Global Isoprene Market 2023-2030
Market OutlookAs per Triton’s research, the global isoprene market is predicted to witness growth at a CAGR of 7.65% in value and 5.15% in volume during the forecast period 2023-2030.
The market’s growth is supported by the rising tire demand in the automotive sector and the growing application of polyisoprene rubber in the medical sector. Polyisoprene is a cleaner and more reliable alternative to natural rubber, making it increasingly popular in the medical sector. Its physical, chemical, and mechanical properties resemble traditional rubber, leading to a high demand for its use in medical devices. Compounding isoprene with reinforcing fillers, specialty chemicals, plasticizers, and curing systems can further enhance its material qualities.
However, fluctuating cost of raw materials and regulations in the rubber manufacturing sector restricts the overall expansion of the isoprene market.
Regional OutlookThe global isoprene market encompasses Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa regions.
Globally, Asia-Pacific is projected to emerge as the fastest-evolving region during the forecast period. The growth can be attributed to increased sales of passenger vehicles and a strong automotive manufacturing base in China, Japan, and India. For instance, the ‘Make in India’ initiative and favorable FDI regulations by the Indian government are expected to create opportunities for the nation’s vehicle industry, thereby supporting the growth of the isoprene market. Moreover, high healthcare expenses are estimated to elevate isoprene demand in the medical sector.
Competitive OutlookThe renowned companies in the isoprene market are China Petrochemical Corporation (Sinopec), Shell Plc, Chevron Phillips Chemical Company LLC, Braskem, Exxon Mobil Corporation, Lyondellbasell Industries Holdings BV, Kuraray Co Ltd, The Goodyear Tire and Rubber Company, The Dow Chemical Company, and JSR Corporation.
Chevron Phillips Chemical Company LLC, established in 2000 through a merger between Chevron Corporation and Phillips Petroleum Company, is among the leading producers of olefins and polyolefins. Headquartered in the United States, the company supplies a wide range of products, including aromatics, alpha olefins, styrenics, specialty chemicals, plastic pipes, and polymer resins. It boasts four primary brands: Aromax benzene, Marlex polyethylene, Scentinel gas odorants, and Soltex. Catering to diverse market segments, it serves textiles, plastics, rubber, adhesives, sealants, agriculture, pharmaceuticals, appliances, pipes, personal care and cosmetics, paints, healthcare, and household sectors.