Isoprene Rubber Latex (IRL) Market Size By Application (Medical Gloves, Medical Balloons & Catheters, Condoms, Adhesives), By End-user (Medical, Consumer Goods, Industrial), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025
Published Date: Aug 2018 | Report ID: GMI2880 | Authors: Kiran Pulidindi, Soumalya Chakraborty
Isoprene Rubber Latex (IRL) Market size was estimated over USD 200 million in 2017 and the industry will grow by a CAGR of around 7% up to 2025.
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Increasing demand for medical gloves will be the chief factor driving the isoprene rubber latex market growth during the forecast timeframe. The product is used as a substitute to natural rubber latex in the manufacturing of medical gloves. As the product is manufactured synthetically, it does not contain any impurities or nitrosamines, has low gel content, and exhibits superior properties such as good purity, clarity, flow, softness, strength, and elongation. It is also devoid of any naturally-occurring proteins which eliminates the risk of type 1 allergies among individuals. The product has similar and sometimes even better properties than natural rubber latex. These advantages over conventionally used glove manufacturing products will drive product demand and augment the IRL market in coming years.
The global medical glove industry was valued at more than USD 5 billion in 2017 and will grow by more than 6% CAGR till 2025. Rising instances of chronic and acute diseases, increasing awareness about safety and sanitation, strict regulations regarding usage of personal protective equipment, and rising number of people having access to quality healthcare services are the major factor driving the medical gloves industry. The U.S. has the highest demand for these gloves whereas most of the manufacturing takes place in Asia Pacific. The production of medical gloves will increase in upcoming years in response to the rising demand across the globe. This trend will be the major factor driving the isoprene rubber latex market growth during the forecast timeframe.
|Base Year:||2017||Market Size in 2017:||200 Million (USD)|
|Historical Data for:||2013 to 2017||Forecast Period:||2018 to 2025|
|Forecast Period 2018 to 2025 CAGR:||7%||2025 Value Projection:||340 Million (USD)|
|Pages:||170||Tables, Charts & Figures:||188|
|Geographies covered (21):||U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait|
|Segments covered:||Application, End-user and Region|
|Companies covered (5):||Kraton Corporation, Kent Elastomer Products, Inc., Puyang Linshi Chemical & New Material Co. Ltd., Kuraray Co. Ltd., JSR Corporation|
|Pitfalls & Challenges:||
Isoprene Rubber Latex (IRL) Market, By Application
Based on application, the isoprene rubber latex market has been segmented into medical gloves, medical balloons & catheters, condoms, adhesives, and other niche applications such as medical stoppers, tube connector, bands, footwear, etc. Medical glove application segment held the largest share of the overall industry in 2017 and will grow by more than 7% CAGR during the forecast timeframe. Increasing demand for gloves from the healthcare industry will drive the segments market growth.
Medical balloons & catheters application segment accounted for more than USD 4.5 million in the overall IRL market in 2017. These products are used in a wide range of medical procedures such as fixation, invasive diagnostic techniques, drug delivery, etc. Thus, developments in the medical sector will also be the major growth enabler for this application segment.
Isoprene Rubber Latex (IRL) Market, By End-user
Based on end-user, the isoprene rubber latex market has been segmented into medical, consumer products, and industrial sectors. Medical sector is a key end-user industry in the IRL market which was valued at more than USD 150 million in 2017. Increasing product usage in manufacturing medical supplies such as gloves, catheters, tube connectors, needle shields, etc. will drive this segment’s growth in coming years.
In the industrial sector, isoprene rubber latex is used in the manufacturing of adhesives, and thin & wide rubber sheets. These sheets are then used to manufacture drapes, bands, membranes, etc. The product is used in manufacturing cold seal adhesives (CSA) used for bonding plastics, foil, paper, etc. CSAs are extensively used in food, medical, as well as industrial packaging applications.
Isoprene Rubber Latex (IRL) Market, By Region
Asia Pacific is the largest IRL market valued at around USD 160 million in 2017. Extensive medical glove manufacturing activities in the region, coupled with increasing condom production has been the major factor behind the large regional industry share and fast growth rate. Malaysia will be a key country for the isoprene rubber latex market in Asia Pacific owing to its flourishing glove manufacturing industry.
North America IRL market will grow by more than 6% CAGR during the forecast timeframe. Rising condom production in the country driven by a high domestic demand will be the major factor behind the regional industry growth. Increasing demand for medical supplies from an already mature healthcare industry in the region will boost domestic production of these supplies and in turn augment the North America IRL market in coming years.
Competitive Market Share
The isoprene rubber latex market is highly consolidated with only a few companies manufacturing the product all over the globe. Kraton Corporation, JSR Corporation, Kuraray Co., Ltd., Puyang Linshi Chemical & New Material Co., Ltd., and Kent Elastomers are the companies that manufacture IRL. Research & development activities by these companies play a major role in the development of the industry. Capacity expansion by companies will also become a key strategy to increase their market shares and competitiveness during the forecast timeframe.
Traditionally natural rubber latex has been used for manufacturing medical gloves and condoms. However, with instances of type 1 allergic reaction increasing due to natural rubber latex products, the usage of isoprene rubber latex has gained momentum in recent years. The product does not have any compounds or impurities that cause allergies. They also exhibit similar or sometimes even better characteristics than natural rubber latex. These factors will drive the IRL industry growth in coming years.
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