Prismane Consulting Estimates the Global Isoprene Market Size is projected to grow from USD 1.7 billion in 2022 to USD 3.0 billion by 2032, registering a CAGR of 5.2%.
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Isoprene, a key raw material in the production of synthetic rubber and other high-value chemicals, has witnessed significant growth in recent years. This versatile compound is primarily derived from petroleum-based feedstocks, but with the growing emphasis on sustainability and renewable resources, bio-based isoprene is also gaining traction. Most of the industrially manufactured isoprene is used to make polyisoprene, a synthetic equivalent of natural rubber.
Isoprene Supply Overview
The global Isoprene capacity was estimated around 1,700 kilo tons in 2022. Asia Pacific and Central & Eastern Europe together accounted for over 75% of the world's isoprene supple. Russia solely accounted for more than 35% owing to the presence of strong isoprene manufacturers such as Nizhnekamskneftekhim (NKNK), Togliatti Kauchuk JSC (SIBUR) and Sintez-Kauchuk (Sterlitamak). On global level, the average isoprene operating rates were recorded around 75%.
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Isoprene Demand Overview
In 2022, the demand for isoprene reached approximately 650 kilo tons, at a CAGR of 4.9%. The Asia Pacific region holds a dominant position in the global isoprene market, contributing to over 45% of the overall demand.
The isoprene market is segmented into Polyisoprene, Thermoplastic Elastomer, and Butyl Rubber (IIR) based on demand by applications. Polyisoprene stands as the largest segment, contributing significantly due to its extensive use in tire production and other rubber goods. It contains a lower non-polymer component level compared to natural rubber. Beyond its application in tires, polyisoprene is utilized in various products such as rubber bands, footwear, hoses, and conveyor belts. Notably, it is a prevalent material in the production of medical devices, including surgical gloves, sample covers, and catheters. Polyisoprene rubber accounts for more than 60% of the global demand for isoprene.
Isoprene finds prominent applications in key end-use industries such as Tires, Non-Tires, and Adhesives. The Tires segment holds the largest market share, primarily driven by the rising demand from the automotive sector. Isoprene is a crucial component in the production of polyisoprene, a key material in tire manufacturing. The rubber industry, especially in tire production, stands as a significant consumer of isoprene, with the automotive sector being a key determinant of demand. The isoprene market experiences growth fueled by factors such as the increasing demand for fuel-efficient vehicles and the expanding automotive industry, particularly in emerging economies.
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Tejas Shah
Prismane Consulting Private Limited
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