The Isoprene Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Isoprene Global Market Report 2024, 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 growth in the historic period can be attributed to research and development initiatives, market for adhesives and sealants, consumer goods manufacturing, chemical industry expansion, demand in footwear sector.
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%. The growth in the forecast period can be attributed to stringent regulations and sustainability, bio-based isoprene production, rising construction activities, shift towards green tires.. Major trends in the forecast period include r&d for innovative applications, product innovations, shift towards renewable materials, focus on specialty elastomers, tire industry innovations..
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.
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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
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 report table of contents includes:
- Executive Summary
- Isoprene Market Characteristics
- Isoprene Market Trends And Strategies
- Isoprene Market – Macro Economic Scenario
- Global Isoprene Market Size and Growth
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- Global Isoprene Market Competitive Benchmarking
- Global Isoprene Market Competitive Dashboard
- Key Mergers And Acquisitions In The Isoprene Market
- Isoprene Market Future Outlook and Potential Analysis
- Appendix
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