Synthetic Polyisoprene Rubber Market Anticipated to Expand at a Healthy CAGR of 6.2% to reach US$ 4.6 Bn by 2032

Worldwide sales of synthetic polyisoprene rubber will roughly equate the revenues worth US$ 2.5 Bn by 2022 end, a 7% increase year-over-year, according to the latest research from Future Market Insights (FMI).

FMI analysts expect the synthetic polyisoprene rubber market to grow at a CAGR of 6.2% during the period, 2022-2032, driven by incorporation of innovative materials in medical gloves production to prevent the risk of latex allergy along with increasing demand for highly efficient adhesives in building & construction industry.

Analysts also expect that demand coming from high-end applications can offer larger profit pools, which should compel the manufactures to center their focus on developing material with high purity targeted at specific end-use applications.

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Increasing environmental regulations in regard to mounting concerns over rising rubber waste in landfills will impact the market growth in the future. Manufactures who are taking off into new processing technologies and development of new raw materials compounds that will reduce the dependence on petroleum will succeed and continue to capture relatively high market share. Aligning with newer consumer and industrial trends will be a key to strengthening the position in the market as well.

Consumption for Medical Use to Increase in 2019 and Ahead

In 2021, sales of synthetic polyisoprene rubber for medical use represented ~57% share, and growing use in consumer goods production is likely to result in increased market share. Owing to enhanced consistency, lower impurities, improved manufacturability, and cost as compared to natural rubber, the use of synthetic polyisoprene rubber in healthcare or medical items will increase 6.7% year-over-year in 2022, according to the FMI analyst. Although the industrial use of synthetic polyisoprene rubber has been rapidly increasing over the years, it continues to account for lowest share in the market.

"The risk of allergy associated with surgical gloves manufactured from natural rubber latex has largely influenced the rising demand for synthetic polyisoprene rubber," said the FMI analyst. "Moreover, application in medical glove production has contributed more than half of the growth of the synthetic polyisoprene rubber market in 2021."

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East Asia Leads Gains in the Synthetic Polyisoprene Rubber Market

According to the FMI analyst, Europe market for synthetic polyisoprene rubber will lose its leading position to East Asian Market in 2022, which generated revenue worth ~US$ 145 million in 2021. The emergence of Asia Pacific as the world's largest producers and consumers of synthetic rubber continues to work to advantage of market stakeholders. "Rising demand for consumer goods and services in the region in line with favorable government policies supporting manufacturing facilities will continue to offer lucrative opportunities for the market players," said the FMI analyst.

In 2021, the leading market players including Goodyear Tires, Royal Dutch Shell plc, and Kraton collectively accounted for ~35% share. Establishment of new manufacturing facilities where the cost of operation is relatively low and strategic positioning in the regional markets through acquisitions and joint venture with local players will remain key focal points of the leading stakeholders, according to the FMI analyst.

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Synthetic Polyisoprene Rubber Market Key Segment
By Applications
• Medical Gloves
• Medical Balloons
• Catheters
• Adhesives

By End Use
• Medical
• Consumer Goods
• Industrial

By Regions
• North America
• Latin America
• Europe
• South Asia
• East Asia
• Middle East & Africa
• Oceania

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Report: https://www.futuremarketinsights.com/reports/synthetic-polyisoprene-rubber-market

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.