Isoprene Rubber Latex Market: Increasing Usage in Consumer Goods to Drive Growth By 2028
The global Isoprene Rubber Latex market is estimated to be valued at US$ 544.1 Mn in 2018. It is expected to register an 8.0% CAGR and reach US$ 1,179.9 Mn by the end of the forecast period. The Isoprene Rubber Latex market is anticipated to create an incremental $ opportunity worth US$ 635.8 Mn over the forecast period.
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Global Isoprene Rubber Latex Market Dynamics
Growing industrialization in developing countries such as ASEAN, India, and Brazil is expected to fuel the demand for industrial gloves made from Isoprene Rubber Latex during the forecast period. Government support, coupled with the rising outsourcing of manufacturing endeavors from developed nations, has propelled industrialization in these emerging economies. This may positively impact the global Isoprene Rubber Latex market during the forecast period.
The rising awareness regarding the use of condoms to prevent unintended pregnancies and sexually transmitted diseases is also considered to be one of the key driving factors fueling the demand for Isoprene Rubber Latex and contributing to the global Isoprene Rubber Latex market during the forecast period.
The growth of the construction industry and rapid urbanization are also expected to contribute to the growth of the Isoprene Rubber Latex market. The growth of the construction industry is also expected to drive the demand for Isoprene Rubber Latex in adhesives applications.
Global Isoprene Rubber Latex Market Forecast
Market insights suggest that the market is estimated to witness substantial growth during the forecast period.
In terms of volume sales, China is estimated to account for a major share in the global Isoprene Rubber Latex market during 2018 – 2028. In terms of market value share, China, followed by North America, is estimated to dominate the global Isoprene Rubber Latex market. Furthermore, South East Asia & Pacific, growing with a healthy CAGR of 9.2%, is estimated to create an incremental $ opportunity worth around US$ 123.2 Mn in the global Isoprene Rubber Latex market during the forecast period. Moreover, Middle East & Africa and Latin America are expected to grow at above-average growth rates in the global Isoprene Rubber Latex market during the forecast period.
On the basis of end use, the medical segment is estimated to account for a value of US$ 370.5 Mn by 2018 end. However, in terms of volume, the industrial segment is projected to account for a minor share of around 16% of unit sales in the global Isoprene Rubber Latex market during the forecast period.
On the basis of application, the medical gloves segment is projected to dominate the global Isoprene Rubber Latex market. In terms of volume, the demand from the condom segment is projected to be pegged at 138,728 Tons by the end of 2028. Moreover, the medical balloons segment is estimated to create an incremental $ opportunity worth US$ 76.9 Mn in the global Isoprene Rubber Latex market over the forecast period. The catheters segment is expected to register significant growth in the global Isoprene Rubber Latex market.
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Global Isoprene Rubber Latex Market: Competitive Landscape
Some of the key players involved in the manufacturing of Isoprene Rubber Latex and included in this study are Ansell Limited, Dipped Products Plc, Hartalega Holdings Berhad, Kossan Rubber Industries Bhd, Top Glove Corporation Bhd, Rubberex Corporation (M) Bhd., Johnson Wilshire Inc., Protective Industrial Products, Inc., Smart Glove Corporation Sdn. Bhd. and Southern Glove, Inc., among others.
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