Polyisoprene Market Size, Share, and COVID-19 Impact Analysis, By Type (Natural and Synthetic), By Application (Tires & Related Products, Belt & Hose, Latex Products, Footwear, and Others), and Regional Forecast, 2024-2032

Polyisoprene is a polymer of isoprene, made by polymerization reaction, which is mostly found in the latex of Hevea brasiliensis tree and naphtha fraction of petroleum raw material. They are primarily used for the manufacturing of tires and related products for automotive sector. Polyisoprene has a consistent and homogeneous polymer structure and higher weather resistance. It is used in various applications such as which requires good resilience, excellent elasticity and high tensile strength.

The growth of the polyisoprene market is directly related to the growth of the rubber industry. Innovations in the tire industry and synthetic rubber products majorly impact polyisoprene manufacturers. The increasing demand for elastomers in the automotive, industrial, footwear, and medical industries is expected to drive the demand for polyisoprene. In addition, major polyisoprene manufacturers are focusing on R&D to bring better products with improved strength propel the polyisoprene market.

However, the high raw material cost of synthetic rubber affects the demand globally. Strict government regulations regarding the use of elastomers and environmental hazards regarding polymer wastes, electricity shortage along with the availability of substitutes will also hinder the global polyisoprene market. Key market players focus on developing value-added products to compete with their industry rivals. They are also engaged in increasing their geographic footprint and strategic expansion.

Impact of COVID-19 on the Polyisoprene Market

The polyisoprene industry faced a huge decline in product demand due to halted business and manufacturing activities. The government issued new manufacturing policies, which impacted the production rate. Additionally, movement restrictions in various countries have caused disruptions in the market's supply chain affecting the flow and prices of raw materials. COVID-19 has also forced various end-use industries including transportation, consumer goods to shut down, temporarily reducing polyisoprene market demand. Despite the business uncertainties, the polyisoprene market returned to its original manufacturing capacity after the pandemic.

Key Insights

The report will cover the following key insights:

• The Regulatory Scenario of Polyisoprene Market.


• Key developments in Polyisoprene Market.


• Impact of COVID-19 on Polyisoprene Market.

Analysis by Type

Based on type, the polyisoprene market has segmented into natural and synthetic. The synthetic rubber segment is expected to grow significantly in forecast period. Synthetic polyisoprene has more purity, consistency and homogeneity than natural rubber. They are also durable and have high tensile strength. good resistance to abrasion, weather and cold. They are mainly used in sports equipment’s, protective gloves, sealants, molded products and more, increasing the demand for polyisoprene market.

Analysis by Application

The polyisoprene market has bifurcated into various applications, such as tires & related products, belt & hose, latex products, footwear, and others. Polyisoprene used in bearings, couplings, bushings, anti-vibration mounts, conveyor belts, gaskets, tires, and adhesives for automotive sector. Increasing demand for tires & related products from transportation sector is expected to drive the growth of polyisoprene market. In addition, polyisoprene is used for manufacturing surgical gloves, tubing for drug delivery, fluid pathways and other medical devices and parts. Thus, growing utilization in the medical or healthcare industry will propel polyisoprene market. Others segment includes latex products and footwear are expected to be registered for notable growth during the forecast period.

Regional Analysis

By region, the Polyisoprene market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these, Asia Pacific is expected to gain the fastest growth rate during the forecast period. Escalating demand for tires and related automotive parts is supporting the growth of the polyisoprene market, especially in developing countries such as India and China.

North America is projected to gain positive growth during the forecast period. The growth is due to the increasing production of vehicles and heavy R&D by domestic companies for new innovations in rubber industry. The Europe polyisoprene market is anticipated to grow at notable rate during the forecast period on account of well-established automotive and healthcare sector. At the same time, Latin America and the Middle East are expected to grow moderately.

Key Players Covered

The report will include the profiles of key players such as Ames Rubber Manufacturing, Daelim Industrial Co. Ltd., JSR Corporation, Kent Elastomer, Kuraray Co. Ltd., Zeon Corporation, Firestone Tire and Rubber Company, PJSC "Nizhnekamskneftekhim", The Goodyear Tire & Rubber Company, and Trelleborg Group.

Segmentation

Key Industry Developments

• In May 2023, Goodyear Tire & Rubber has launched its two new products Kelly Edge Touring A/S and Kelly Edge Sport under the Kelly Tire segment.


• In April 2023, Kuraray Co. Ltd., has opened a new manufacturing plant for isoprene-related businesses in Thailand.