The global Polyisoprene Market size is expected to reach USD 2.94 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a cagr of 4.1% from 2021 to 2028. Increasing adoption of polyisoprene in the automotive, footwear, medical, non-automotive sectors is projected to fuel the market growth during the forecast period. The product is also expected to have a high demand in the tires & related products application due to the product properties like excellent resistance to abrasion &tearing and high compression set along with the increasing demand for Electric Vehicles (EVs).
Major players in the market are investing to expand
and develop polyisoprene for end-use industries. For instance, in May 2020
Cariflex Pte. Ltd. announced to construct a new polyisoprene latex plant at its
Paulinia facility located in Brazil to cater to strong demand from the consumer
goods and medical industries. The company is expected to invest USD 50 million
to drive this facility expansion project.
Mergers and acquisitions to gain a higher market share
are expected to intensify the market competition over the forecast period. In
February 2021, Goodyear Tire & Rubber Company completed the acquisition of
Cooper Tire & Rubber Company and finalized the merger agreement to create a
stronger U.S.-based leader in the global tire industry. This is expected to
create more options in the tire segment and is anticipated to boost the product
demand over the forecast period.
The rising environmental concerns arising from crude oil-based
polyisoprene have compelled many elastomer manufacturers to develop technology
for the production of biomass-derived polyisoprene rubber. Zeon Corp., in joint
research with Yokohama Rubber Co., Ltd. and National Research & Development
Agency RIKEN, successfully synthesized isoprene from biomass. The technology
has planned commercialization by the end of 2021.
Related Press Release@ Polyisoprene Market Report
Polyisoprene Market Report
Highlights
- In terms of revenue, the tires &related products application
segment accounted for the largest revenue share in 2020 and is expected to
grow further at a prominent CAGR over the forecast period
- Europe accounted for the maximum market revenue share in 2020 and
will remain dominant throughout the forecast period
- Favorable government support to encourage green building
construction in various countries including the U.K., Germany, the
Netherlands, Poland, Hungary, Sweden, and Ireland is expected to propel
the product demand in the safety footwear application
- In addition, growth in the sales of EVs is predicted to introduce a
competitive dynamic to the automotive market in Europe
- Various strategic initiatives were recorded over the past few years
to boost the growth of the market
- For instance, in August 2021, The Goodyear Tire & Rubber
Company entered into a strategic collaboration with Plus, a global
provider of self-driving truck technology
- This collaboration is expected to expand Goodyear’s services,
including connected tires, and enhance transportation efficiency &
safety for semi-trucks powered by Plus’s Level 4 autonomous driving
technology
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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