ID: MRFR/CnM/3372-HCR | February 2021 | Region: Global | 132 pages
Isoprene is a colorless, volatile liquid hydrocarbon, which is produced through thermal cracking of naphtha or coal tar. It is highly flammable and used as a chemical raw material. Its chemical formula is C5H8 and is called 2-methyl-1,3-butadiene. Certain plants species of mosses, ferns, gymnosperms, and angiosperms also produce isoprene.
The global isoprene market is projected to register a CAGR of over 7%, thus reaching a value of approximately USD 4 billion by 2025. The major driver of the global isoprene market is its use in the production of polyisoprene, further used to manufacture synthetic rubber. The extensive use of synthetic rubber in automotive industry for tires, door and window profiles, hoses, belts, matting, and flooring is a primary factor driving the market. The use of synthetic rubber offers advantages such as excellent abrasion resistance, heat resistance, low cost, flame retardancy, and ability to adhere to metal surfaces. Synthetic rubber can be used in temperatures ranging from -45°C to 107°C. The global production of automobiles was valued at 95,634,593 units in 2018. Another factor driving the demand for synthetic rubber include its use in the medical industry for medical gloves, tubing, catheters, and diaphragms, among others. The increasing geriatric population across the globe, along with the high disposable income, is projected to fuel the demand for synthetic rubber in the medical sector, thereby fueling the demand for isoprene. In the construction industry, isoprene in used in flooring, windows, pipes, roofing, sound insulation, cladding, and electrical cables. Expanding construction industry across the globe due to fast-paced industrialization and urbanization are factors projected to fuel the demand for isoprene rubber during the review period. Use of rubber in sports and leisure goods such as mouth guards, soccer gloves, footballs, inflatable balls, soccer balls, basketball hoops, agility hurdles, and basketball nets is projected to propel the product demand. The rising awareness regarding general health and fitness has resulted in an inclination towards sports to ensure a healthier lifestyle. Furthermore, widespread media coverage of several global sports events, such as FIFA World Cup, Commonwealth Games, and Olympic Games, has amplified the popularity and global reach of sports, which in turn, encourages the youth to actively participate in sports.
However, the fluctuating price of crude oil and the regulations in the rubber manufacturing industry are major factors restraining market growth.
The global isoprene market has been studied for five regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific accounted for the largest market share in 2018 due to the high demand for synthetic rubber from the major end-use industries such as automotive, construction, and medical. High disposable income of the consumers has resulted in an increased number of renovation and new building construction activities across the region, driving the demand for isoprene. Growth of automotive industry in the region is a major factor propelling the demand for isoprene. For instance, automotive production in Malaysia, Indonesia, Thailand, and India exhibited a percentage change of 12.2%, 10.3%, 9.0%, and 8.0% respectively in 2018.
Europe and North America are projected to exhibit significant demand for isoprene due to the use of synthetic rubber in the automotive, medical, and construction industries during the review period.
Industrialization in Brazil and Chile has resulted in an increase in the number of construction activities, which is expected to drive the product demand in Latin America during the forecast period. The automotive production in Brazil stood at 2,879,809 in 2018 with a percentage change of 5.2%.
The presence of infrastructural hubs in GCC, the UAE, and Saudi Arabia is likely to propel the growth of the market in the Middle East & Africa.
The global isoprene market has been segmented by grade, application, end-use industry, and region.
On the basis of grade, the global market has been bifurcated into polymer grade and chemical grade.
By application, the global market has been segmented into styrene isoprene styrene, isobutylene isoprene, polyisoprene, block co-polymer, and others.
Based on end-use industry, the global isoprene market has been categorized as automotive, medical, construction, personal care, sports & leisure, and others.
Some of the prominent players operating in the global isoprene market are Braskem (Brazil), Kuraray (Japan), LyondellBasell Industries Holdings BV (Netherlands), Shell Global (Netherlands), SIBUR (Russia), Chevron Phillips Chemical Company (US), The Goodyear Tire & Rubber Company (US), ZEON Corporation (Japan), JSR Corporation (Japan), China Petrochemical Corporation (China), Dow (US), Pon Pure Chemicals (India), Zibo Luhua Hongjin New Material Co., Ltd (China), Exxon Mobil Corporation (US), and PJSC Nizhnekamskneftekhim (Russia).
Frequently Asked Questions (FAQ) :
The global isoprene market is predicted to touch USD 4 billion by 2025.
The isoprene market is predicted to grow at a 7% CAGR between 2017-2025.
The APAC region is predicted to lead the isoprene market during the forecast period.
It has extensive applications in sports and leisure, personal care, construction, medical, and automotive sectors.
Eminent players profiled in the isoprene market include PJSC Nizhnekamskneftekhim (Russia), Exxon Mobil Corporation (US), Zibo Luhua Hongjin New Material Co., Ltd (China), Pon Pure Chemicals (India), Dow (US), China Petrochemical Corporation (China), JSR Corporation (Japan), ZEON Corporation (Japan), The Goodyear Tire & Rubber Company (US), Chevron Phillips Chemical Company (US), SIBUR (Russia), Shell Global (Netherlands), LyondellBasell Industries Holdings BV (Netherlands), Kuraray (Japan), and Braskem (Brazil).