(MENAFN- GetNews) The report published by Grand View Research, Inc., states that factors such as the increasing demands for automotive parts, growing urbanization, and rising automotive production in countries like China, Taiwan and Japan among others are anticipated to fuel the market expansion in the forecasted period.
The global isoprene market is expected to reach USD 3.97 billion by 2025, growing at a CAGR of 7.5%, according to a new report by Grand View Research, Inc. Rising demand for isoprene is owing to good resilience, good tack, and great hot tensile and good gum tensile strength propel industry expansion over the forecast period. In addition to this, the expanding automotive sector all over the world is pushing the demands for tires, fuel hoses, engine mounting, mud flaps, suspension bushes, floor mats, and exhaust rubber hangers, augmenting the industry size. Furthermore, several benefits of isoprene, such as heat resistance, clear and powder-free products, electrical resistance along with its usage to prevent Type I allergies and formation of nitrosamines are key to raising demands for the product in the market.
Recently, after the COVID-19 pandemic, increasing expenditures on R & D and better attention to health care by developing markets, and the establishment of public health insurance is boosting the demands and is anticipated to keep fueling the demand growth in the medical devices market in the upcoming years. Furthermore, rising global disposable income in developing countries and an aging population all around, the utilization of isobutylene-isoprene rubber and styrene-isoprene styrene is expected to experience a huge rise, pushing the growth in the isoprene market over the forecasted period.
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Isoprene Market Report Highlights
• Polymer grade isoprene is likely to witness significant revenue rise at a CAGR of 7.7% from 2017 to 2025 as a result of their properties including toughness, excellent hot tear strength, abrasion, high resilience, cold resistance, and tensile strength. Moreover, the product is obtained from the C5 diene crude product, which are quick to dispose and reuse on account of an existing infrastructure in place.
• Asia Pacific was the dominant market and accounted for 28.7% of the overall volume share in 2016. Robust manufacturing base of automotive industry in China, Japan and India along with increasing passenger vehicles sales are anticipated to augment isoprene market growth in the near future.
• Presence of major automobile companies, including Toyota, Honda, Daihatsu, Nissan, Suzuki, Mazda, Mitsubishi, Subaru and Isuzu will augment the Japanese automotive industry, which in turn will drive the isoprene market demand.
• Key participants dominating the industry includes Shell PLC., The Goodyear Tire and Rubber Company, ExxonMobil Corp., LyondellBasell Industries N.V., Zeon Corporation, Chevron Phillips Chemical LLC, Shandong Yuhuang Chemical (Group) Co., Ltd., and Braskem.
• Product differentiation along with threat of forward and backward integration by manufacturers to distribute isoprene and to capture market share is anticipated to result in high industry rivalry in the product's market over the forecast period. In addition, possible entry of new players is further expected to intensify rivalry in the industry.
• In February 2014, Shandong Yuhuang Chemical Co., Ltd. signed a co-operation frame agreement with Sinopec Chemical Sales Company, which was led by Sinopec's general manager, Zhao Chengfeng.
• In August 2013, SIBUR entered into a joint venture with China Petroleum and Chemical Corporation, a major petroleum and petrochemical enterprise group, in order to produce synthetic rubbers in Krasnoyarsk.
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Isoprene Market Segmentation
Grand View Research has segmented the isoprene market on the basis of product, application, end-use and region:
Product Outlook (Volume, Kilo Tons, Revenue, USD Million, 2014 - 2025)
• Polymer grade
• Chemical grade
Application Outlook (Volume, Kilo Tons, Revenue, USD Million, 2014 - 2025)
• Polyisoprene (IR)
• Styrene-isoprene styrene (SIS)
• Isobutylene-isoprene rubber (IIR)
• Specialty chemicals
End-use Outlook (Volume, Kilo Tons, Revenue, USD Million, 2014 - 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
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About Grand View Research
Grand View Research is an India & U.S. based market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company's rich database includes in-depth analysis across a range of industries including chemicals, materials, energy, healthcare, and technology, among others.
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