According to the latest market research report by Technavio, the global neoprene market is expected to post a CAGR of nearly 6% during the period 2019-2023.
A key factor driving the growth of the market is the increasing number of building and construction activities. The growing construction industry is expected to increase the demand for neoprene during the forecast period. Neoprene is a rubber material that exhibits superior heat and electrical resistance, ozone resistance, and anti-weathering properties and is used in the construction industry for fire-proof insulation, electrical wiring, and expansion joints in civil engineering applications. It is suitable for construction applications due to its ability to withstand extreme climatic conditions. Urbanization is a key driver for the construction market and has led to the development of smart cities. In countries such as China and India, the increase in government spending on construction for industrial and public infrastructure will augment the consumption of neoprene during the forecast period.
This market research report on the global neoprene market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the innovations in neoprene as one of the key emerging trends in the global neoprene market:
Global neoprene market: Innovations in neoprene
One of the emerging trends in the market is the development of noble gas-infused neoprene closed-cell foams for achieving ultra-low thermal conductivity. Closed-cell foams are widely used for insulation and thermal management of protective garments for extreme environments. Superior insulation neoprene materials are synthesized with the help of high-pressure processing at 243 kPa in a high molecular weight gas environment such as Ar, Kr, or Xe.
Neoprene is a preferred material to be used in thermally insulating textiles and fabrics. It exhibits high thermal insulation and prevents heat loss due to which it is used in sportswear, swimwear, and water garments. Technological advances focusing on the combination of noble gases into neoprene foam cells improve the insulation properties of neoprene foam. Noble gases infused into the neoprene foam cells act as blowing agents and result in excellent foam insulation. The several uses of noble gases such as argon, xenon, and krypton as blowing agents in neoprene foams is expected to drive the market during the forecast period, says a senior analyst at Technavio for research on specialty chemicals.
Global neoprene market: Segmentation analysis
This market research report segments the global neoprene market by application (technical rubber, adhesive industry, and latex industry), by end-user (automotive, manufacturing, consumer goods, and medical), and geographical regions (APAC, EMEA, and the Americas).
The technical rubber segment held the largest market share in 2018, accounting for nearly 61% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 54%. This region is expected to dominate the market through 2023.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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