Market Size of Isoprene Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Isoprene Market Analysis
The isoprene market is projected to register a CAGR of more than 5% during the forecast period.
- COVID-19 had a mixed market influence. The market demand for polyisoprene expanded dramatically as the need for healthcare ventilators increased. On the other hand, the market suffered a decline in demand from the tire industry due to lockdowns and travel restrictions. However, the market has picked up speed and will likely continue on this trajectory during the forecast period.
- The growing trends of electric mobility and autonomous driving are propelling the demand for innovative tire design and production, which tends to upsurge the growth of the isoprene market globally. However, strict control on synthetic chemicals used to make rubbers tends to increase the growth potential of substitute materials, which may limit the demand for isoprene in the next years.
- Isoprene's increasing application in a wide range of healthcare components is projected to present an opportunity for the market studied. The Asia-Pacific region is expected to dominate the market and is likely to witness the highest compound annual growth rate (CAGR) during the forecast period.
Isoprene Industry Segmentation
Isoprene is an important C5 diolefin that can be polymerized to synthesize rubber, plastics, and other synthetic materials, as well as terpenes compounds. It is highly reactive, and its complex atmospheric reactions have diverse climatic consequences. The majority of industrially manufactured isoprene is used to make polyisoprene, a synthetic equivalent of natural rubber.
The market is segmented by application and geography. By application, the market is segmented into tires, healthcare, apparel and footwear, and other applications. The report also covers the market size and forecasts for the isoprene market in 15 countries across major regions.
For each segment, the market sizing and forecasts have been done based on value (USD million).
| By Application | |
| Tires | |
| Healthcare | |
| Apparel and Footwear | |
| Other Applications |
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Isoprene Market Size Summary
The isoprene market is experiencing a positive growth trajectory, driven by its extensive application in the tire industry and increasing demand in healthcare sectors. The market's expansion is supported by the rising trends in electric mobility and autonomous driving, which necessitate innovative tire designs. However, the market faces challenges due to stringent regulations on synthetic chemicals, potentially boosting the adoption of substitute materials. Despite these challenges, the Asia-Pacific region is poised to dominate the market, benefiting from its robust automotive and healthcare industries. The region's significant production of tires and the growing healthcare sector, particularly in countries like China and India, are expected to contribute to the market's steady growth.
The tire and tire components segment holds a substantial share of the isoprene market, attributed to isoprene's desirable properties such as flexibility and strength, making it a preferred material in tire manufacturing. The market is partially consolidated, with major players like Chevron Phillips Chemical Company, China Petrochemical Corporation, and Kuraray & Co Ltd. actively contributing to its development. Recent investments, such as Kuraray's new plant in Thailand, aim to strengthen the global supply chain and meet the rising demand for isoprene-related products. Additionally, collaborative efforts, like Bridgestone's joint research on chemical recycling technologies, highlight the industry's focus on sustainability and innovation, further supporting the market's growth prospects.
Isoprene Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Trends of Electric Mobility and Autonomous Driving
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 Strict Control on Synthetic Chemicals Used
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 By Application
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2.1.1 Tires
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2.1.2 Healthcare
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2.1.3 Apparel and Footwear
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2.1.4 Other Applications
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 Italy
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2.2.3.4 France
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2.2.3.5 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 South Africa
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2.2.5.3 Rest of Middle-East and Africa
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Isoprene Market Size FAQs
What is the current Isoprene Market size?
The Isoprene Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Isoprene Market?
KURARAY CO., LTD, LyondellBasell Industries Holdings B.V., China Petrochemical Corporation , Chevron Phillips Chemical Company LLC and LOTTE Chemical Corporation are the major companies operating in the Isoprene Market.
