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.
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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.