transmission belts. The rising inclination for neoprene rubber over different end-use sectors will induce a notable growth of the neoprene industry over the study period.

Key advantages of the neoprene market growth
o Increasing demand for neoprene rubber in the automobile Manufacturing
o Rapidly growing construction and electronic industry in the developing markets

Neoprene latex segment is likely to grow at a reasonable expansion rate over the projected time period. The product is widely utilized to manufacture adhesives that are majorly used in automotive, electrical & electronic and construction sectors. Neoprene latexes can be used in the production of industrial gloves and wetsuits, which will witness added demand due to increased focus on worker safety, bolstering neoprene market outlook.

The foam segment in neoprene industry will also make its presence felt in the market owing to superior insulation and soundproof qualities of the materials. The product is extensively used in the manufacturing of sports gears that include life jackets, dry suits, and diving suits as well as other outdoor products like bicycle seats, knee pads and sports gloves, among others.

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Regions like the Middle East and Asia Pacific have received sturdy investments from the government for infrastructural projects. This will attract massive funds from accomplished financial companies which will help boost the growth of the neoprene market in the forthcoming years, indicating considerable demand for various robust materials. Neoprene is essentially a synthetic rubber which shows outstanding thermal resistance.

Apart from emerging economies, APAC is also home to several 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.

Leading market players

Leading market players analyzed in the neoprene market report include TOSOH Corporation, Shanxi Synthetic Rubber Group Co. Ltd., Covestro AG, Zenith Rubber, Pidilite Industries, Tu Hang Chemical Co., Sundow Polymers Co, Lanxess and the 3M company. These companies are involved in increasing production capacities and the distribution of those products to expand their customer reach. The manufacturers have turned towards organic and inorganic strategies for growth to boost their market presence.

Read more: https://www.gminsights.com/industry-analysis/neoprene-market

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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