LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global isoprene market to grow at a CAGR of over 7% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the development of sustainable tires as one of the key emerging trends in the global isoprene market. The development of tires using new technology that uses key tire ingredients from renewable feedstocks rather than petroleum-derived feedstocks is in the process with a focus on decreasing the tire industry dependence on crude oil. The process can use sugars derived from sugar cane, corn, corn cobs, switchgrass, or other biomass to produce the ingredient, a biochemical called isoprene. Among the essential raw materials used in manufacturing tires, carbon black, reinforcing fibers, synthetic rubber, and rubber compounding agents have been selected as key targets for improved eco-friendliness.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
In this report, Technavio analysts highlight the rising isoprene demand from the tire industry as a key factor contributing to the growth of the global isoprene market:
Rising isoprene demand from the tire industry
In developing economies, rising disposable income is expected to spur growth in vehicles sales, fueling demand for tires. Urbanization and expanding economic activity will also contribute toward increasing the average annual vehicle mileage, which will boost the replacement rate of tires. In industrializing countries, the increasing middle-class population is expected to drive the growth in demand for light vehicle tires owing to increased vehicle ownership.
The increase in commercial trucking activity will lead to further gains in the sales of medium and heavy vehicle tires. Sale of tires is focused in developing regions, where motorcycles witness extensive use as a low-cost substitute for passenger cars. Tire sales in other applications, such as aircraft, tractors, and industrial vehicles, will also grow at a steady pace as the manufacturing and use of these vehicles increase.
According to a senior analyst at Technavio for specialty chemicals, “In term of use, automotive applications hold the largest share in the IR market. One of the key end-use industries of IR is the tire industry. An increase in the prices of the natural rubber has compelled tire manufacturers to replace the product with synthetic rubber, in which IR is one of the least expensive substitutes.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global isoprene market segmentation
This market research report segments the global isoprene market into the following applications (polyisoprene, styrene-isoprene-styrene, and isobutylene-isoprene rubber) and key regions (the Americas, APAC, and EMEA).
Of the three major applications, the polyisoprene segment held the largest market share in 2017, accounting for nearly 46% of the market. The market share for this application is expected to increase nearly 2% by 2022. The fastest growing application is polyisoprene, which will account for nearly 48% of the total market share by 2022.
EMEA was the leading region for the global isoprene market in 2017, accounting for a market share of nearly 51%. By 2022, APAC is expected to register the highest growth of nearly 4%.
|
Save big with Technavio this May! Find out what companies are venturing in to beat the heat this summer! Technavio indulges you with a massive 20% OFF on all non-alcoholic beverages reports for the entire month. OR Technavio honors the achievements and efforts of Motherhood this Mother's Day by offering a whopping 30% OFF on all cosmetics and toiletry reports. Offer valid from 7th May for a limited period. |
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
