Sep 8, 2020   SOURCE: BusinessWire

Global Neoprene Market Analysis Highlights the Impact of COVID-19 2020-2024 | Increasing Number of Building and Construction Activities to Boost Market Growth | Technavio

The global neoprene market size is expected to grow by 36.42 thousand MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Technavio has announced its latest market research report titled Global Neoprene Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Neoprene Market 2020-2024 (Graphic: Business Wire)

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The increasing number of building and construction activities are expected to drive the growth of the market. The global construction industry will post a CAGR of 3.90% during the forecast period. Growth in the construction industry is likely to increase the demand for neoprene during the forecast period. Neoprene is a rubber material used in the construction industry for fire-proof insulation, electrical wiring, and expansion joints in civil engineering applications as it exhibits superior heat and electrical resistance, ozone resistance, and anti-weathering properties. It is suitable for construction applications as it can withstand extreme climatic conditions.

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As per Technavio, the increased demand for neoprene from the developing economies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Neoprene Market: Increased Demand for Neoprene from the Developing Economies

The demand for neoprene in developing economies such as China, India, Brazil, Mexico, the Philippines, and Indonesia will register an increase during the forecast period. Many OEMs are shifting their manufacturing bases to these countries because of factors such as easy availability of land, cost-effective manpower, easy accessibility to raw materials, and lenient government regulations and policies. The emergence of China and India as the manufacturing hubs in APAC will increase the consumption of neoprene in the region. The textile, medical, electrical and electronics, construction, and automotive are some of the major end-user industries. Moreover, increasing disposable incomes and the rising demand for consumer goods will significantly increase the consumption of neoprene in developing countries.

“Other factors such as the rising demand for neoprene from the
automotive sector, and the innovations in neoprene will have a
significant impact on the growth of the neoprene market value
during the forecast period,” says a senior analyst at Technavio.

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Neoprene Market: Segmentation Analysis

This market research report segments the neoprene market by end-user (automotive, manufacturing, consumer goods, and others) and geography (APAC, Europe, North America, South America, and MEA).

The APAC region led the neoprene market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the expansion of production capacities by major automotive companies such as Toyota Motor Corporation, Honda, Maruti Suzuki, and Hero Moto Corp in developing countries, including India, China, and Malaysia, to address the demand-supply gap in APA.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

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