DUBAI, United Arab Emirates, Jan. 28, 2022 (GLOBE NEWSWIRE) — Worldwide sales of synthetic polyisoprene rubber will roughly equate the revenues worth US$ 2.2 Bn by 2022 end, a 7% increase year-over-year, according to the latest research from Future Market Insights (FMI).
|Synthetic Polyisoprene Rubber Market Estimated Size in 2022||US$ 2.2 Bn|
|Synthetic Polyisoprene Rubber Market Projected Size in 2031||$3.82 Bn|
|Synthetic Polyisoprene Rubber Market Historical CAGR (2016-2021)||12.0||%|
|Synthetic Polyisoprene Rubber Market Value-Based CAGR (2022-2031)||6.3||%|
FMI analysts expect the synthetic polyisoprene rubber market to grow at a CAGR of 6.3% during the period, 2022-2031, driven by incorporation of innovative materials in medical gloves production to prevent the risk of latex allergy along with increasing demand for highly efficient adhesives in building & construction industry. Analysts also expect that demand coming from high-end applications can offer larger profit pools, which should compel the manufactures to center their focus on developing material with high purity targeted at specific end-use applications.
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Increasing environmental regulations in regard to mounting concerns over rubber waste in landfills will rising impact the market growth in the future. Manufactures who are taking off into new processing technologies and development of new raw materials compounds that will reduce the dependence on petroleum will succeed and continue to capture relatively high market share. Aligning with newer consumer and industrial trends will be a key to strengthening the position in the market as well.
Consumption for Medical Use to Increase in 2022 and Ahead
In 2021, sales of synthetic polyisoprene rubber for medical use represented ~57% share, and growing use in consumer goods production is likely to result in increased market share. Owing to enhanced consistency, lower impurities, improved manufacturability, and cost as compared to natural rubber, the use of synthetic polyisoprene rubber in healthcare or medical items will increase 6.7% year-over-year in 2022, according to the FMI analyst. Although the industrial use of synthetic polyisoprene rubber has been rapidly increasing over the years, it continues to account for the lowest share in the market.
“The risk of allergy associated with surgical gloves manufactured from natural rubber latex has largely influenced the rising demand for synthetic polyisoprene rubber,” said the FMI analyst. “Moreover, application in medical glove production has contributed more than half of the growth of the synthetic polyisoprene rubber market in 2021.”
In the recent years, increasing awareness and promotion of condom use to prevent the transmission of several STDs has significantly raised the demand for synthetic polyisoprene rubber, especially for non-latex condoms. In addition, the FMI analyst forecasts the sales of synthetic polyisoprene rubber for application in medical balloons and catheters to collectively record ~20% share in 2022.
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East Asia Leads Gains in the Synthetic Polyisoprene Rubber Market
According to the FMI analyst, Europe market for synthetic polyisoprene rubber will lose its leading position to East Asian Market in 2022, which generated revenue worth ~US$145 million in 2021. The emergence of Asia Pacific as the world’s largest producers and consumers of synthetic rubber continues to work to advantage of market stakeholders. “Rising demand for consumer goods and services in the region in line with favorable government policies supporting manufacturing facilities will continue to offer lucrative opportunities for the market players,” said the FMI analyst.
In 2021, the leading market players including Goodyear Tires, Royal Dutch Shell plc, and Kraton collectively accounted for ~35% share. Establishment of new manufacturing facilities where the cost of operation is relatively low and strategic positioning in the regional markets through acquisitions and joint venture with local players will remain key focal points of the leading stakeholders, according to the FMI analyst.
Scope Of The Report
|Historical Data Available for||2016-2021|
|Market Analysis||Units for Volume and US$ Mn for Value|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East and Africa|
|Key Countries Covered||US, Canada, Mexico, Brazil, Germany, UK, France, Italy, Spain, Russia, Poland, China, Japan, South Korea, India, ASEAN, Turkey, Saudi Arabia and South Africa|
|Key Segments Covered||Application, End Use and Region|
|Key Companies Profiled||• Goodyear
• JSR Corporation
• Kraton Corporation
• China Petroleum & Chemical Corporation (Sinopec)
• Kent Elastomers
• Top Gloves Corporation
|Report Coverage||Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives|
|Customization & Pricing||Available upon request|
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, US and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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