Polyisoprene Market Size is Estimated to Witness 4.1% CAGR till 2028

The global polyisoprene market size was valued at USD 2.15 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2028.

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