LONDON--(BUSINESS WIRE)--The isoprene market is expected to grow by USD 1.62 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Rising disposable incomes in developing economies is spurring the growth in vehicle sales, fueling demand for tires. In addition, growing urbanization and expanding economic activities are contributing to an increase in the average annual vehicle mileage, which is boosting the replacement rate of tires. The tire industry is one of the key end-use industries of isoprene rubber (IR). Manufacturers depend more on synthetic rubber to enhance the quality of the products by increasing the tensile strength. Moreover, an upsurge in the prices of natural rubber has impelled tire manufacturers to replace the product with synthetic rubber, in which IR is one of the least expensive substitutes. The increasing number of automobiles across the globe and increasing demand for IR in the tire industry will stimulate the growth of the global isoprene market.
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As per Technavio, rapid industrialization in emerging economies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Isoprene Market : Rapid Industrialization In Emerging Economies
The growth of the global isoprene market is highly influenced by the growing rate of industrialization across the globe, especially in emerging economies. The presence of numerous emerging economies in APAC makes it a highly favorable market for isoprene. APAC has the presence of economies, such as India, China, Indonesia, Malaysia, and Thailand, which exhibit significant growth rates in terms of development and economic prosperity. The rising population of the economies in APAC, such as India and China, coupled with the increasing disposable income, is another stimulant factor for major manufacturers to set up their production facilities in the region. IR is used in various industries, including automotive, medical, manufacturing sectors, footwear, sports equipment, and consumer goods.
“Factors such as the strategic partnerships between IR manufacturers and industrial biotech firms, and medicinal and health benefits of isoprene will have a significant impact on the growth of the isoprene market value during the forecast period,” says a senior analyst at Technavio.
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Isoprene Market: Segmentation Analysis
This market research report segments the isoprene market by application (polyisoprene, styrene-isoprene-styrene, isobutylene-isoprene rubber and other chemicals), and geography (APAC, Europe, MEA, North America and South America).
The European region led the isoprene market in 2019, followed by APAC, North America, MEA and South America. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as increased demand for isoprene from end-user industries, such as tires, non-tires, and adhesives.
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Some of the key topics covered in the report include:
Application
- Polyisoprene
- Styrene-isoprene-styrene
- Isobutylene-isoprene rubber
- Other chemicals
Geographic segmentation
- APAC
- Europe
- MEA
- North America
- South America
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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