Isoprene Market is forecast to reach $4.47 billion by 2025, after growing at a CAGR of 7.5% during 2020-2025. The demand for isoprene increases in tires, conveyor belts, hoses, molded rubber as well as for medical devices such as gloves and balloons are increasingly available. Isoprene demand is expected to be driven by rising vehicle sales in China and India in the automotive industry for Polyisoprene manufacture. The rising demand for fuel efficiency and environmentally friendly tires drives the tire industry’s growth and the isoprene market growth in turn.
Download Sample Report : https://www.industryarc.com/pdfdownload.php?id=500323
Type – Segment Analysis
The polymerization Grade segment held the largest share in the Isoprene Market in 2018. Polymerization grade is widely used due to its characteristics similar to natural rubber which are used in different applications. In strength, cure rate, processing, mixing and molding it also has more consistency than natural rubber.
End-use Industry – Segment Analysis
Tires segment held the largest share in the Isoprene Market in 2018. Because of their properties including resilience, tensile resistance, tear strength, etc. isoprene commonly used in the manufacture of tires. Tires are growing in demand globally. Tires demand in 2014 was approximately 2.84 billion. Demand in 2018 was approximately 3.66 billion units, up from 6.55% in 2014. Tire and rubber industry sales worldwide amount to approximately USD 18 billion, mainly from industries such as the aerospace industry, automotive, etc. Globally, the firms of tire and rubber manufacturing are increasing. Tire producers in the United States and Europe increased by around 111 firms and 4,300 firms. Companies, such as Bridgestone (Japan), Michelin (France), Goodyear (US), Continental (Germany), and Sumitomo Rubber Industries (Japan) are the major producers of tires in the world. This scenario is expected to boost the demand for the market studied.
Application – Segment Analysis
Polyisoprene sector has been the primary market for Isoprene by growing at a CAGR of 3.2%. Polyisoprene is used mainly in the production of tires and in other rubber products. It has a lower non-polymer component level than natural rubber. In rubber bands, footwear, cut thread, baby bottle nipples, hoses, and conveyor belts, Polyisoprene is used in addition to tires. Polyisoprene is commonly used in the production of medical devices like the manufacturing of surgical gloves, sample covers, and catheters.
Geography – Segment Analysis
APAC dominated the Isoprene Market share with more than 38%, followed by North America and Europe. Global market share dominated the Asia-Pacific region, as Asia-Pacific is the largest tire producer. Countries such as India, China, Japan, etc. are the largest car and commercial vehicle manufacturers in the Asia-Pacific region. For Instance, the production of tires and tubes for the automotive industry in Japan increased by approximately 1.36% in 2018. According to the Japan Statistics Bureau, the country’s tire and tube production was approximately USD 11.2 billion in 2018 and is expected to reach USD 11.22 billion in 2019. In addition, the growing production of electric cars is driving demand for tires in countries like China, Japan, and others. During the forecast period, electric vehicles in these countries are expected to reach approximately 6843 units and 1023 units respectively. It is predicted that all the above-mentioned factors will increase isoprene demand over the forecast period.
Drivers – Isoprene Market
The two main products on the global isoprene markets are polymer grade isoprene and chemical grade isoprene. The former showed a higher demand among the two. Researchers expect this trend to continue and in the near future to remain dominant in the polymer grade isoprene market. The primary end-users of isoprene are tires, industrial rubber, and adhesives, Isoprene is widely used. Polyisoprene’s properties, such as durability, wear resistance, resilience, and strength, make it an appropriate natural rubber alternative for tire manufacturing. This segment is likely to remain the key end-user of isoprene in the years to come with the ongoing expansion in the automotive industry.
Challenges – Isoprene Market
Manufacturing facilities for the production of tires and rubber emit dangerous air pollutants (HAP). It is expected that the strict regulations by regulatory bodies to minimize HAPs would limit the production of synthetic rubber and thus restrict the isoprene industry in the coming years.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Isoprene Market. In 2018, the market of Isoprene has been consolidated by the top five players accounting for xx% of the share. Major players in the Isoprene Market are Nizhnekamskneftekhim, SIBUR, The Goodyear Tire & Rubber Company, Royal Dutch Shell Plc, Kuraray Co. Ltd., ZEON Corporation, Lyondellbasell Industries N.V., JSR Corporation, Ningbo Jinhai Chenguang, Shandong Yuhuang Chemical Group Co. Ltd., Finetech Industry Ltd., Haihang Industry Co. Ltd., Fortrec Chemicals and Petroleum Pte Ltd., and Braskem, among others.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.