Press release
Kraton Corporation, JSR Corporation, Kent Elastomer Products, Inc. Puyang Linshi Chemical & New Material Co., Ltd., Kuraray Co., Ltd. Profiled in Isoprene Rubber Latex Market 2018 by Global Market Insights
Growing demand for condoms all over the world will propel the isoprene rubber latex market development. The global condom industry is likely to grow with a CAGR of more than 7% and reach a net worth of about USD 11 billion by 2025. A rise in the condom demand will directly increase product consumption as more than 60% of the condoms are made of latex. 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.
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The global isoprene rubber latex market is characterized by the presence of only a few manufacturers including Kraton, JSR Corporation, Kuraray, Puyang Linshi, and Kent Elastomers. With rising product demand more players are likely to enter the market in the forecast years. However, new players are also likely to face stiff price competition from existing players in the industry.
Isoprene Rubber Latex (IRL) Market by Application
• Medical gloves
• Medical balloons & catheters
• Condoms
• Adhesives
• Others
Isoprene Rubber Latex (IRL) Market by End-user
• Medical
• Consumer products
• Industrial
Escalating condom demand around the globe will be a major contributor for the IRL market growth till 2025. The product is employed in manufacturing condoms and other thin-walled elastic products for the consumer and healthcare industries. Developing countries, such as India, China, Brazil, etc. have witnessed a steep rise in condom usage in recent years. This can be attributed to greater awareness among people about sexually transmitted diseases as well as efforts by various governmental and non-governmental organizations to control the expanding population. These trends will stimulate isoprene rubber latex industry growth in the forecast years.
IRL is also extensively used in manufacturing medical supplies such as gloves, balloons, catheters, tube connectors, and many more. The global healthcare industry revenue was registered above USD 1.5 trillion in 2017 and this revenue will further increase in the forecast years. This will boost medical supplies demand and eventually drive the isoprene rubber latex market. However, the product will also witness sharp competition from other synthetic latex materials such as vinyl, nitrile, etc. This may hamper the industry growth to a certain extent.
Condoms, medical gloves, medical balloons & catheters, and adhesives are the key application segments in the isoprene rubber latex market. Medical glove segment will dominate the overall IRL industry over the forecast years. The product?s high clarity and purity have been the main reasons behind their usage for this application. Condoms are another key application for the product and this segment will witness gains above 6% CAGR in forecast years.
Medical, industrial, and consumer products are the end-user segments in the isoprene rubber latex industry. Medical end-user accounted for a significant share of the IRL market with revenues in 2017 exceeding USD 150 million. Consumer product segment?s market will escalate by a stable rate in forecast years to reach around USD 50 million by 2025. Increasing condom demand is poised to be the major aspect driving this segments growth.
Growth drivers
• Increasing medical gloves demand in the healthcare sector
• Rising condom demand across the globe
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Asia Pacific occupied the highest share of the global IRL market in 2017 and this trend will hold sway during the study period. There is a substantial demand for the product in Malaysia and China owing to high rate of medical glove and condom production in these countries. North America isoprene rubber latex industry growth rate will exceed 6% CAGR during the study period. Condom and adhesive production have been the key aspects driving the regions IRL industry.
Europe is a key IRL market which is likely to gain by a CAGR of around 5.5% in the forecast period. The presence of large condom manufacturing countries such as UK, Germany, France, etc. will propel the regional isoprene rubber market development. Increasing production of medical supplies in Europe will also contribute towards the product industry development in the forecast years.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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