MRO Magazine

With Over 60% Share, the Technical Rubber Segment Will Lead the Global Neoprene Market Until 2020, Says Technavio


June 20, 2016
By Business Wire News

LONDON

According to the latest market study released by Technavio, the global neoprene marketis expected to grow at a CAGR of 5.53% during the forecast period.

This research report titled ‘Global Neoprene Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up-to-date analysis and forecasts for various market segments and all geographical regions.

Chandrakumar Badala Jaganathan, a lead analyst at Technavio for research on plastics, polymers, and elastomers, says, “Neoprene is the most widely used material among different grades of rubber. The high demand for neoprene from the automotive component manufacturing sector will lead to its market growth over the next four years. APAC had the largest share of the global neoprene market in 2015 with leading countries such as China and India driving growth in the region. The automotive sector in APAC is booming, which, in turn, is driving the demand for neoprene.”

The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors in the market. The leading vendors include Chongqing Changshou Chemical, Denka, LANXESS, Shanxi Synthetic Rubber Group, and Tosoh.

Request sample report: http://goo.gl/pqjtND

Based on application, the report categorizes the global neoprene market into three segments:

  • Technical rubber
  • Adhesives industry
  • Latex industry

Additional Insights: Top 5 benefits of neoprene according to Technavio analysts

Neoprene in technical rubber market

The technical rubber market is by far the largest market for neoprene. This segment is expected to continue its dominance until 2020 and will have more than 60% share of the market due to better chemical, oil, ozone, and heat resistance properties.

Neoprene is one of the first oil-resistant synthetic rubbers and has moderate imperviousness to petroleum-based oils. In addition, it is a good general-purpose rubber, having an excellent combination of physical as well as chemical properties. It showcases better chemical, oil, ozone, and heat resistance than regular rubber. Neoprene has the tendency to absorb water gradually and compared to natural rubber; neoprene is not as good in electrical applications. It has low gas penetrability and has an excellent fire resistant properties. Neoprene has excellent elastic metal bonding property and great versatility, so it is widely used in the automotive and medical industries. The growth in these industries is driving the neoprene market worldwide.

Neoprene in adhesives market

Neoprene has excellent adhesive properties and solvent resistant properties. The neoprene-based solvent borne adhesives are dominating the global adhesives market. The US shoe industry is a major consumer of neoprene adhesives.

The primary uses of neoprene in the adhesives industry are:

  • Automotive trim
  • Custom display cabinets
  • Exterior panels
  • Furniture
  • High-pressure laminates
  • Interior
  • Kitchen cabinets
  • Roofing membrane attachments
  • Shoe soles
  • Wall partitions

Neoprene in latex market

Neoprene in the latex market is driven by an increase in demand for sport shoe soles. It is widely used in making shoe soles and other footwear products. Latex is mostly used for manufacturing emergency and medical goods such as gloves, bandages, casts, dressings, and dental dam. It is consumed as a raw material for manufacturing marine apparel.

As per the study conducted by Technavio researchers, the consumption of neoprene in the latex market was 21.5 kilotons in 2015, and is expected to reach 26.5 kilotons by 2020.

The primary uses of neoprene in the latex industry include:

  • Armed services apparel
  • Drysuits
  • Drysuit gaskets
  • Jackets for kayaking
  • Marine apparel
  • Smoke escape hoods
  • Survival suits
  • Watertight drysuit seals

Browse Related Reports:

Do you need a report on a market in a specific geographical cluster or country but can’t find what you’re looking for? Don’t worry, Technavio also takes client requests. Please contact enquiry@technavio.com with your requirements and our analysts will be happy to create a customized report just for you.

About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com