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Isoprene Market Size, Share, Growth, Trends, Analysis, Forecast To 2033
Isoprene Market Size
As per the report, the isoprene market size has grown strongly in recent years. It will grow from $3.12 billion in 2023 to $3.38 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The isoprene market size is expected to see strong growth in the next few years. It will grow to $4.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
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The Surging Isoprene Market Fueled By Growing Demand In The Rubber Industry
The growing demand for rubber industry is expected to propel the growth of the isoprene market going forward. Rubber refers to a white, crumbly, plastic mass which can be processed and vulcanized. Isoprene is an all-inclusive industrial chemical that is used to make various rubber products including synthetic rubber, and synthetic rubber has many uses in various industries. For instance, according to the Malaysian Rubber Council, a Malaysia-based agency under the Ministry of Plantation Industries and Commodities (MPIC), global exports and imports of rubber in 2021, increased by 9.6%, and 11% from 2020. Therefore, the growing demand for rubber is driving the growth of the isoprene market.
Bridgestone's Pioneering Partnership For Sustainable Isoprene Production From Used Tires
The development of sustainable production of isoprene is a key trend gaining popularity in the isoprene market. Major players are concentrating their efforts on creating innovative technologies to sustain their position in the isoprene markets. For instance, in February 2022, Bridgestone Corporation, Japan-based rubber, and tire company partnered with the National Institute of Advanced Industrial Science and Technology (AIST), Tohoku University, ENEOS Corporation, and JGC holdings corporation to develop sustainable technology to produce high-yield isoprene using chemical recycling technology. This technology aims to utilize used tires to achieve the production of isoprene, a raw material for synthetic rubber production with carbon neutrality that will contribute to a more sustainable society.
The isoprene market covered in this report is segmented -
1) By Type: Polymer Grade, Chemical Grade
2) By Application: Polyisoprene (IR), Styrene-isoprene-styrene (SIS), Isobutylene-isoprene rubber (IIR), Other Applications
3) By End-Use: Tires, Non-tires, Adhesives, Other End-Uses
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Major companies operating in the isoprene market report are Nizhnekamskneftekhim, SIBUR International GmbH, The Goodyear Tire & Rubber Company, Royal Dutch Shell Plc, Kuraray Co. Ltd., ZEON Corporation, LyondellBasell Industries N.V., JSR Corporation, Braskem S.A, Finetech Industry Ltd., Fortrec Chemicals & Petroleum Pte Ltd., Haihang Industry Co. Ltd., China Petrochemical Corporation, Dow Inc., Pon Pure Chemicals Group, ExxonMobil Corporation, Shandong Yuhuang Chemical Group Co. Ltd., Sinopec Corp., Chevron Phillips Chemical Company LLC, LOTTE Chemical Corporation, Kraton Corporation, Jilin Zhongxin Chemical Group Co. Ltd., Nanjing Chemical Material Corporation, TPC Group Inc., Formosa Plastics Corporation, INEOS Group Holdings S.A., LG Chem Ltd., Repsol S.A., Evonik Industries AG, Zibo Qixiang Petrochemical Industry Group Co. Ltd.
Contents of the report:
1. Executive Summary
2. Isoprene Market Report Structure
3. Isoprene Market Trends And Strategies
4. Isoprene Market - Macro Economic Scenario
5. Isoprene Market Size And Growth
…..
27. Isoprene Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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