Global Isoprene Market to Grow with a CAGR of 5.37% through 2028
Policies and initiatives taken by the government
related to production of isoprene are the major drivers for the Global Isoprene
Market.
According to TechSci Research report, “Isoprene Market
–Global Industry Size, Share,
Trends, Competition, Opportunity and Forecast, 2018-2028”, the Global Isoprene Market stood
at USD 4628.43 Million in 2022 and is anticipated to grow with a CAGR of 5.37%
% through 2028. This can be ascribed to collaborations and partnerships among
leading companies with a diverse approach to merge the expertise of individual
companies and to strengthen their position in the market.
The adhesive landscape
has evolved dramatically over the years, transitioning from traditional methods
to advanced bonding solutions. The growth of adhesives can be attributed to
their ability to offer superior bonding, versatility, and enhanced aesthetics
compared to conventional mechanical fastening techniques. The growing demand
for isoprene in adhesives is emerging as a potent driver of the global isoprene
market, reshaping its landscape and propelling innovation. Isoprene-derived
polymers, such as synthetic rubbers, offer remarkable flexibility and
elasticity. This property is invaluable in adhesives, allowing them to maintain
adhesion even under stress, vibration, or movement. Adhesives formulated with
isoprene-based materials exhibit impressive durability and resilience.
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This is particularly
important in industries where adhesives are exposed to harsh conditions, such
as extreme temperatures or chemical exposure. Furthermore, Isoprene-based
adhesives can be customized to accommodate a diverse array of substrates,
encompassing metals, plastics, textiles, and ceramics. This remarkable
versatility broadens the spectrum of potential applications, spanning from
automotive assembly to consumer electronics. Industries such as automotive,
construction, electronics, and packaging are among the major consumers of
isoprene-based adhesives. The growth of these industries further fuels the
demand for isoprene, influencing the overall market dynamics. Isoprene-based
synthetic rubber can be incorporated into flexible packaging films to enhance
their elasticity, durability, and puncture resistance. These films are used in
applications like food packaging, where maintaining freshness and preventing
contamination are essential. Furthermore, initiatives taken by the government
to promote the production of isoprene is also anticipated to register an
impressive growth to Global Isoprene Market in the forecast period.
The growing awareness of
environmental challenges, including climate change and resource depletion, has
prompted governments to prioritize sustainability across industries. Several
governments have introduced policies that promote the use of bio-based
feedstocks for isoprene production. By incentivizing the shift from
petroleum-based feedstocks to renewable sources like biomass and agricultural
waste, these policies encourage the reduction of carbon emissions and the
reliance on finite fossil resources. Isoprene production that incorporates
circular economy principles, such as waste reduction, recycling, and reusing
byproducts, may be eligible for funding under government programs focused on
promoting a circular economy. Governments may provide funding to boost exports
and enhance economic development. Isoprene producers looking to expand their
markets and contribute to economic growth could receive support under these
programs. Mergers and acquisitions among well-renowned companies are also
anticipated to register a lucrative growth to Global Isoprene Market in
upcoming years.
For instance, SIBUR, a
prominent Russian petrochemical company, entered into a long-term cooperation
agreement with China Petroleum & Chemical Corporation (Sinopec) in 2019.
The objective of this collaboration is to establish a synthetic rubber
production facility in China, leveraging SIBUR's expertise in isoprene production
and capitalizing on Sinopec's strong presence in the Chinese market. In 2021,
ZEON Corporation, a Japanese chemical company, and Versalis, the petrochemical
subsidiary of Eni Group, joined forces to develop innovative solution
styrene-butadiene rubber (S-SBR) products. This partnership primarily focuses
on enhancing the performance and sustainability of synthetic rubbers used in
tire manufacturing.
However, growing
environmental concern and volatility in prices of raw materials are expected to
slow down the growth of the market in the coming years.
The Global Isoprene
Market segmentation is based on Type, Application, End Use Industry, By Company,
and Region.
Some of the major companies
operating in the Global
Isoprene Market include:
·
Chevron
Phillips Chemical Company
·
The
Goodyear Tire & Rubber Company
·
Zeon
Corporation
·
JSR
Corporation
·
China
Petrochemical Corporation
·
Dow
Chemical Company
·
Pon
Pure Chemicals
·
Zibo
Luhua Hongjin New Material Co., Ltd.
·
Exxon
Mobil Corporation
·
PJSC
Nizhnekamskneftekhim
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“Certain regions, particularly the Asia-Pacific,
are projected to exert significant demand for isoprene worldwide. The growth in
the competitive landscape and the presence of well-established companies in the
market, committed to enhancing their productivity of isoprene each year, are
expected to contribute to a remarkable growth of the Global Isoprene market in
the forecast period," said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based Global management consulting firm.
Global Isoprene Market By Type (Polymerization Grade and Chemical
Grade), By Application (Polyisoprene, SIS, IIR, Others), By End Use Industry
(Tires, Non-Tire, Adhesives, Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F has evaluated the
future growth potential of Global Isoprene Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide innovative market intelligence and help decision makers take
sound investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in Global
Isoprene Market
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