Pune, India, July 28, 2023 (GLOBE NEWSWIRE) -- The global isoprene market size is expected to augment on account of the factor that it has extensive applications in the manufacturing industries as well as the production of important and natural materials.
This information is provided by Fortune Business Insights™, in its report, titled, “Isoprene Market Size, Share, Growth and Report Forecast 2023-2030.” The market is expected to experience significant growth in the coming years, with a considerable CAGR.
Isoprene is a colorless volatile liquid hydrocarbon obtained as a byproduct during the processing of petroleum or natural gas. It is mainly used in the production of synthetic rubber, particularly in the manufacturing of polyisoprene, which is a key component of various rubber products. The isoprene unit is the most essential building block for lipids, terpenoids, steroids, and an extensive series of organic products, comprising latex, which is the raw material for natural rubber. This is expected to bolster the demand for the product during the mentioned forecast timeframe of 2023-2030.
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List of Key Players Covered in the Isoprene Market Report:
- Goodyear Tire & Rubber Company
- Kuraray Co. Ltd
- LyondellBasell Industries N.V
- ZEON Corporation
- Royal Dutch Shell Plc
- SIBUR
Competitive Landscape
Novel Product Unveilings to Augment Market Growth
Prominent players in this market are demonstrating their innovative probable by structuring, developing, and promoting modern technology products. The intensely competitive environment formed by crucial players is also reassuring other market participants to get advanced, supplementing the latent of this market in the process.
Industry Development
February 2021: Sibur and Reliance Industries Ltd. declared their collaborative project for setting up a butyl rubber factory based in Jamnagar, India.
Report Coverage
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing up-to-date material so that the stakeholders and business professionals invest only in essential zones.
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Segmentation
The isoprene market can be segmented based on application, types, and geography.
On the Basis of Type,
- Chemical Grade
- Polymer Grade
On the Basis of Application,
- Polyisoprene
- Styrene Isoprene Styrene
- Isobutylene Isoprene Rubber
- Others
On the Basis of a Geographical Perspective,
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Drivers and Restraints
Increasing Demand of Product to Manufacture IIR and SIS Set to Stimulate Growth
Surging demand for poly-isoprene is one of the major aspects fuelling the market for isoprene. It has parallel properties to natural rubber. Advanced uniformity in terms of forte, mixing, treating, cure rate, and molding in comparison with natural rubber is estimated to thrust the market growth. Furthermore, the rising demand for the product in order to manufacture Isobutylene Isoprene Rubber (IIR) and Styrene Isoprene Styrene (SIS) is projected to considerably impel the market.
However, rubber production divisions, heavily release Hazardous Air Pollutants (HAP), which are dangerous for the ecology as well as human health. Moreover, rigorous conservational guidelines concerning the secretion of such hazardous contaminants is estimated to work as a constraint for the isoprene market growth during the forecast period.
Regional Insights
Asia Pacific is expected to hold maximum isoprene market share and is the fastest-growing region. The augmented utilization of SIS from leading nations such as India and China is estimated to fuel regional market growth.
Europe is anticipated to hold a substantial share in the market accredited to the huge demand for the product for pressure-sensitive glues and hot-melt adhesives.
North America is predicted to demonstrate significant growth owing to the high requirement for poly-isoprene.
Latin America and the Middle East & Africa regions are expected to display decent growth by the end of the forecast period.
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