Global Isoprene market outlook 2024, Forecast To 2033
4 Mar, 2024
The isoprene market has experienced robust growth, projected to increase from $3.12 billion in 2023 to$3.38 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. This growth is attributed to research and development efforts and the expanding market for adhesives, sealants, and consumer goods manufacturing, particularly in the chemical industry. Forecasts suggest continued strong growth, with the market expected to reach $4.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. Drivers include stringent regulations, bio-based isoprene production, and increased demand from the construction and tire sectors. Major trends include innovations in product applications, a shift towards renewable materials, and advancements in specialty elastomers.
Global Isoprene Market Key Driver
The isoprene market is experiencing growth driven by the increasing demand in the rubber industry. Isoprene, a key industrial chemical, is utilized in the production of synthetic rubber, a crucial material in various industries. The Malaysian Rubber Council's data indicating a substantial increase in global rubber exports and imports highlights the growing demand for rubber products. Consequently, the surge in rubber demand is fueling the growth of the isoprene market.
Get A Free Sample Of The Global Isoprene Market ReportGlobal Isoprene Market Segments
The global 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
By Geography: The regions covered in the isoprene market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major Isoprene Industry Players
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.
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Isoprene Market Overview
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.
Isoprene Global Market Report 2023 provides data on the global isoprene market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The isoprene market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.