Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Polyisoprene Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”, forecasts that the market for polyisoprene is expected to grow at a CAGR of around 4.5%.
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The global polyisoprene market is segmented based on application. By application, the market is segregated as tires & related products, latex, footwear, non-automotive engineering, belts & hose, and others. Based on application, tires & related product segment will grow at a tremendous pace by registering significant market share during the analysis period of 2021 to 2028.
Polyisoprene utilize in the manufacturing of condoms have gained high importance in the worldwide market
Polyisoprene is a synthetic rubber that is the best alternative for customers who are allergic to latex. Polyisoprene condoms have a fantastic skinlike sensation and excellent heat transfer. Because of their best feel and scent, these condoms are widely available and safer to use for people with latex allergies. Polyisoprene condoms are among the most recent condom options on the market. These are the influencing factors that will have a positive impact on the polyisoprene market's exponential growth from 2021 to 2028.
Asia Pacific registers maximum share for with considerable CAGR for the analysis period of 2021 to 2028
China is the market leader in polyisoprene among APAC provinces. Because polyisoprene is primarily used in automotive, consumer products, construction, and industrial applications, it has gained significant regional importance. According to the US BUREAU OF LABOR STATISTICS report, as economies in APAC grow, including their automotive sector, demand for rubber will increase. Thailand, Malaysia, and Indonesia account for two-thirds of global natural rubber production in APAC. This makes the region appealing to the polyisoprene market.
Europe, on the other hand, will rise to prominence in the polyisoprene market in the coming years. Because of the presence of well-established automotive and oil and gas sectors in this region, this is well evaluated. This is the most important factor influencing the growth of the polyisoprene market in the EU.
COVID-19 impact on the global polyisoprene market
The coronavirus pandemic has had an impact on the global economy, as governments have announced lockdown measures and restrictions on population movement. The chemical industry is no exception to the halting of industrial activities. In March 2020, global chemical production fell by nearly 3%. The reason for this reduction is a lack of raw materials and labor, as well as government-mandated plant shutdowns. The most serious consequences were felt in March, when global specialty chemical production fell by more than 6%. With a growing automotive industry, it makes a significant contribution to the global economy. However, the pandemic has had a negative impact on the global automotive industry. The pandemic's impact was first felt in Asia. According to the European Automobile Manufacturers Association (ACEA), total new vehicle sales in the EU fell by nearly 7.4% in 2020 compared to the same period in 2019. According to the United Nations Conference on Trade and Development (UNCTAD), China's exports of parts and other intermediate inputs to automotive manufacturers in the EU, North America, Japan, South Korea, and other major automobile producing economies will be reduced by 2%. This has a negative impact on the growth of the polyisoprene market from 2021 to 2028.
The prominent players of the global polyisoprene market include ZEON CORPORATION, ENEOS Corporation, Nizhnekamskneftekhim, The Goodyear Tire & Rubber Company, KURARAY CO., LTD., CHEMSPEC, LTD., ENEOS Corporation, and among others
The market for polyisoprene market is highly competitive and fragmented due to the presence of large number of multinational as well as local players. The leading players are constantly looking to increase their share in the market.
In May 2021, ENEOS Corporation, announced signing agreement with JSR Corporation aiming to acquire elastomers business that includes manufacturing and sale of synthetic rubber. JSR's elastomers business provides the tire materials that possess the highest level of performance in the industry. Further, JSR will establish a new company and will transfer the elastomers business and the shares of subsidiaries that affiliates related to this business to the new company by splitting the company.
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