Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Asia Pacific Isoprene Market Size, Share & Industry Trends Analysis Report By Grade (Polymer Grade, and Chemical Grade, By Application (Tires, Adhesives, Industrial Rubber, and Others), By Country and Growth Forecast, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific Isoprene Market is experiencing significant growth, according to a new industry trends analysis report. The latest data suggests that from 2023 to 2030, the market is expected to flourish at a compound annual growth rate (CAGR) of 7.8%.
In 2021, the market volume increased substantially, reaching 1248.6 Kilo Tonnes, signaling a notable expansion of 6.3% from 2019 to 2022. This upsurge reflects the growing adoption of isoprene across multiple industries, ranging from rubber manufacturing and adhesives to the production of industrial rubber.
Diverse Applications Driving Market Growth
The application of isoprene in various products has been diversified due to its unique properties, benefiting numerous industries. For instance, tire production predominantly utilizes isoprene in synthesizing synthetic rubber, a vital material ensuring durability and performance. The emergence of adhesives and sealants that incorporate isoprene has also been pivotal for construction, packaging, and numerous other sectors, given its strong bonding capabilities.
- In the realm of healthcare, medical-grade rubber produced from isoprene plays a crucial role in guaranteeing product safety and effectiveness.
- Another prominent area of application lies in the flavors and fragrances industry, where isoprene-based aroma compounds enhance consumer goods with distinctive sensory experiences.
Regional Market Insights
China, a key contributor to the Asia Pacific Isoprene Market, has displayed a robust demand that aligns with the expansion of its consumer goods industry. The rise in consumption of perfumes, cosmetics, toiletries, and food and beverage products has propelled the requirement for scents and flavors derived from isoprene.
The market in China is expected to preserve its dominance through to 2030, with projections of attaining a market value of $1,333.3 million. Concurrently, markets such as India and Japan are forecasted to exhibit CAGRs of 8% and 7.3% respectively, during the same period.
This market segmentation reflects the varied utilization of isoprene across applications such as tires, adhesives, and industrial rubber, with further details broken down by country including China, Japan, India, South Korea, Singapore, Malaysia, and the rest of the Asia Pacific region.
Noteworthy Market Participants
The report also furnishes analysis on leading stakeholders in the market, profiling pivotal companies that have an impact on the Asia Pacific Isoprene landscape. These entities include renowned players in the chemical and petrochemical industries, which have significantly influenced the market through innovation, production, and distribution capabilities. While the Asia Pacific Isoprene Market exhibits promising prospects, it continues to evolve with the pace of industrial growth and technological advancements in the region.
This comprehensive marketplace analysis provides an extensive view of current trends and potential strategies for stakeholders keen to capitalize on these emerging opportunities. For further insights into the Asia Pacific Isoprene Market and its evolving landscape, readers may explore the new industry trends analysis report, a beacon for market participants and investors.
Companies Mentioned
- Shell plc
- LyondellBasell Industries Holdings B.V.
- Kuraray Co., Ltd.
- Exxon Mobil Corporation
- Shandong Baomo Biochemical Co., Ltd.
- Braskem SE (Odebrecht S.A)
- Chevron Phillips Chemical Company LLC
- Pon Pure Chemicals Group (Pure Chemicals Co)
- China Petrochemical Corporation (Sinopec Group)
- The Dow Chemical Company
For more information about this report visit https://www.researchandmarkets.com/r/z1rbku
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