The analysts forecast the global neoprene market to grow at a CAGR of 5.53% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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 counties. 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. 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.
Chongqing Changshou Chemical
Shanxi Synthetic Rubber Group
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 07: Market segmentation by end-user
PART 08: Market segmentation by grade
PART 09: Market segmentation by manufacturing route