The market for isoprene is expected to register a CAGR of over 5%, during the forecast period. One of the major drivers of the market studied is the increasing demand for electric vehicles.
- The tires segment dominated the market. It is expected to grow further, during the forecast period. This is primarily due to the rising production of various automobiles, globally.
- Decreasing demand for natural rubber is likely to act as an opportunity for the market studied, in the future.
- Asia-Pacific dominated the global market, with the largest consumption recorded from countries, such as China and India.
Key Market Trends
Increasing Demand for Tires
- Isoprene is widely used in the manufacturing of tires, owing to its properties, such as flexibility, tensile strength, tear strength, etc.
- Globally, the demand for tires is increasing. In 2014, the demand for tires was about 2.84 billion units. In 2018, the demand was about 3.66 billion units, an increase of 6.55% between 2014-2018.
- Globally, the revenue of the tire and rubber industry is around USD 18 billion, primarily from industries, such as aerospace, automotive, etc.
- Tire and rubber manufacturing companies are increasing globally. The tire production companies increased around 111 businesses and 4,300 businesses, in the United States and Europe, respectively.
- Companies, such as Bridgestone (Japan), Michelin (France), Goodyear (US), Continental (Germany), and Sumitomo Rubber Industries (Japan) are the major producers of tires in the world.
- This scenario is expected to boost the demand for the market studied.
Asia-Pacific Region to Dominate the Market
-Asia-Pacific region dominated the global market share, as Asia-Pacific is the largest manufacturer of tires.
-In Asia- pacific region, Countries such as India, China, Japan, etc. are the largest producers of automotive industry including cars and commercial vehicles.
-For Instance, in 2018, the tire and tube production for the automotive industry in Japan increased by about 1.36%. According to the Statistics Bureau Japan, in 2018, the tire and tube production in the country was about USD 11.2 billion and is expected to reach USD 11.22 billion in 2019.
-Furthermore, growing electric car production is propelling the demand for tires in countries, such as China, Japan, and others.
-Electric vehicles in these countries are expected to reach about 6843 units, and 1023 units respectively, during the forecast period.
-All the aforementioned factors are expected to increase the demand for isoprene over the forecast period.
The isoprene market is partially consolidated in nature. The major companies include Chevron Phillips Chemical Company, China Petrochemical Corporation, Dow, KURARAY CO. LTD, etc.
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