Isoprene Market (Product - Polymer Grade and Chemical Grade; End User - Tires, Adhesives, and Industrial Rubber; Application - Polyisoprene, Styrene-isoprene Styrene, Isobutylene-isoprene Rubber, and Specialty Chemicals Isoprene) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022
- Chemicals & Materials
- 170 Pages
Global Isoprene Market: Overview
The demand in the global isoprene market is projected to increment at a notable CAGR during the forecast period of 2017 to 2022, which is primarily a reflection of the prosperity of the automotive industry. A major chunk of demand for isoprene is from the manufacturing of tires, which are not only essential for the quality of ride but also aids to the fuel economy. Isoprene are also used for the production of automotive fuel hoses, engine mounting, floor mats, mud flaps, suspension bushes, and exhaust rubber hangers, among others. Apart from the automotive industry, the global isoprene market is also gaining traction from the sectors of medical equipment and footwear. While regulations pertaining to rubber manufacturing and fluctuations in crude oil prices continues to hinder the growth rate, the global isoprene market is expected to witness new opportunities as a result of the development of improved performance and low rolling resistance tires.
Automotive Tires Constitutes Prominent Chunk of Demand for Isoprene
Product-wise, the global isoprene market has been segmented into polymer grade and chemical grade. In 2017, the polymer grade segment served 54.2% of the overall demand for isoprene, which was collectively worth US$1,151.0 mn. The report projects this segment to experience a CAGR of 5.1% during the forecast period of 2017 to 2022, and reach a global worth of US$1,477.4 mn by 2022. By the end of the forecast period, the polymer grade will account for 55% of the total demand in the global isoprene market. This absolute growth is larger than any other product segment.
Based on end-user, the isoprene market has been bifurcated into tires, adhesives, industrial rubber, and others. Tires continue to constitute the most prominent chunk of demand for isoprene. Tires that are made from polyisoprene offer characteristics such as wear resistance, durability, strength, and resilience. The increased sales of vehicles is anticipated to fuel the demand for tires, which in turn will favor the global isoprene market. Application-wise, the global market for isoprene is classified into polyisoprene, isobutylene-isoprene rubber, styrene-isoprene styrene, and specialty chemicals.
Asia Pacific Projected for Best CAGR among All Regions
In the present scenario, the North America isoprene market is most lucrative among all regions, although Asia Pacific is projected for an above-average growth rate. In 2017, the North America isoprene market was worth US$611.5 mn, which is estimated to reach a valuation of US$761.5 mn by 2022, incrementing at a CAGR of 4.5% during the forecast period of 2017 to 2022. While Europe currently serves the second largest chunk of demand for isoprene, at 23.9% in 2017, the demand from the region is expected to soften over the course of the forecast period. On the other hand, vastly populated region of Asia Pacific, which houses two of the most promising economies in China and India, have a thriving automotive industry and large masses of consumers. Asia Pacific isoprene market is projected to expand at a CAGR of 5.1% during the forecast period of 2017 to 2022. The Middle East and Africa region has been evaluated to create absolute $ opportunity of US$12.9 mn between 2017 and 2022.
Large Number of Players Stiffening-up Competition
Some of the key companies currently operating in the global isoprene market, which is intensely competitive and heavily dependent on product innovation, are: Royal Dutch Shell Plc, Nizhnekamskneftekhim, DuPont, The Goodyear Tire & Rubber Company, SIBUR, Kuraray Co. Ltd., ZEON Corporation, JSR Corporation, LyondellBasell Industries N.V., Haihang Industry Co. Ltd., Ningbo Jinhai Chenguang, Finetech Industry Ltd., Braskem, Shandong Yuhuang Chemical Group Co. Ltd., Fortrec Chemicals and Petroleum Pte Ltd., GlycosBio, Bridgestone Corporation, and Ajinomoto Co. Inc.
Rising Demand for Tyre in the Automotive Industry to Benefit Global Isoprene Market
Isoprene is a colorless liquid organic compound that is highly volatile. 2-methyl-1 is another name for it. C2H8 is its chemical formula. It is most commonly used to create compound substances with different residences depending on the percentage of ingredients in them. In the coming years, the size of the global isoprene market is predicted to observe high growth due to increasing demand for natural and synthetic rubber from the burgeoning automotive and footwear industries. Over the forecast timeframe, the global isoprene market is estimated to be driven by rising tyre demand from the automotive sector, as well as increasing usage of polyisoprene in the medical sector
Rise in Demand for Fashionable and Comfortable Footwear to Work in Favor of the Market
Increasing demand for rubber from the footwear industry is estimated to be driven by rising disposable income in developing markets. Increasing demand for comfortable and fashionable footwear is likely to result in a positive effect on the global isoprene market over the forecast timeframe. Technological advancements in the manufacturing process are expected to increase yield percentages and lower overall production costs. This is likely to have a positive effect on the growth of the global isoprene market in near future. Polyisoprene is also utilized in the medical industries to produce self-adhering bandages, cold seal adhesives, probe covers, catheters, medical stoppers, and surgical gloves amongst many other things.
