About the Neoprene Market
Neoprene is a synthetic polymer of chloroprene. It has excellent mechanical quality, high ozone and weather resistance, aging resistance, low flammability, high resistance to chemicals and fuel, moderate resistance to oil, and good adhesion to different type substrates.
Technavio’s analysts forecast the global neoprene market to grow at a CAGR of 5.53% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global neoprene market for 2016-2020.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Neoprene Market 2016-2020
Technavio recognizes the following companies as the key players in the global neoprene market: Chongqing Changshou Chemical, Denka, LANXESS, Shanxi Synthetic Rubber Group, and Tosoh.
Other Prominent Vendors in the market are: Mitsui and Showa Denko.
Commenting on the report, an analyst from Technavio’s team said: “A trend which is expected to boost market growth is shifting production to APAC. Demand for fuel-efficient tires has increased due to the rise in environmental issues as well as modifications in the labeling regulations for tires in Japan and the European Union. By an increase in production capacity, neoprene manufacturers are able to meet this demand and introduce production lines to manufacture other grades of the product. Many neoprene manufacturers based in Europe are setting up production plants in APAC because of the low cost of production.”
According to the report, a key growth driver is the rising demand from emerging counries. The demand for neoprene in emerging economies will increase at a steady pace during the forecast period. APAC is the largest consumer of neoprene, and China is one of the leaders in neoprene production and consumption. The neoprene market in APAC will grow at a rapid pace during the forecast period. It is anticipated to account for more than half of the production and consumption of neoprene driven by the demand from the automotive and construction industries during the forecast period.
Further, the report states that one challenge that could hinder market growth is the overcapacity of neoprene plants. Overcapacity of neoprene plants at the global level has led to a reduction in exports from Central and Eastern Europe and Asia to North America and Western Europe.
Chongqing Changshou Chemical, Denka, LANXESS, Shanxi Synthetic Rubber Group, Tosoh, Mitsui, Showa Denko.