Large consumption in tire industry is likely to further boost demand of polyisoprene
- Vikas Kumar
- January 31, 2022
- CHEMICAL, NEWS
- Polyisoprene market growth, Polyisoprene market news, Polyisoprene market share, Polyisoprene market Size, Polyisoprene market trend
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The global polyisoprene market is expected to showcase a growth of around 4% during the forecast period (2021-2027). Demand of polyisoprene is growing on account of increasing tire and related products production owing to recovering automobile industry, large base of automobiles, and growing usage in medical industry.
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The demand of polyisoprene is generating on account of increasing consumption of synthetic rubber in the industry. Polyisoprene rubber is used in the tire and related product manufacturing, industrial goods, footwear, adhesives, and medical application, to name a few. Over the years, demand of these products has been increasing owing to increasing urbanization, growing population couple with improving per capita income thus increasing the per capita consumption. This in turn, increasing the consumption of raw materials used to produce the final product, thereby creating demand for synthetic rubber including polyisoprene. In addition, supply of natural rubber is declining which is widening the supply-demand gap, as a result manufacturer are diversifying raw material in order to reduce the dependency of natural rubber. For instance, according to Department of Statistics, Malaysia, the country’s natural rubber production in August 2021 declined by 11.7% to 42,942 tons compared with 48,610 tons in July. Further, in 2021, The Automotive Tyre Manufacturers Association (ATMA) has requested the government of India to sanction the free import of natural rubber to meet the projected demand-supply gap. As per Rubber Board of India, the domestic supply deficit for FY 2022, which was projected to be around 45% of the 3.4 lakh metric tons production at the start of the year, has now been estimated to surge to 55% of production at a whopping 4.4 lakh metric ton.
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Based on application, the market is categorized into tires and tire products, industrial goods, medical, footwear, adhesives, and others. Among these, tires and tire products held the prominent share in the market and is expected to retain its position during the forecast period. Due to large base of automobiles, limited average life of tires, and recovering automobile sectors are some of the key attributable factors which are increasing the demand of synthetic rubber. Since polyisoprene is used along with styrene-butadiene rubber in order to improve the tire performance, therefore with increasing tire demand, demand of polyisoprene would also grow
According to ATMA, tire industry normally consumes about 75% of the overall natural rubber produced in India. Rising price of natural rubber and limited supply is increasing the demand of synthetic rubber, which eventually increase the market demand of polyisoprene. As per an article, isoprene rubber can replace 20% of natural rubber demand.
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For a better understanding of the market adoption of Polyisoprene, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Europe held the considerable share in the global Polyisoprene market owing to establish automobile industry, increasing adoption of electric vehicle, established oil & gas industry, Further, growth in construction sector in countries like Germany, is increasing demand of rubber products
Global Polyisoprene Market Segmentation
Market Insight, by Application
- Tires and Tire Products
- Industrial Goods
Market Insight, by Region
- North America Polyisoprene Market
- United States
- Rest of North America
- Europe Polyisoprene Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Polyisoprene Market
- Rest of Asia-Pacific
- Rest of World Polyisoprene Market
Top Company Profiles
- Zeon Corporation
- JSR Corporation
- PJSC Nizhnekamskneftekhim
- The Goodyear Tire & Rubber Company
- Kent Elastomers Products Inc.
- Sinopec Shanghai Petrochemical Company Limited
- Shandong Yuhuang Chemical Co. Ltd.
- Huizhou Daya Bay Ecisco New Material Technical Corporation
- Yeochun NCC Co. Ltd.
- Lotte Chemical Corporation