Isoprene is a colorless liquid organic compound that is usually produced by extracting the isoprene molecules from Crude C5 mixtures like the C5 Diene Crude. It is used in the production of synthetic rubbers known as polyisoprene rubber (IR). Polyisoprenes are extensively used in a various rubber applications such as shoe soles, medical equipment, elastic films, baby bottle nipples, tires, toys, paints and coatings, and adhesives. Apart from IR, some of the major applications include styrene-isoprene styrene (SIS), specialty chemicals, and Isobutylene-isoprene rubber (IIR).
IR Application Segment to Have Rapid Growth
Increased production of automobiles, particularly in the developing regions such as Taiwan, China, Japan, and Indonesia, is predicted to boost the demand for polyisoprene in the automotive industry. Increased foreign investments in these regions on account of the easy availability of highly efficient, skilled, and cost-effective labor is also estimated to augment the products demand over the next few years.
The IIR application segment is also predicted to have a steady growth as a result of its resistance toward oxidation. In addition, its applications in a variety of products and as a substitute to the natural rubber are also projected to propel the demand for IIRs during the forecast period (from 2017 to 2025).
Companies in this industry focus on business and production expansions to gain maximum customers and share. For example, Nizhnekamskneftekhim (NKNK), a Russian synthetic rubber manufacturer plans to double the production of isoprene rubber SKI from their current 270ktpa. The company also that it is also aiming at expanding the production of their halobutyl and butyl rubber to 220ktpa in future.
Market Overview
The global isoprene market would reach at USD 3.97 billion by 2025 growing at a CAGR of 7.5 % over the forecast period, predicts the findings of a research report by Grand View Research, Inc. Increasing demand for isoprene on account of its excellent gum and hot tensile strength and resilience is expected to boost the global market growth over the coming years. The Goodyear Tire and Rubber Co.; Chevron Phillips Chemical LLC; LyondellBasell Industries N.V.; Shandong Yuhuang Chemical (Group) Co., Ltd.; and Exxon Mobil Corporation are some of the leading manufacturers in the global isoprene market.
In-Depth Research Report On Isoprene Market:
https://www.grandviewresearch.com/industry-analysis/isoprene-market
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