In the near future, the rising demand for these items as a result of improved health services and health care programmes is likely to provide a promising growth opportunity for the isoprene market. Isoprene, on the other hand, is a human carcinogen, which is likely to put a damper on market growth. Furthermore, over the forecast period, issues associated with high flammability of materials and regulations pertaining to workers' safety are likely to have an impact on overall product demand.
Advantageous Properties to Help in Increasing the Growth Rate of the Isoprene Market
The isoprene market will observe considerable growth opportunities across the assessment period of 2017-2022 on the back of the flourishing footwear and automobile industry. The growing urbanization levels in various regions will serve as a vital growth-contributing factor for the isoprene market. The escalating demand for tires among a considerable number of people will bring substantial growth prospects for the isoprene market.
- Isoprene is a liquid hydrocarbon that is highly volatile. It is created from petroleum. The thriving rubber industry across many countries will invite extensive growth prospects for the isoprene market as it is a prime component in rubber production. The properties of isoprene such as high tensile strength, good tear strength, and excellent flexibility bring shining growth opportunities for the isoprene market.
- The rising disposable income of many individuals around the globe has led to a tremendous increase in the sales of automobiles. As isoprene is a vital in production of tires, the rising demand for automobiles is directly proportional to the growth of the isoprene market.
- Strategic collaborations are crucial in laying the foundation of growth for the isoprene market. The players forge various partnerships and collaborations to strengthen their position across the isoprene market, eventually increasing the growth rate. The players also invest largely in research and development activities. These activities help them to explore novel insights that assist in increasing the revenues of the players in the isoprene market.
- The COVID-19 pandemic has heavily affected the growth of the isoprene market. Numerous countries imposed strict lockdowns to curb the transmission of COVID-19. The restrictions led to the shutting down of production units and manufacturing facilities. These aspects led to a decline in the production and distribution levels of isoprene. Nevertheless, the relaxations in restrictions are proving to be a boon for the players in the isoprene market.
Global Isoprene Market: Overview
Isoprene, which is essentially an industrial chemical that is used to manufacture various products including synthetic rubber, automotive parts, medicine, pesticide, and other refined chemical products, such as linalool, pyrethrum, plant alcohol, VE, and perfume. The demand in the global isoprene market expected to witness a healthy growth during the forecast period of 2017 to 2022 owing to their highly useful physical, chemical, and mechanical characteristics.
This report on the global isoprene market analyzes the current and future scenario of the global market. The isoprene market report comprises an exhaustive executive summary that includes a market overview that provides basic information about various segments of the market for isoprene. This section also provides details and data analysis of the global isoprene market with respect to the segments based on product, application, end user, and geography. A detailed qualitative analysis of drivers and restraints of the market and opportunities has been provided in the market overview section. In addition, the section comprises SWOT Analysis to understand the competitive landscape in the market. Another aspect of this section is that it provides market attractiveness analysis, by geography and market share analysis by key players. This aim of the report is to present a thorough analysis of the overall competitive scenario in the global isoprene market.
Global Isoprene Market: Segmentations
Based on product, the global isoprene market has been segmented into polymer grade and chemical grade, whereas on the basis of end-users, the isoprene market has been bifurcated into tires, adhesives, industrial rubber, and others. Application-wise, the global market for isoprene is classified into polyisoprene, isobutylene-isoprene rubber, styrene-isoprene styrene, and specialty chemicals. The size of the market for isoprene and its forecasted values in terms of US$ Mn for each segment have been provided for the period from 2017 to 2022. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2017 to 2022, considering 2016 as the base year.
Geographically, the global soft tissue allografts market has been categorized into major regions and the key countries in the respective region: North America (the U.S., Canada), Latin America (Brazil, Mexico, and Argentina), Europe (the U.K., Germany, France, Spain, Italy, and Nordic), Asia Pacific except Japan (India, China, Malaysia, Thailand, Singapore, and Australia), and Middle East & Africa (South Africa, GCC countries, Nigeria, and Israel). The size of the market and its forecasted valuations for each of these regions as well as the mentioned countries have been given for the period from 2017 to 2022, along with their independent CAGRs for the forecast period from 2017 to 2022, considering 2016 as the base year. The research study also covers the competitive scenario in these regions.
Global Isoprene Market: Segmentations
A number of prominent companies that are currently holding a position of strength have been profiled in the report, providing information such as business overview, product portfolio, sales data and key financials, and recent strategic developments such as mergers and acquisitions, collaborations, and alliances. The Goodyear Tire & Rubber Company, Kuraray Co. Ltd., Nizhnekamskneftekhim, SIBUR, Royal Dutch Shell Plc, ZEON Corporation, LyondellBasell Industries N.V., JSR Corporation, Finetech Industry Ltd., Haihang Industry Co. Ltd., Ningbo Jinhai Chenguang, DuPont, Shandong Yuhuang Chemical Group Co. Ltd., Fortrec Chemicals and Petroleum Pte Ltd., Braskem, GlycosBio, Ajinomoto Co. Inc., and Bridgestone Corporation are some of the key companies profiled in this report on the global isoprene market.