Isoprene Rubber Market to Grow USD 1940 Million by 2029 with a CAGR of 2.8% | Valuates Reports
BANGALORE, India, May 4, 2023 /PRNewswire/ -- The Global Isoprene Rubber Market is Segmented by Type (Medical Grade, Industrial Grade), by Application (Tires and Tire Products, Mechanical Rubber Products, Adhesives and Sealants): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Plastics & Polymers Category.
Due to the COVID-19 pandemic, the global Isoprene Rubber (IR) market size is estimated to be worth US$ 1296.3 million in 2022 and is forecast to a readjusted size of US$ 1940 million by 2029 with a CAGR of 2.8% during the forecast period 2023-2029.
Major Factors Driving the Growth of the Isoprene Rubber (IR) Market:
Due to the expanding application potential in the tire manufacturing business, the demand for isoprene rubber is anticipated to increase during the forecast period. Also, due to their comparable molecular structure and qualities, isoprene rubber is also anticipated to replace natural rubber in a number of applications.
Furthermore, It is also anticipated that fluctuating natural rubber prices would fuel the expansion of the isoprene rubber market.
TRENDS INFLUENCING THE GROWTH OF ISOPRENE RUBBER MARKET:
Compared to other forms of rubber, isoprene rubber provides a number of benefits. It is very heat and abrasion resistant. Additionally, it is oil- and chemical-resistant. Additionally resistant to ozone, UV rays, and weathering isoprene rubber. A number of industries employ isoprene rubber. It is used for tires, hoses, and seals in the automobile sector. For fuel lines and gaskets, the aircraft sector also uses it. This factor is expected to drive the growth of the Isoprene Rubber market.
The overall growth of the Isoprene Rubber market will be boosted by increasing patient safety and increasing public knowledge of substitutes for traditional rubber materials used in the production of various medical devices. Surgical gloves are becoming more and more necessary in the medical industry. Additionally, the demand for suitable materials for the production of surgical gloves would foster the expansion of the isoprene rubber market. The need for medical gloves has surged because of the COVID-19 epidemic. For patients who have coronavirus suspicions, they are advised.
Also made from isoprene rubber are condoms. Government regulations intended to curb unchecked population growth and prevent STDs are driving the condom industry and fostering an atmosphere that will be favorable for the expansion of the isoprene rubber market throughout the projected period.
Synthetic rubber clearly has an advantage over natural rubber due to its mass production and low production cost. The material will replace its natural counterparts with greater ubiquity due to its ease of manufacture and low cost. In the international isoprene rubber market, these factors should produce sizable gains.
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ISOPRENE RUBBER MARKET SHARE ANALYSIS:
With a market share of over 35%, Europe is the biggest market, followed by North America and Asia Pacific, both of which have market shares of over 55%.
Some of the major companies that manufacture isoprene rubber (IR) worldwide are PJSC Nizhnekamskneftekhim, Kauchuk Sterlitamak, Goodyear Chemical, Zeon, Sibur, etc. Over 75% of the market is held by the top 5 manufacturers globally.
Key Companies:
- PJSC Nizhnekamskneftekhim
- KauchukSterlitamak
- Sibur
- Goodyear Chemical
- Kraton
- Zeon
- JSR
- Kuraray
- Karbochem
- Yikesi
- Luhua
- Tpi New Material
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