Isoprene Market Size, Share & Trends Analysis Report By Grade (Polymer, Chemical), By Application (Tires, Adhesives, Industrial Rubber, Others), By Region (North America, Europe), And Segment Forecasts, 2023 - 2030

Isoprene Market Size, Share & Trends Analysis Report By Grade (Polymer, Chemical), By Application (Tires, Adhesives, Industrial Rubber, Others), By Region (North America, Europe), And Segment Forecasts, 2023 - 2030

Isoprene Market Growth & Trends

The global isoprene market size is expected to reach USD 8,437.8 million by 2030, expanding at 7.8% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the rising utilization of isoprene in the production of rubber, tires, and adhesives. A significant proportion of the total production of isoprene is used in the production of polymers and copolymers.

Isoprene is a hydrocarbon compound that is primarily manufactured for the production of synthetic rubber. Moreover, it is a colorless and flammable compound, which is used in the manufacturing of a wide variety of products, including tires and synthetic rubbers. It is also used as a fuel additive and a major feedstock in the production of plastics.

With an increase in demand for automobiles such as two-wheelers and cars, the demand for tires has also skyrocketed in the past few years. For instance, in February 2023, the Italian tire manufacturer, Pirelli, said that it is expecting to generate USD 7.02 billion from its tire business in 2023. The company further stated that the demand was majorly driven by the rising production and supply of automobiles in Europe and around the globe.

The rise in demand for tires was highly influenced by the growing purchase and renovation of passenger as well as commercial vehicles. According to the Indian ministry of commerce, India’s total tire export rose by nearly 50.0% during 2021-22. The majority of Indian tires were imported from the U.S., Germany, Brazil, the U.K., and France. The rising consumption of tires from these countries is driven by the high usage of automobiles for personal as well as commercial applications. The growing demand for tires from the automotive industry is anticipated to fuel the demand for isoprene, which is used as a feedstock for tire production.

Most of the parts in the sitting area in automobiles are either made of rubber or plastic. For instance, plastics are commonly used in the dashboard of passenger cars, while rubber is highly used in the doors, seats, clutch & gear panels, steering, and others. Electrical & electronic devices are mostly produced with rubber and plastics. Growing automotive and electrical & electronics industries are anticipated to fuel the demand for isoprene in the coming years.

Isoprene Market Report Highlights

• The polymer grade segment is projected to grow at the highest growth rate of 7.9% from 2023 to 2030, owing to its properties similar to natural rubber such as cold resistance, high resilience, and good tensile strength
• Polymer-grade isoprene is used to make polyisoprene, which is then used to make tires, mechanical molded goods, motor mounts, shock-absorber bushings, and pipe gaskets
• The tire application segment dominated the market with a revenue share of over 58.1% due to the rising automobile manufacturing globally
• Asia Pacific region is expected to witness the fastest growth rate of 7.9% over the forecast period owing to the growing demand for various end-use industries in the region

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