Isoprene Market Forecast to 2023:
Isoprene, a raw material in the production of synthetic rubber is obtained during the processing of petroleum or coal tar and also as a by-product of naphtha pyrolysis. Natural isoprene rubber offers an array of properties such as flexibility, and high tensile strength whereas polymer grade synthetic polyisoprene has properties which makes him ideal to be used as viscosity increasing agent, and hypoallergenic.
On the other hand, the chemical grade polyisoprene is used for the manufacturing of tires and tubes in the automotive industry whereas the Isobutylene Isoprene is used as a fuel and lubricant additive in the automobile industry. Isobutylene is a class of thermoplastic elastomers and has some specific usages in the adhesive field where it represents the bases for the pressure sensitive adhesives and hot melts. The Isoprene market has become a constantly growing space due to its array of applications.
According to Market Research Future (MRFR), the market holds great potential to expand further in the years to come, garnering great prominence. MRFR in its analysis, also states that the global Isoprene market will perceive exponential growth by 2023, posting a staggering CAGR during the assessment period (2017-2023).
Additional factors substantiating the market growth include rapid construction activities, rising demand for tires and tubes from the automotive sector, and increasing expenditure on personal care products. Burgeoning construction and automotive sector backed by the improving economy that improves consumers’ purchasing power fosters the market growth to an extent.
Furthermore, rising crude oil production across the globe and the augmenting demand for polyisoprene products that have properties similar to natural rubber along with increasing consumption of synthetic isoprene rubber in surgical appliances are anticipated to be some of the major driving forces for the Isoprene market growth during the review period.
On the other hand, stringent regulations imposed by the various government bodies is obstructing the market growth by limiting the use of toxic organic chemicals in the production of Isoprene.
Global Key Players:
- The Goodyear Tire & Rubber Company
- Royal Dutch Shell plc.
- ZEON CORPORATION
- LyondellBasell Industries N.V.
- Ningbo Jinhai Chenguang Chemical Corporation
- Chevron Phillips Chemical Company
- Exxon Mobil Corporation
- PJSC Nizhnekamskneftekhim
Global Isoprene Market – Segmentations
The MRFR analysis is segmented into four key dynamics for the convenience of the report and enhanced understanding;
By Grades : Polymer Grade and Chemical Grade among others.
By Applications :Styrene Isoprene Styrene, Isobutylene Isoprene, and Polyisoprene among others.
By End-Uses : Automotive, Personal Care, Construction, and Medical among others.
By Regions : North America, Europe, APAC and Rest-of-the-
Global Isoprene Market – Regional Analysis
The Asia Pacific accounts for the leading market for Isoprene due to the burgeoning industries such as construction and most importantly automotive. India, Taiwan, and South Korea countries are accounting for the largest consumer of the product. The largest number of manufacturing plants and consumption in these countries is the key driving force for the market growth in the region.
Attributing to the increasing urbanization and population in various countries such as such as China, India, Japan, and Indonesia, the Asia Pacific isoprene market is predicted to experience a rapid growth, retaining its hegemony over the global market during the forecast period as well, followed by the North America and Europe region respectively.
North America region accounts for the world’s second-largest market for Isoprene, perceiving the huge demand from the automotive industry backed by the considerable demand for commercial vehicles in the region. Markets in the developed economies witness immense potential in the world of Isoprene owing to their easy and cost-effective production processes. Perceiving an augmenting demand for automobile and medical appliances, the US and Canada will account for a key contributor to the market growth in the region.
Owning a substantial market share, the US accounts for one of the largest five commercial vehicle manufacturing countries which makes the country, a dominant driving force, contributing to the market growth in the region. The region is projected to grow significantly during the review period.
The Europe Isoprene market is one of the promising market expected to witness steady growth in the next six years. The presence of a well-established automobile industry coupled with the growing markets in the countries such as Germany, Spain, the UK, France, and Russia predominantly support the market growth in the region. In Europe, the demand for Isoprene is predicted to grow in the cosmetic products industry owing to the growing awareness and increasing purchasing power of consumers.
Global Isoprene Market – Competitive Analysis
The competitive market of Isoprene appears to be fragmented owing to a huge number of companies operating in the market, churning the market competition. Increasing innovations and technologies will generate strong investment opportunities for the players. They strive to continue to commercialize other technologies helpful in lowering the cost of production.
To gain the competitive advantage, these players try to attain expertise in equipment, managing supply chains and in-depth domain knowledge in a number of advanced materials in addition to the prevailing strategies such as acquisition, partnership, and expansion of manufacturing facilities.
June 26, 2018 – Yokohama Rubber Co. (Japan) introduced its new development of producing isoprene from a biomass. Considered as “the world’s first technology” that can efficiently manufacture isoprene is the breakthrough achievement of a joint research with Japanese research institute Riken and materials supplier Zeon Corp. and YRC.
The trio discovered a new isoprene-synthesizing process using a computer-based in-silico metabolic design technology – the new artificial pathway reduces that process to two stages which are not achievable by natural enzymes. Yokohama also confirmed that this technology could also be applied to butadiene-based synthetic rubber and other diene rubbers.
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