Major players in the isoprene market 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, Pon Pure Chemicals Group, ExxonMobil Corporation, Shandong Yuhuang Chemical Group Co. Ltd., and Sinopec Corp.
The global isoprene market is expected to grow from $2.90 billion in 2022 to $3.15 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The isoprene market is expected to grow to $4.23 billion in 2027 at a CAGR of 7.6%.
The isoprene market consists of sales of natural polymers, semi-synthetic polymers, synthetic polymers, cross-linked polymers, linear polymers, and other types.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia-Pacific was the largest region in the isoprene market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the isoprene report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of isoprene are polymer grade and chemical grade.Polymer grade isoprene refers to a gas that is the product of upgraded propane, with a purity of 99%.
The main applications include polyisoprene (IR), styrene-isoprene-styrene (SIS), isobutylene-isoprene rubber (IIR) and others used by various end-uses such as tires, non-tires, adhesives and others.
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.
The development of sustainable production of isoprene is a key trend gaining popularity in the isoprene market.Major players are concentrating their efforts on creating innovative technologies to sustain their position in the isoprene markets.
For instance, in February 2022, Bridgestone Corporation, Japan-based rubber, and tire company partnered with the National Institute of Advanced Industrial Science and Technology (AIST), Tohoku University, ENEOS Corporation, and JGC holdings corporation to develop sustainable technology for the production of high-yield isoprene using chemical recycling technology. This technology aims to utilize used tires to achieve the production of isoprene, a raw material for synthetic rubber production with carbon neutrality that will contribute to a more sustainable society.
In March 2022, DL Chemical Co., Ltd., a South Korea-based petrochemical company acquired a full stake in Kraton Crop. for $2.5 billion. Through this acquisition, Kraton became a part of DL Chemical and acts as a wholly owned subsidiary of DL Chemical. It helps DL Chemical to secure additional original technology through technology development and expand investment to establish a new materials industry ecosystem and both the companies to achieve their goals of becoming worldwide leaders in specialty chemicals. Kraton is a US-based manufacturer of bio-based chemicals and specialty polymers operating in the isoprene market.
The countries covered in the isoprene market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The isoprene market research report is one of a series of new reports that provides isoprene market statistics, including isoprene industry global market size, regional shares, competitors with an isoprene market share, detailed isoprene market segments, market trends, and opportunities, and any further data you may need to thrive in the isoprene industry. This isoprene market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.