Polyisoprene Market Expected to Reach $36.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Polyisoprene Market," The polyisoprene market was valued at $21.5 billion in 2021, and is estimated to reach $36.4 billion by 2031, growing at a CAGR of 5.52% from 2022 to 2031.

Polyisoprene provides uniformity and higher flow properties allowing tire manufacturers to meet the high standard of steel-reinforced radial tires. The rising consumption of polyisoprene in tires, particularly green tires, is expected to drive the tires and polyisoprene industry expansion. In addition, the increasing demand for EVs and increasing disposable income levels are expected to drive the market growth during the forecast period.

The increased use of polyisoprene in the healthcare, coatings, and adhesives industries is predicted to boost demand for latex for medical gloves. This is due to the fact that isoprene-based latex exhibits good tear strength and tear resistance. Furthermore, Polyisoprene has various advantages over natural rubber, including increased tensile and shear strength, which has led to its application in safety footwear as well as hoses in the oil and gas, construction, steel, and chemical manufacturing industries.

The global Polyisoprene market is segmented on the basis of type, application, and region.

On the basis of type, the natural rubber accounted for more than half share of the global polyisoprene market in 2021, and is expected to maintain its dominance during the forecast period.

On the basis of application, the tires & related products segment dominated the global polyisoprene market in terms of revenue, in 2021, owing to increase in vehicle production globally.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The Europe segment dominated the global polyisoprene market in terms of revenue, in 2021, owing to increase in urbanization in emerging countries.

The global Polyisoprene market is consolidated in nature with a few players, such as Shell, Exxon Mobil Corporation, Haihang Industry Co., Ltd., Kent elastomer products, Kuraray Co., Ltd., SIBUR, The Goodyear Tire & Rubber Company, Dupont., which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.

KEY FINDINGS OF THE STUDY

• On the basis of type, the natural rubber segment emerged as the global leader by acquiring more than 52.02% of the market share in 2021, and is anticipated to continue this trend during the forecast period.
• On the basis of application, the supplements segment accounted for 52.1% of the global market share in FY2021.
• On the basis of region, Europe is the major consumer of Polyisoprene among other regions. It accounted for around 51.2% of the global market share in 2021.

IMPACT OF COVID-19 ON THE GLOBAL POLYISOPRENE MARKET

• The outbreak of the COVID-19 pandemic has had an adverse impact on the global economy as governments globally were forced to implement lockdowns to prevent the spread of the virus. As a result, the operations of polyisoprene were hampered.
• COVID-19 has been spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2021.
• Some of the major economies suffered from the COVID-19 crises include, Germany, France, Italy, Spain, UK, and Norway.
• Due to COVID-19 pandemic, transport limitations were implemented, which resulted in reduced industrial production and disrupted supply chains. Thus, affecting the global economic growth by a substantial proportion and severely impacting the market growth.
• Companies were not earning any profit as a result of the work stoppage and not only the companies lost the money but they also lost suppliers who were providing the required materials to various companies to be used in the construction sector. All those suppliers also faced huge losses.
• The COVID-19 pandemic impacted negatively on the manufacturing and industrial industries due to a scarcity of resources in various parts of the globe. The industry's top players are concerned about the market's prospects and are rethinking their strategies to meet the challenge.
• Ever since the pandemic, industries across the sectors, such as electrical businesses, have experienced supply chain disruptions and significant delays in new installations in their offices as well as commercial applications. These steps are hammering the industries and posing challenges to their growth potential.