With Over 60% Share, the Technical Rubber Segment Will Lead the Global Neoprene Market Until 2020, Says Technavio
By Business Wire News
By Business Wire News
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.
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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
- High-pressure laminates
- 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
- Drysuit gaskets
- Jackets for kayaking
- Marine apparel
- Smoke escape hoods
- Survival suits
- Watertight drysuit seals
Browse Related Reports:
- Global Geosynthetics Market 2016-2020
- Global Synthetic Latex Polymers Market 2015-2019
- Global Styrene Butadiene Rubber (SBR) Market 2015-2019
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