LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global polyisoprene rubber (IR) market to grow at a CAGR of over 7% during the period 2018-2022, according to their latest report.
This market research report segments the global polyisoprene rubber market into the following applications (tire and non-tire) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
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In this report, Technavio analysts highlight the increasing demand from the tire industry as a key factor contributing to the growth of the global polyisoprene rubber market:
Increasing demand from the tire industry
The tire industry is one of the major end-user industries of IR. The automotive sector accounts for the maximum share of the global IR market in terms of consumption as it is widely used in the production of tires and tire products such as auto tires, bicycles tires, and aircraft tires. An increase in the price of natural rubber has encouraged tire manufacturers to replace it with synthetic rubbers, among which IR is one of the least expensive types. The manufacturers depend more on synthetic rubber to improve the quality of the products by increasing the tensile strength. Additionally, synthetic rubber provides other specific features, particularly in the domains of durability and rolling resistance, and is usually used for passenger car and motorcycle tires as it delivers good-grip performances.
IR is mostly used with other rubbers. The blending of IR with natural rubber or other elastomers enhances tensile strength, tear strength, and flexibility. The production of tire and tire products accounts for more than 70% of the global IR consumption. In developed countries, IR loadings are particularly high in tires because of quality control and necessary performance requirements in high-performance tires. The increasing focus on low-rolling-resistance tires to improve fuel efficiency is expected to fuel the demand for IR.
According to a senior analyst at Technavio for specialty chemicals, “The automotive industry relies on IR for non-tire applications as well. The major non-tire automotive applications include motor mounts, shock-absorber bushings, and pipe gaskets. The increasing number of automobiles worldwide and growing demand for IR for numerous applications, including tire and non-tire, will stimulate the growth of the global IR market.”
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Global polyisoprene rubber market segmentation
Of the two major applications, the tire segment held the largest market share in 2017, accounting for nearly 75% of the market. This segment is anticipated to witness tremendous growth during the forecast period.
EMEA led the geographical segment of the global IR market with a share of almost 52% in 2017. The growth of the IR market in EMEA is driven by the presence of numerous automotive companies in the region and the domination of Russia in this market. APAC holds the second position in the IR market because of the increased use of IR in various end-user industries in emerging economies such as India and China.
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