Global Isoprene Market : Constant Advancements in Production Technologies to Unlock Exciting Applications Catalyzing Growth
A marked presence of several large-scale producers and big chemical companies make the global isoprene market intensely competitive, finds Transparency Market Research (TMR). These players are based in various developing and developed nations, majorly in Russia, China, Japan, Netherlands, and the U.S. Leading companies enjoying a stronghold in the global market include Ajinomoto Co. Inc., Bridgestone Corporation, GlycosBio, DuPont, Braskem, Petroleum Pte Ltd., Fortrec Chemicals And Petroleum Pte Ltd., and Nizhnekamskneftekhim. Some other players exhibiting a prominent presence in the market include Finetech Industry Ltd., SIBUR, Shandong Yuhuang Chemical Group Co. Ltd., Ningbo Jinhai Chenguang, Haihang Industry Co. Ltd., JSR Corporation, LyondellBasell Industries N.V., ZEON Corporation, Kuraray Co. Ltd., Royal Dutch Shell Plc, and The Goodyear Tire & Rubber Company.
Top players are actively pursuing product differentiation strategy to remain at the forefront. To this end, several prominent ones are also engaging in strategic collaborations. In addition, a number of producers and manufacturers are focusing on backward integration in a move to stay ahead of their competitors, observes TMR. They are also strengthening their distribution channels to consolidate their shares in the coming years. Several big players are striving for adopting advanced production technologies in order to showcase their might in the global landscape. The influx of new entrants is likely to up the level of competition over the years.
The global isoprene market is projected to rise at a healthy clip over the forecast period from 2017 to 2022. A substantial chunk of global demand for isoprene is projected to come from the automotive industry.
Broadly, the key product types of isoprene comprise polymer grades and chemical grades. Of these, the polymer grade segment leads accounting for the major share in 2017 and is anticipated to hold 55.0% share of the global isoprene demand by 2022 end. The segment is projected to touch a valuation of US$1,477.4 million by the end of the assessment period.
Regionally, the North America is expected to collect the leading revenue by being the most lucrative market. The opportunities in the regional market is expected to touch a valuation of US$761.5 million by 2022 end. Meanwhile, Asia Pacific is projected to rise at an attractive pace, garnering a CAGR of 5.1% during 2017–2022. The region accounts for an extensive demand for isoprene coming from the automotive industry, primarily in China and India.
Widespread Applications in Making Tires and Industrial Rubber Boost Market
The global isoprene market is driven primarily by the burgeoning end-use applications in making tires, adhesives, and industrial rubber. The widespread use of isoprene in making synthetic rubber is attributed to a wide variety of performance characteristics, such remarkable flexibility similar to natural rubber, strength without odor, and the ability to confer outstanding durability to the end products. On account of these attractive properties, isoprene finds substantial use in making various automotive parts apart from tires, such as fuel hose, engine mounting, mud flap, suspension bush, exhaust rubber hangers, and floor mats. This is accentuating the market. The rapid strides being experienced by the automotive industry in several emerging economies, notably in Asia Pacific, is a noteworthy trend providing a robust thrust to the growth of the global isoprene market. The swift pace of urbanization in developing regions is likely to bolster the demand for SUVs and sedans among upwardly mobile populations, thereby catalyzing the demand for isoprene in several end-use applications.
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Thriving Automotive Industry in Emerging Economies to Create Vast Lucrative Avenues
Apart from a wide range of rubber-based applications, the global isoprene market is also benefiting copiously from its use in making medical equipment and footwear.
However, several stringent regulations imposed on the rubber industry in favor of the use of natural rubber, which is likely to stifle the demand for isoprene. The fluctuation in the prices of raw materials used for isoprene production, especially crude oil prices, is a crucial factor hindering the growth of the market to an extent. Nevertheless, the market are expected to get a robust push from a burgeoning automotive industry and the growing popularity of low-rolling resistance tires in various parts of the world. Advancements in production technologies bode well for the market over the forecast period.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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