Overview and Scope
Isoprene refers to a colorless, volatile liquid hydrocarbon obtained in the processing of coal tar or petroleum. These are used in the manufacture of butyl and synthetic rubbers.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the isoprene market share in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the isoprene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The isoprene market report table of contents includes:
1. Executive Summary
2. Isoprene Market Characteristics
3. Isoprene Market Trends And Strategies
4. Isoprene Market – Macro Economic Scenario
5. Global Isoprene Market Size and Growth
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26. South America Isoprene Market
27. Brazil Isoprene Market
28. Middle East Isoprene Market
29. Africa Isoprene Market
30. Isoprene Market Competitive Landscape And Company Profiles
Top Major Players:
- Nizhnekamskneftekhim
- SIBUR International GmbH
- The Goodyear Tire & Rubber Company
- Royal Dutch Shell PLC
- Kuraray Co. Ltd
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