Polyisoprene Market Trend
The polyisoprene market is projected to reach USD 36.4 billion by 2031, growing at a CAGR of 5.52% during the period 2022 to 2031.
PORTLAND, OREGON, USA, May 26, 2023. /EINPresswire.com/ — The global polyisoprene industry was valued at $21.5 billion in 2021 and is expected to reach $36.4 billion by 2031, registering a CAGR of 5.522% from 5.52% to 5. from 52%.
Allied Market Research has published a report titled “Polyisoprene Market by Type (Natural Rubber, Synthetic Rubber), by Application (Tires & Related Products, Belt & Hose, Latex, Footwear, Non-Automotive Engineering, Other); Industry forecast, 2021-2031.
The main determinants of growth –
Increasing demand for elastomers in the automotive, industrial, footwear, and medical industries is driving the growth of the global polyisoprene market. Moreover, increasing use of polyisoprene in surgical gloves has added to the growth. At the same time, several growth prospects in emerging and developed economies have also been favorable for the industry.
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Major industry players –
Haihang Industry Co., Ltd.
Kent Elastomeric Products
Shell:
Dupont, Kuraray Co., Ltd.
SIBUR:
The Goodyear Tire & Rubber Company
Exxon Mobil Corporation
Covid-19 scenario-
Temporary disruptions in the automotive industry during the global health crisis adversely affected the global polyisoprene market, especially in the early stages.
The supply-demand gap worsened the scenario. However, the market is recovering at a fast pace.
The natural rubber sector will dominate until 2031.
By type, the natural rubber segment contributed the major share in 2021, accounting for more than half of the global polyisoprene market. This is due to increased demand for latex products such as catheters, gloves and belts. The synthetic rubber segment, however, will post the fastest CAGR of 5.63% during the forecast period. Increasing demand for polyisoprene synthetic rubber from the automotive industry will drive the market growth. Properties such as abrasion and temperature resistance make synthetic rubber a preferred choice in the automotive industry.
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Tire and allied products segment to retain the lion’s share;
By application, the tire and related products segment accounted for the major share in 2021, accounting for more than half of the global polyisoprene market. This is due to the increase in demand for tires. On the other hand, the latex segment is expected to grow at the fastest CAGR of 6.22% from 2022 to 2031. Growing use of the product in the healthcare, coatings, and adhesives sectors is expected to drive the demand for polyisoprene for the production of latex for medical gloves. , thus driving market growth.
Europe has collected a large share in 2020.
By region, Europe as a whole held the lion’s share of the market in 2021, accounting for more than half of the global polyisoprene market, owing to the presence of a well-established automotive sector in the region. However, Asia-Pacific is projected to post the fastest CAGR of 6.18% through 2031. This is due to increased consumption in the healthcare, coatings and adhesives industries and increased research and development activities in this state.
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David Correa
Allied Analytics LLP
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