Isoprene Market is set to perceive substantial growth by 2025, expanding at an impressive growth rate during the forecast period (2017-2025).
Growth Factors and Key Restraints
Increasing Applications in Tires and Industrial Rubber to Bolster Market Growth
The worldwide isoprene market growth is predominantly fueled by the expanding end-use applications in making tires, industrial rubber and adhesives. The elevated use of isoprene to make synthetic rubber can be attributed to its numerous performance characteristics, like tremendous flexibility that is similar to natural rubber, the ability to confer outstanding durability to the end products and strength without any odor. Backed by these attractive properties, isoprene finds significant applications when it comes to making different automotive parts other than tires, like engine mounting, fuel hose, suspension bush, mud flap, floor mats and exhaust rubber hangers. This factor has been responsible for the lucrative market growth in the past couple of years. A noteworthy trend that has been making rounds in the global isoprene market is in the form of rapid strides that is being witnessed by the automotive industry in a number of developing economies, especially Asia Pacific, providing a substantial thrust to the market position. The speedy rate of urbanization in these emerging regions will foster the demand for SUVs and sedans, catalyzing the demand for isoprene in diverse end-use applications.
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Booming Automotive Industry in Developing Nations Creating Lucrative Avenues
Other than the increasing applications that are rubber-based, the global isoprene market also benefits copiously from its rising use for making medical equipment as well as footwear. But many strict regulations that have been imposed on the rubber industry for the use of natural rubber, will most likely stagnate the demand for isoprene. However, the market position of isoprene is poised to elevate in the coming years, as a result of the expanding automotive industry coupled with the increasing popularity of low-rolling resistance tires in many parts of the world. Moreover, continuous advancements in production technologies will be instrumental in the market growth to a large extent.
The top players competing in the global isoprene market are:
- Royal Dutch Shell plc.
- Chevron Phillips Chemical Company
- ZEON CORPORATION
- Ningbo Jinhai Chenguang Chemical Corporation
- The Goodyear Tire & Rubber Company
- PJSC Nizhnekamskneftekhim
- LyondellBasell Industries N.V.
- Exxon Mobil Corporation
Isoprene is segmented on the basis of grade, application, and end-use.
The grade-wise segments in the global market are polymer grade, chemical grade and others.
Isoprene finds numerous applications as styrene isoprene styrene, isobutylene isoprene and polyisoprene among others.
The end-users in the global isoprene market are automotive, personal care, construction, and medical among others.
Browse key industry insights spread across 132 pages with 47market data tables & 12figures & charts from the report, “Isoprene Market: Information by Grade (Polymer Grade and Chemical Grade), Application (Styrene Isoprene Styrene, Isobutylene Isoprene, Polyisoprene, Block Co-Polymer, and Others), End-Use Industry (Automotive, Medical, Construction, Personal Care, Sports & Leisure, and Others), and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2025” in detail along with the table of contents @ https://www.marketresearchfuture.com/reports/isoprene-industry-4799
The regions where the isoprene market is expanding at a significant pace during the forecast period include Europe, Asia Pacific, North America and the rest of the world (RoW).
Leading the global isoprene market is the region of Asia Pacific, on account of the booming industries of construction and automotive. Countries like India, South Korea and Taiwan are some of the largest consumers of isoprene in the region, wherein owing to the largest number of manufacturing plants and consumption will drive the growth of the regional market in the years to come. Also, the increasing urbanization as well as population in the countries like India, China, Japan, and Indonesia will aid in elevating the market position for isoprene in the region. The growth of the market in Asia Pacific is closely followed by Europe and North America.
Making somewhat similar strides in the global isoprene market is North America, considered to be the second-largest market globally. The North America market for isoprene benefits largely due to the massive demand from the automotive industry which is in turn, backed by the significant demand for commercial vehicles within the region. The market in the developed region like North America holds immense potential due to their simple and cost-effective production processes. Noting an accelerated demand for automobile and medical appliances, the United States (US) and Canada are touted to be the leading contributors to the regional market growth at present. Attaining a substantial market share, the US is said to be one of the largest five commercial vehicle manufacturing countries. This factor renders the country a dominant driving force, thereby buoying the growth of the regional market.
The isoprene market in Europe holds lot of promise, with the predictions that the region will witness steady growth in the near future. Backed by the presence of a well-established automobile industry paired with the expanding markets in the countries like United Kingdom (UK), Germany, Spain, France, and Russia, the market in the region will expand at a luxurious pace. Also, the region notes an increasing demand for isoprene due to the booming cosmetic industry, as the purchasing power of the consumers rises with time.