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Polyisoprene Elastomers Market Size
Polyisoprene Elastomers Market size is projected to expand at substantial CAGR from 2024 to 2032, mainly propelled by the rise in electric mobility and autonomous along with the subsequently growing demand for advanced tire designs. The increasing need for materials in tires, sealants and gloves is surging the adoption of polyisoprene elastomers. Inherent advantages, such as strong tensile strength and high performance offered by polyisoprene elastomers in low temperatures will also drive the product demand. However, the fluctuating raw material prices, rising competition from alternative elastomers, and escalating challenges in achieving consistent quality across various applications may restrain the market expansion.
Polyisoprene Elastomers Market Trends
The rising focus on sustainable and bio-based alternatives, rapid advancements in processing technologies, and growing applications in medical devices will also increase the product demand. Additionally, the rising R&D efforts to enhance the material performance are expanding the use of polyisoprene elastomers in various industries. Moreover, the rising demand from industries like automotive, medical, and consumer goods is escalating the demand for such elastomers. The rapid advancements in polymer technology and the expanding healthcare sector is also augmenting the product appeal in diverse industrial applications. As per a 2023 Bridgestone report, the global tire production reached around 1,780,000 tons in 2021, marking an 18% increase from the preceding year. This trend is likely to further fuel the demand for polyisoprene elastomers.
Polyisoprene Elastomers Market Analysis
The cis-1,4-polyisoprene elastomers type segment is estimated to accumulate sizeable share of the market by 2032. This is due to the unique properties offered by cis-1,4-polyisoprene, such as high resilience, excellent tensile strength, and superior abrasion resistance. Growing application scope in tire manufacturing, medical products, and various industrial goods will further favor the product adoption.
In terms of application, the polyisoprene elastomers industry share from the tire application segment is forecasted to rise at an exponential rate through 2032, owing to the ability of polyisoprene for enhancing tire performance as well as offering excellent grip, durability, and fuel efficiency. Moreover, the increasing demand for high-performance tires, due to rising advancements in automotive technology and the higher consumer preference for fuel-efficient and sustainable options will drive the segment growth.
Regionally, the Asia-Pacific polyisoprene elastomers market size is projected to expand at a significant CAGR from 2024 to 2032, due to the increasing demand in tire manufacturing, medical devices, and various industrial applications. Additionally, the expanding automotive and healthcare sectors will fuel the demand for polyisoprene elastomers in the region.
Polyisoprene Elastomers Market Share
Leading firms operating in the polyisoprene elastomers industry are focusing on new product developments, production expansions and partnerships to widen their global presence. For instance, Zeon Chemicals, a Japanese subsidiary of ZEON Corporation, is significantly working on producing specialty chemicals, elastomers, and polymers.
Some of the major polyisoprene elastomers companies are:
- ExxonMobil Corporation
- Kraton
- DowDuPont Inc.
- Mitsui Chemicals
- Zeon Chemicals
- Lanxess AG
- Goodyear chemicals
Polyisoprene Elastomers Industry News
- In February 2022, Bridgestone, a tire and rubber products manufacturing company, initiated a collaborative program to advance chemical recycling technologies, to utilize discarded tires for high-yield production of isoprene, a key raw material in the synthesis of rubber.