Isoprene Market is Predicted to Observe 7.5% CAGR till 2025

Isoprene Market is Predicted to Observe 7.5% CAGR till 2025

A Chapter by Markets Insights
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The global isoprene market is expected to reach USD 3.97 billion by 2025, growing at a CAGR of 7.5%

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According to a recent report published by Grand View Research, Inc., the Isoprene Market is expected to reach USD 3.97 billion by 2025 and attain a CAGR of 7.5% over the forecast period (2017 - 2025). Surging demand for cars, increased urbanization, and rising demand for isoprene due to its qualities such as resilience, great hot tensile, good tack, and good gum tensile strength are expected to propel the market growth.

Isoprene is used to make various products including pesticides, synthetic rubber, medicine and other refined chemical products, such as linalool, pyrethrum, plant alcohol, and VE to synthesize perfume. Increasing expenditures and need to improve health care with better hospitals, clinics, and health insurance is likely to have a positive impact on the market. Other factors such as aging population and rising income levels in developing countries is expected to drive the demand for the product in the medical sector.

Growing automotive production mainly in Indonesia, China, Japan, Taiwan, and Malaysia is expected to propel demand for the industry in automotive sector. High demand for automotive parts such as tires, fuel hoses, engine mounting, floor mats, mud flaps, suspension bushes, and exhaust rubber hangers is likely to promote growth of the isoprene industry.

Press Release: Isoprene Market Size To Reach $3.97 Billion By 2025

 

The natural rubber is used in automobile parts, manufacturing tires, and surgical appliances. However, polyisoprene has more advantages than natural rubber and leading companies are inclined to gain more profits from it.

Major companies are keen on launching products that are customized to suit the needs of the customers. Forward and backward integration are key strategies of the market players in order to increase distribution of isoprene and capture larger share of the market. This has resulted in market being highly competitive. For instance, In February 2014, Shandong Yuhuang Chemical Co., Ltd. signed a co-operation frame agreement with Sinopec Chemical Sales Company. Also, SIBUR partnered with China Petroleum and Chemical Corporation in August 2013, to manufacture synthetic rubbers in Krasnoyarsk.

Key participants dominating the isoprene market include The Goodyear Tire and Rubber Company, Shell PLC., LyondellBasell Industries N.V., ExxonMobil Corp., Zeon Corporation, Shandong Yuhuang Chemical (Group) Co., Ltd., Chevron Phillips Chemical LLC, and Braskem.



© 2019 Markets Insights


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Added on December 3, 2019
Last Updated on December 3, 2019
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Markets Insights

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