Dublin, Nov. 05, 2021 (GLOBE NEWSWIRE) -- The "Polyisoprene Market Size, Share & Trends Analysis Report By Application (Tires & Related Products, Latex, Footwear, Non-automotive Engineering, Belts & Hose), By Region (Europe, APAC), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global polyisoprene market size is expected to reach USD 2.94 billion by 2028. 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.
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.
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
2.1 Market Summary
2.2 Segmental Outlook
Chapter 3 Market Variables, Trends, and Scope
3.1 Market Lineage Outlook
3.1.1 Global Elastomer Market Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.4 Regulatory Framework
3.4.1 Standard & compliances
3.4.2 Safety
3.4.2.1 First-Aid Measures
3.4.2.2 Fire-Fighting Measures
3.5 Market Dynamics
3.5.1 Market Driver Analysis
3.5.1.1 Increasing demand for Polysioprene in the Medical Sector
3.5.1.2 Growing Footwear Market
3.5.2 Market Restraint Analysis
3.5.2.1 Volatile raw material prices
3.6 Business Environment Analysis: Polyisoprene Market
3.6.1 Porter's Five Force Analysis
3.6.2 PESTEL Analysis
Chapter 4 Polyisoprene Market: Application Estimates & Trend Analysis
4.1 Polyisoprene Market: Application movement analysis, 2020 & 2028
4.2 Tires &Related Products
4.2.1 Polyisoprene market estimates and forecasts, By tires and related products, 2017 - 2028 (Kilotons) (USD Million)
4.3 Latex
4.3.1 Polyisoprene market estimates and forecasts, By latex, 2017 - 2028 (Kilotons) (USD Million)
4.4 Footwear
4.4.1 Polyisoprene market estimates and forecasts, By footwear, 2017 - 2028 (Kilotons) (USD Million)
4.5 Non-automotive Engineering
4.5.1 Polyisoprene market estimates and forecasts, By non-automotive engineering, 2017 - 2028 (Kilotons) (USD Million)
4.6 Belts &Hose
4.6.1 Polyisoprene Market estimates and forecasts, By belts and hose, 2017 - 2028 (Kilotons) (USD Million)
4.7 Others
4.7.1 Polyisoprene market estimates and forecasts, By others, 2017 - 2028 (Kilotons) (USD Million)
Chapter 5 Polyisoprene Market: Regional Estimates & Trend Analysis
Chapter 6 Competitive Analysis
6.1 Recent Developments & Impact Analysis, By Key Market Participants
6.2 Vendor Landscape
6.2.1 List of key distributors & Channel Partners
Chapter 7 Company Profiles
7.1 Zeon Corporation
7.1.1 Company Overview
7.1.2 Financial performance
7.1.3 Product benchmarking
7.2 JSR Corporation
7.2.1 Company Overview
7.2.2 Financial performance
7.2.3 Product benchmarking
7.3 PJSC "Nizhnekamskneftekhim"
7.3.1 Company Overview
7.3.2 Product benchmarking
7.4 The Goodyear Tire & Rubber Company
7.4.1 Company Overview
7.4.2 Financial performance
7.4.3 Product benchmarking
7.5 KURARAY CO., LTD.
7.5.1 Company Overview
7.5.2 Financial performance
7.5.3 Product benchmarking
For more information about this report visit https://www.researchandmarkets.com/r/qaw020
