Press release
Isoprene Rubber Latex Market 2025 Global Key Players JSR Corporation, Kent Elastomer Products, Inc., Kraton Corporation
Carbon Fibre Composites Market
Latex condoms are best known for their strength, elasticity, softness, and elongation. Increasing production of condoms will boost product consumption and help the IRL market to grow in the forecast period. Isoprene Rubber Latex (IRL) Market size was estimated over USD 200 million in 2017 and the industry will grow by a CAGR of around 7% up to 2025.
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Condoms are a key application segment in the IRL market which is likely to gain by a CAGR of more than 6% in the forecast period. Increasing latex condoms demand coupled with increasing instances of allergic reactions towards natural rubber latex condoms will propel the isoprene rubber latex’s condom application segment’s industry development.
Consumer products is an important end-user segment in the isoprene rubber latex market which is likely to register a revenue exceeding USD 55 million by 2025. Condoms, footwear, and baby nipples are some of the consumer products which are manufactured using IRL. Increasing production of condoms in the Asia Pacific region will propel the consumer product category’s market development.
Medical balloons & catheters application segment accounted for more than USD 4.5 million in the overall IRL market in 2017. These products are used in a wide range of medical procedures such as fixation, invasive diagnostic techniques, drug delivery, etc. Thus, developments in the medical sector will also be the major growth enabler for this application segment.
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According to reliable reports, the global condom industry is estimated to reach a net worth of USD 11 billion by 2025, with a CAGR of 7% over 2018-2025. And this rise in the condom market will directly impact the global isoprene rubber latex industry share in the ensuing years. Accumulating a profitable market chunk and forming a significant growth avenue, the IRL market from the condoms application segment is expected to record a y-o-y growth of 6% over 2018-2025.
Asia Pacific is the largest IRL market valued at around USD 160 million in 2017. Extensive medical glove manufacturing activities in the region, coupled with increasing condom production has been the major factor behind the large regional industry share and fast growth rate. Malaysia will be a key country for the isoprene rubber latex market in Asia Pacific owing to its flourishing glove manufacturing industry.
North America IRL market will grow by more than 6% CAGR during the forecast timeframe. Rising condom production in the country driven by a high domestic demand will be the major factor behind the regional industry growth. Increasing demand for medical supplies from an already mature healthcare industry in the region will boost domestic production of these supplies and in turn augment the North America IRL market in coming years.
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There are limited number of companies that manufacture isoprene rubber latex and there are ample opportunities for new players to enter the competition. The manufacturers of IRL include Kraton, Kuraray, JSR Corporation, Kent Elastomers, and Puyang Linshi Chemical. New market entrants will have to compete with these existing players in terms of cost and economies of scale.
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