Isoprene Rubber is used to manufacture tires, springs, rubber bands, conveyor belts, and its property of high tensile strength is extremely useful in making gloves and balloons. It serves various end-users like tire, medical, construction, and automobile industry.
The Tire and Automobile industry is a prime consumer of isoprene rubber in the global market and is expected to drive the future market. Despite a tough 2020, the automobile industry has finally found its footing in 2021, with sales restoring to the pre-pandemic times giving the industry a much-needed boost. The global automotive market's export value was estimated to be about USD 37 million in 2020, increasing over USD 11 million from the previous year. The growing demand for energy-efficient vehicles has set the EV sector of the automotive industry on a rapid rise, with record sales in emerging countries like China. This increasing demand in the automobile and tire sector could drive the growth of the isoprene rubber industry for the forecasted year.
Major global players in the industry were PJSC Nizhnekamskneftekhim, Sibur, Goodyear Tire and Rubber Company, Kraton, JSR Corporation, KauchukSterlitamak, Dow Chemical Company, Yikesi New Material, Tpi New Material, among others.
The Asia Pacific region is expected to be the largest market for Isoprene Rubber owing to the rapidly increasing demand in the tire and automotive industry. Also, the rapid industrialization in the region and its use in the medical sector in emerging countries like China and India could fuel the rising demand for isoprene rubber. China's EV sales exceeded 1.3 million, representing 41% of global EV sales in 2020, depicting the region's automotive industry boom. China was the world's leader in importing isoprene rubber in 2020 with 46,020 tons, and Russia was the world's leader in exports with 220,457 tons in 2020. China is a net importer of natural rubber with a massive gap between the supply and demand of natural rubber. To bridge this gap, China is developing a Jilin Economic and Development Area , which could be capable of over 100,000 Tons/Year of Isoprene Rubber production for its domestic needs. China is on the road to massively boosting its isoprene rubber production to meet its increasing demand and reduce its dependence on imports. Reforms like this in the region are propelling the growth of the isoprene market for the forecasted years.
Goodyear Tire and Rubber Company, a significant player in the tire industry, announced its acquisition of Cooper Tire and Rubber Company with a total enterprise value of USD 2.5 billion in February 2021. The company also had the highest Q1 income in 2021 since 2018 of USD 226 million.
Global Isoprene Rubber Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Isoprene Rubber market by segmenting based on the Grade (Industrial Grade, Medical Grade), End-User Industry (Tires, Medical, Construction, Automobile, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.
Frequently Asked Questions
- By product type
- By End User/Applications
- By Technology
- By Region