The global polyisoprene market size was valued at USD 2.15 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2028. The growth of the market is directly proportional to the growth of the synthetic rubber industry. Polyisoprene producers are affected by the trends in the tire industry and other related synthetic rubber products. Factors, such as the growing demand for elastomers in the automotive, industrial, footwear, and medical industry, are expected to drive the demand for polyisoprene.
Polyisoprene rubber blended with other ingredients, such as oils, fillers, cross linking agents, and antioxidants, provides good fatigue resistance, outstanding strength, and an excellent compression set. In addition, polyisoprene is waterproof, offers a large stretch ratio, and has high resilience, which is expected to fuel its demand over the forecast period.
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Key Player Mentioned:
- Zeon Corp.
- JSR Corp.
- PJSC Nizhnekamskneftekhim
- The Goodyear Tire & Rubber Company
- Kuraray Co., Ltd.
Application Segment Analysis:
- Tires & Related Products
- Latex
- Footwear
- Non-automotive Engineering
- Belts & Hose
- Others
The market is highly competitive due to the presence of several regional and global players. Leading market players compete based on their product development capabilities and new technologies used in product formulations. Established oil & gas companies, such as ENEOS, are implementing different strategic initiatives to enter into the elastomer manufacturing business. For instance, in May 2021, ENEOS Corp. entered into an agreement with JSR Corp. to acquire its elastomers business.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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To cater to the rising demand, end-use sectors in the automotive segment are simultaneously upgrading automobiles to improve energy efficiency. Polyisoprene is used in a wide range of applications including conveyor belts, tires, hoses, molded rubber, springs, bearings, drive couplings, adhesives, and anti-vibration mounts.
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