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Synthetic Polyisoprene Rubber Market 2022 Development Status, Competition Analysis, Type and Application by 2031

Worldwide sales of synthetic polyisoprene rubber will roughly equate the revenues worth US$ 2.2 Bn by 2022 end, a 7% increase year-over-year, according to the latest research from Future Market Insights (FMI).

FMI analysts expect the synthetic polyisoprene rubber market to grow at a CAGR of 6.3% during the period, 2022-2031, driven by incorporation of innovative materials in medical gloves production to prevent the risk of latex allergy along with increasing demand for highly efficient adhesives in building & construction industry. Analysts also expect that demand coming from high-end applications can offer larger profit pools, which should compel the manufactures to center their focus on developing material with high purity targeted at specific end-use applications.

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Consumption for Medical Use to Increase in 2022 and Ahead

In 2021, sales of synthetic polyisoprene rubber for medical use represented ~57% share, and growing use in consumer goods production is likely to result in increased market share. Owing to enhanced consistency, lower impurities, improved manufacturability, and cost as compared to natural rubber, the use of synthetic polyisoprene rubber in healthcare or medical items will increase 6.7% year-over-year in 2022, according to the FMI analyst. Although the industrial use of synthetic polyisoprene rubber has been rapidly increasing over the years, it continues to account for lowest share in the market.

“The risk of allergy associated with surgical gloves manufactured from natural rubber latex has largely influenced the rising demand for synthetic polyisoprene rubber,” said the FMI analyst. “Moreover, application in medical glove production has contributed more than half of the growth of the synthetic polyisoprene rubber market in 2021.”

In the recent years, increasing awareness and promotion of condom use to prevent the transmission of several STDs has significantly raised the demand for synthetic polyisoprene rubber, especially for non-latex condoms. In addition, the FMI analyst forecasts the sales of synthetic polyisoprene rubber for application in medical balloons and catheters to collectively record ~20% share in 2022.

East Asia Leads Gains in the Synthetic Polyisoprene Rubber Market

According to the FMI analyst, Europe market for synthetic polyisoprene rubber will lose its leading position to East Asian Market in 2022, which generated revenue worth ~US$ 145 million in 2021. The emergence of Asia Pacific as the world’s largest producers and consumers of synthetic rubber continues to work to advantage of market stakeholders. “Rising demand for consumer goods and services in the region in line with favorable government policies supporting manufacturing facilities will continue to offer lucrative opportunities for the market players,” said the FMI analyst.

In 2021, the leading market players including Goodyear Tires, Royal Dutch Shell plc, and Kraton collectively accounted for ~35% share. Establishment of new manufacturing facilities where the cost of operation is relatively low and strategic positioning in the regional markets through acquisitions and joint venture with local players will remain key focal points of the leading stakeholders, according to the FMI analyst.

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Competitive Landscape

Leading players operating in the synthetic polyisoprene rubber market are constantly upgrading their product portfolios. They have adopted various organic and inorganic strategies such as partnerships, advanced product launches, collaborations, price reduction, acquisitions and establishment of new facilities to dominate the market. For instance,

  • In July 2020, Cariflex PTE. Ltd announced the establishment of new large scale polyisoprene latex plant at its Pualinia, Brazil facility to meet the rising demand from medical and consumer product customers.
  • In December 2017, Bridgestone Corporation created synthetic isoprene rubber through precise molecular structure control by utilizing a new polymerization catalyst.
  • In November 2017, Top Glove signed a definite agreement to acquire Aspion SDN BHD to expand its glove offerings.
  • In 2018, SKYN Condoms launched Cocktail Club, the first flavored non-latex polyisoprene condom to its product portfolio.

Synthetic Polyisoprene Rubber Market By Category

Applications:

  • Medical Gloves
  • Condoms
  • Medical Balloons
  • Catheters
  • Adhesives

End Use:

  • Medical
  • Consumer Goods
  • Industrial

Regions:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Middle East & Africa
  • Oceania

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About Us

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The post Synthetic Polyisoprene Rubber Market 2022 Development Status, Competition Analysis, Type and Application by 2031 appeared first on Future Market Insights.

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