The Asia Pacific neoprene market is currently witnessing moderate growth. Neoprene is a synthetic rubber widely utilized as a substitute for natural latex rubber. It provides protection against oxidizing agents, such as alcohol, oil and acids. Moreover, as it offers resistance from acetonic solvents, it finds application in the automotive and construction industries. At present, rapid industrialization is positively influencing the demand for neoprene in the Asia Pacific region.
The increasing number of tire manufacturing plants, along with the flourishing automotive sector, represents one of the significant factors propelling the growth of the neoprene market in the Asia Pacific region. Neoprene is utilized in the automotive industry to manufacture tires, oil seals, braking and steering system components, hose covers and power transmission belts. Moreover, economic growth and rising construction activities, especially in the residential and commercial sectors, are driving the market further. However, the market is experiencing a decline on account of the rapid increase in the coronavirus disease (COVID-19) cases and lockdowns imposed in different parts of the region to prevent the spread of the pandemic. The market will experience growth when lockdown restrictions are uplifted in the region. Looking forward, the market is expected to continue its moderate growth during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the Asia Pacific neoprene market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on region, manufacturing route, grade, application and end user .
Breakup by Manufacturing Route:
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The competitive landscape of the industry has also been examined along with the profiles of the key players.
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