As per the latest study by FMI, the global isoprene rubber latex market is expected to total US$732.5 Mn in 2021. Increasing application of isoprene rubber latex across consumer goods, industrial, and medical industries are estimated to fuel the demand in the market.
Isoprene rubber latex is gaining immense popularity as an alternative to natural rubber. It possesses superior properties such as high resilience, good processability, and easy vulcanization, among others. In response to this, the market is estimated to surpass US$ 1.6 Bn by the end of 2031.
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The growing use of isoprene rubber latex in the production of medical supplies such as catheters, probe covers, needle shields, and medical adhesives is expected to drive sales at 8.1% CAGR over the assessment period.
Governments of several countries are undertaking various initiatives to spread awareness regarding sexually transmitted diseases (STDs) and the use of condoms. For instance, the Indian Government announced distributing nearly 180 million pieces of condoms to decline the risk of STD, under the National AIDS Control Programme in 2019.
As condoms are made using isoprene rubber latex, adoption is expected to surge over the coming years. On account of this, the market is expected to register 10.1% year-on-year (YoY) growth in 2021.
In terms of application, the medical gloves segment is anticipated to outpace the other segments, expanding at a 9.2% CAGR in 2021. The rise in demand from doctors, nurses, patients, and other professionals to decline the risk of getting infected during the COVID-19 times has increased the sales of medical gloves.
“Surging demand for isoprene rubbers for manufacturing personal protective equipment, gaskets, seals, and conveyor belts across the industrial sector is expected to boost the market,” says an FMI analyst.
Key Takeaways from Isoprene Rubber Latex Market Study
- The U.S. isoprene rubber latex market is projected to total US$ 99.4 Mn, exhibiting a YoY growth of 8.8% by the end of 2021.
- China is expected to account for the largest share in the East Asia market, exhibiting growth at a CAGR of 8.8% through 2031.
- The German market is anticipated to account for nearly 14.3% of the share in Europe, expanding at 6% CAGR over the assessment period.
- Japan and South Korea are forecast to emerge as highly remunerative markets, collectively accounting for more than 6.1% of sales in 2021.
- Based on end-use, the industrial sector is estimated to register the fastest growth in the market, expanding at a 7.5% CAGR between 2020 and 2021.
- Increasing government regulations to prevent STD and control unbridled population growth in China, India, the U.S., and Indonesia are driving the sales across the condom segment.
- Implementation of stringent regulation on increasing patient care across hospitals and clinics is encouraging physicians to use medical gloves, which is in turn, propelling the demand in the medical gloves segment.
- The high cost of isoprene rubber latex compared to natural rubber is hindering sales in the market.
- Availability of alternatives such as butyl rubber, nitrile rubber, silicone rubber, and others is hampering the growth in the market.
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As per FMI, the top-tier players in the global isoprene rubber latex market are expected to account for nearly 65.0% of the total revenue share in 2021.
Leading companies focusing on adopting inorganic strategies such as acquisitions, mergers, collaborations, and partnerships to expand their production capacity and strengthen their global presence. For instance,
- In Feb 2019, Ansell Limited announced the acquisition of a leading specialty impact gloves manufacturer for a total consideration of US$70 Mn. The strategy will assist the company to enhance its industrial hand protection portfolio and increase its market share.
- In April 2018, Top Glove Corp Bhd, a Malaysian rubber glove manufacturer, announced acquiring one of the world’s largest surgical glove makers, Aspion Sdn Bhd. The acquisition will assist the company to increase its production capacity and strengthen its position as the largest glove manufacturer in the world.
Some of the key players operating in the market profiled by FMI are:
- Top Glove Corp Bhd
- Zeon Corporation
- PAO Sibur Holdings
- Kraton Corporation
- Ansell Limited
- JSR Corporation
- Supermax Corp. Bhd
- Kossan Rubber Industries Bhd
- Hartalega Holdings Bhd
- Royal Dutch Shell Plc
- Rubber Corporation
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More Valuable Insights on Isoprene Rubber Latex Market
FMI’s recent report provides a detailed analysis of the global isoprene rubber latex market, providing riveting insights into key factors driving the market during the assessment period. The study also discloses sales projections on in isoprene rubber latex market with detailed segmentation:
- Medical Gloves
- Medical Balloons
By End Use:
- Consumer Goods
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
Key Questions Covered in the Report
- The report offers insight into the isoprene rubber latex market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for the isoprene rubber latex market between 2021 and 2031
- Isoprene rubber latex market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Isoprene rubber latex market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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