The global Isoprene Rubber market is expected to witness a significant growth rate during the forecast period. Factors such as growing demand in the tire manufacturing and automobile sector from emerging countries like China, Russia, and the growing urbanization and industrialization drive the current Isoprene Rubber market.
Furthermore, the increase of isoprene rubber consumption in the healthcare and medical sectors is expected to increase over the coming years. Volatility in the natural rubber prices could further propel the growth of the Isoprene Rubber market. However, the constant fluctuations in the crude oil prices disrupted the supply chain of raw materials, and rubber manufacturing industry regulations are likely to act as the Isoprene Rubber (IR) market's restraint.
Isoprene Rubber is used to manufacture tires, springs, rubber bands, conveyor belts, and its property of high tensile strength is extremely useful in making gloves and balloons. It serves various end-users like tire, medical, construction, and automobile industry.
The Tire and Automobile industry is a prime consumer of isoprene rubber in the global market and is expected to drive the future market. Despite a tough 2020, the automobile industry has finally found its footing in 2021, with sales restoring to the pre-pandemic times giving the industry a much-needed boost.
The global automotive market's export value was estimated to be about USD 37 million in 2020, increasing over USD 11 million from the previous year. The growing demand for energy-efficient vehicles has set the EV sector of the automotive industry on a rapid rise, with record sales in emerging countries like China. This increasing demand in the automobile and tire sector could drive the growth of the isoprene rubber industry for the forecasted year.
The Asia Pacific region is expected to be the largest market for Isoprene Rubber owing to the rapidly increasing demand in the tire and automotive industry. Also, the rapid industrialization in the region and its use in the medical sector in emerging countries like China and India could fuel the rising demand for isoprene rubber.
China's EV sales exceeded 1.3 million, representing 41% of global EV sales in 2020, depicting the region's automotive industry boom. China was the world's leader in importing isoprene rubber in 2020 with 46,020 tons, and Russia was the world's leader in exports with 220,457 tons in 2020. China is a net importer of natural rubber with a massive gap between the supply and demand of natural rubber.
To bridge this gap, China is developing a Jilin Economic and Development Area , which could be capable of over 100,000 Tons/Year of Isoprene Rubber production for its domestic needs. China is on the road to massively boosting its isoprene rubber production to meet its increasing demand and reduce its dependence on imports. Reforms like this in the region are propelling the growth of the isoprene market for the forecasted years.
Goodyear Tire and Rubber Company, a significant player in the tire industry, announced its acquisition of Cooper Tire and Rubber Company with a total enterprise value of USD 2.5 billion in February 2021. The company also had the highest Q1 income in 2021 since 2018 of USD 226 million.
Major global players in the industry were PJSC Nizhnekamskneftekhim, Sibur, Goodyear Tire and Rubber Company, Kraton, JSR Corporation, KauchukSterlitamak, Dow Chemical Company, Yikesi New Material, Tpi New Material, among others.
Key Topics Covered:
1. Executive Summary
2. Research Scope and Methodology
2.1 Aim & Objective of the study
2.2 Market Definition
2.3 Study Information
2.4 General Study Assumptions
2.5 Research Phases
3. Market Analysis
3.2 Market Dynamics
3.3 Market Trends & Developments
3.4 Market Opportunities
3.5 Feedstock Analysis
3.6 Trade Scenario
3.7 Regulatory Policies
3.8 Analysis of Covid-19 Impact
4. Industry Analysis
4.1 Supply Chain Analysis
4.2 Porter's Five Forces Analysis
5. Market Segmentation & Forecast
5.1 By Grade
5.1.1 Industrial Grade
5.1.2 Medical Grade
5.2 By End-User Industry
5.2.4 Automobile Industry
6. Regional Market Analysis
7. Key Company Profiles
7.1 PJSC Nizhnekamskneftekhim
7.3 Goodyear Tire and Rubber Company
7.5 JSR Corporation
7.7 Dow Chemical Company
7.8 China Petrochemical Corporation
7.9 Ningbo Jinhai Chenguang
7.10 LOTTE Chemical Corporation
7.14 Yikesi New Material
7.15 Tpi New Material
8. Competitive Landscape
8.1 List of Notable Players in the Market
8.2 M&A, JV, and Agreements
8.3 Market Share Analysis
8.4 Strategies of Key Players
9. Conclusions and Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/99tksu
View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005663/en/
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