Isoprene Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4376
Global isoprene market size is anticipated to witness noticeable growth over 2021-2027, on account of the escalating usage of synthetic polyisoprene in medical and surgical applications. Likewise, the myriad benefits of this compound, such as excellent resistance to inorganic chemicals and abrasion, durability, and high tensile strength, will also broaden its application scope over the coming years. Isoprene refers to a major component that makes up natural rubber, formed as a by-product of processing petroleum or coal tar. The compound is also considered a volatile and colorless liquid hydrocarbon. It plays a significant role in the biosynthesis of common terpenes and is used as a chemical raw material in the manufacturing of various products.
Strong focus on the development of automotive tires from sustainable raw materials is one of the key trends characterizing the overall isoprene market growth. In 2021, Michelin Group unveiled plans to manufacture tires from renewable and biodegradable sources by 2050, with an aim to reduce environmental impacts. In addition, the steady revival of the global natural rubber industry, following a sharp decline in the initial months of 2020, will further aid the recovery of isoprene polymers demand in the automotive sector.
With regards to application, the global isoprene market share from the Styrene-Isoprene-Styrene (SIS) segment is set to depict a substantial growth rate through 2027. This is a result of the excellent thermoplastic elasticity and processability, low hardness and viscosity, and high strength of SIS polymers, which make them ideal for myriad industrial applications. Expansion of this segment is further attributable to the rising compound adoption in manufacturing pressure-sensitive adhesives for labels, diapers, and packaging, among other applications.
On the regional front, the Latin America isoprene industry will register a considerable revenue share by 2027, due to the increasing sales of automobiles in countries including Mexico. Moreover, the significant growth prospects of the adhesives industry across Latin America will also generate opportunities for the regional isoprene market to grow exponentially over the forthcoming years. In 2021, Bostik reinforced its presence in the Brazilian construction adhesives industry with the planned acquisition of Poliplas, a leading provider of hybrid-technology adhesives and sealants in the country.
Prominent players functioning in the isoprene market include Exxon Mobil Corporation, Zeon Corporation, Amyris Inc., Precision Dippings Manufacturing Ltd., JSR Corporation, Kuraray Co., Kraton Corporation, and Royal Dutch Shell plc, among others. Innovative product launches and business expansions are some of the strategies being employed by these firms to boost their geographical presence across the global market. For instance, in October 2020, Kraton Corporation introduced its Ellamera brand for use across the health and beauty industry. The company has developed this portfolio of isoprene copolymers/hydrogenated styrene and butadiene copolymers/hydrogenated styrene to enable formulators to transform oil-based ingredients into cosmetic products with prominent sensory qualities.
Disruptions in Major Industrial Operations During COVID-19 to Impact Isoprene Market Trends:
The ongoing COVID-19 pandemic has created major havoc across several industry verticals, including the tire sector. The implementation of lockdowns resulted in the halt of stock lifting from factories and delivery to the auto manufacturers, urging manufacturers to reduce tire production to minimum capacity. The rising difficulties in terms of storage space at factories and the subsequent decline in production thus created adverse impacts on the isoprene industry, given the significance of isoprene rubber in tire production.
However, the implementation of varied strategies by health agencies, such as the CDC, to help the healthcare sector optimize the use of gloves during the coronavirus pandemic may help the industry regain traction. Single-use gloves, which are widely used in clinical care, are usually made from natural latex rubber, a polymer of isoprene. The growing emphasis on boosting the supply of disposable medical gloves is therefore likely to push the demand for isoprene compound over the foreseeable future.
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