DUBLIN--(BUSINESS WIRE)--The "Global Neoprene Market - Segmented by Type, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global neoprene market is expected to register moderate growth during the forecast period, 2018 to 2023. The mounting demand from the wire & cable industry is expected to drive the market in the forecast period. Asia-Pacific accounted for the largest share of the global neoprene market in 2017.
The global cables & wires market has been exhibiting strong growth, supported by demand from power supply companies, telecom operators, and other end-user industries such as building & construction and industrial segments. The use of neoprene in the burgeoning wire & cable industry is anticipated to escalate during the forecast period.
In terms of revenue, the automotive end-user segment accounted for a major share of the global neoprene market in 2017. Owing to the significant growth rate of the automotive industry annually, neoprene is expected to have wide implementation in the manufacture of hoses to withstand high pressure, oil and fuel hoses, and molded parts like bellows, axle boots, membranes, spring elements, dampeners, and windshield wipers. In addition, neoprene foam tape is commonly used in applications such as sealing and gasketing of electronics within automotive devices. These applications are expected to fuel the demand for neoprene in the automotive industry in the future.
Asia-Pacific accounted for the largest share of the global neoprene market due to widespread adoption in automotive and other industrial segments of countries like Japan, China, and India. In Asia, capacities are mainly present in Japan and China. Historically, Japan has been the dominant country for neoprene production, with three companies catering to large exports. The steady growth rate of the neoprene market in Asia-Pacific is anticipated to be maintained, owing to the huge demand in China and ASEAN countries.
Key Developments in the Market
- January 2018: ARLANXEO, a joint venture of LANXESS and Saudi Aramco, is expanding its global chloroprene rubber (CR) production at the site in Dormagen, Germany.
Major Players Profiles
- Denka Company Limited
- Shanxi-Nairit Synthetic Rubber Co. Ltd
- Tosoh Corporation
- Chongqing Chemical & Pharmaceutical Changshou Chemical Group Co. Ltd
- Showa Denko K.K.
Other Players Profiled
- Asahi Kasei Corporation
- Chang Horing Rubber Co. Ltd
- Covestro AG
- GK GmbH Endlosband
- Pidilite Industries Ltd
- Versalis S.p.A. (Polimeri Europa)
- Zenith Rubber
For more information about this report visit https://www.researchandmarkets.com/research/8j8jh2/global_neoprene?w=4