Neoprene Market to register an appreciable growth rate through 2025
Category: #business  By Rahul Sankrityayan  Date: 2020-02-11
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Neoprene Market to register an appreciable growth rate through 2025

The regional terrain is also expected to gain momentum from the fact the Canada neoprene market is experiencing significant growth since the last few years owing to the sharp expansion curve of the winter tire market in the country. According to a 2018 report by the Tire and Rubber Association of Canada (TRAC), the winter tire segment of the overall tire industry has depicted an impressive annualized rate of 4.5% over the previous six-year-period. The expanding automobile industry across the U.S. and the growing winter-tire consumption rates in Canada are expected to be the primary driving factors fueling the commercialization spectrum of the North America neoprene market over the upcoming years.

Apart from being the country’s biggest manufacturing sectors, the U.S. automobile industry is also its largest exporter. In fact, between 2014-2018, American automobile manufacturers exported over $692 billion worth of vehicles as well as vehicle parts, which is approximately $50 billion more than the nation’s next biggest exporter, the aerospace industry. The exponential growth graph of the U.S. automotive and aerospace sectors would be majorly responsible for propelling the North America neoprene market over 2019-2025.

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The global neoprene market is slated to significantly augment its remuneration portfolio in the forthcoming years owing to the proliferating automotive & construction sectors. Invented back in 1930 by a team of scientists at the DuPont company, neoprene is noted to be the world’s first successful synthetic-rubber product as it is considerably more resistant to water, heat, solvents and oils than natural rubbers, making the product highly significant.

Indeed, it has been reported that immediately post its invention, the neoprene that was mass-produced in the U.S. had been deployed for war purposes, for manufacturing components such as fan belts, tires, gaskets for vehicles, seals and different types of gear. The discovery of the process of vulcanization further enhanced neoprene by making it melt-resistant & more elastic. Today, neoprene is widely used across a plethora of applications ranging from soft exercise weight coatings, wetsuits and automobile tires to sheathing bridge cables & bearing pads and sealing multi-story building floors.

The product’s high tensile-strength coupled with its uncanny ability of withstanding heat, chemicals and weather degradation makes it an extremely important commodity for a number of industrial sectors. Neoprene is projected to maintain its position as the go-to family of synthetic rubbers for a number of applications that would help fuel the expansion of the global neoprene industry in the coming years.

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Apart from emerging economies, APAC is also home to a number of well-established economies, including Japan, Singapore, South Korea, New Zealand & Australia. Japan, touted to be among the world’s top 3 automobile manufacturers, would be another prominent neoprene market for APAC over the forthcoming years. Meanwhile, Australia’s construction industry has been slated to be responsible for further propelling the regional neoprene market share, owing to the Australian Government’s 2019 Infrastructure Priority List, which has picked out 121 nationally significant projects and has proposed a multibillion dollar budget to upgrade or develop the nation’s infrastructure. Amidst this backdrop, it comes as no surprise that the Asia Pacific neoprene industry is touted to record the highest CAGR over 2019-2025.

Attributing to these proliferating regional trends, the global neoprene market has been projected to emerge as one of the most lucrative remuneration grounds globally. Powered by the consistent expansion of the global automobile & construction industries, the overall neoprene market size would be surpassing the $2.28 billion mark by 2025, claims a report by Global Market Insights, Inc.

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About Author

Rahul Sankrityayan

Rahul Sankrityayan    

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Technology Magazine, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experie...

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