Growing utilization in medical and consumer goods industry will create conducive environment for the growth of the market in the coming years. The global isoprene rubber latex market size is anticipated to expand at 8.1% CAGR over the forecast period between 2021 and 2031, finds Future Market Insights (FMI) in a recent analysis. Increasing demand of medical gloves and condoms will continue driving the isoprene rubber latex sales.
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.
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 the 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 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.
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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 9.2% CAGR in 2021. Rise in demand from doctors, nurses, patients, and other professionals to decline the risk of getting infected during the COVID-19 times have increased the sales of medical gloves.
Key Takeaways:
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.
Germany 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.
“Rising demand of medical gloves from healthcare industry and the increasing usage of adhesives in food, medical and industrial packaging will drive the market of isoprene rubber latex through the projected period from 2021 to 2031,” says a FMI analyst.
Competitive Landscape
Key market participants in the global isoprene rubber latex market elaborated in the report includes Top Glove Corporation Bhd, Zeon Corporation, PAO Sibur Holdings, Kraton Corporation, Ansell Limited, Supermax Corp. Bhd, Royal Dutch Shell Plc, Kossan Rubber Industries Bhd, JSR Corporation, Hartalega Holdings Berhad, Rubberex Corporation, Johnson Wilshire, Medline Industries, Inc., Dipped Products Plc, Protective Industrial Products, Inc., and many others.
Key players operating in the global isoprene rubber latex market are focusing on increasing their production capacities to strengthen their footprint especially in the emerging economies. Furthermore, key market participants are focusing on mergers, acquisitions and collaborations strategies to expand their global presence and strengthen their distribution network. For instance:
In April 2018, Top Glove Corp Bhd acquired Aspion Sdn Bhd transforming the company into one of the world’s largest surgical glove maker and strengthening its position as the world’s largest glove manufacturer.
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Key Drivers
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.
Key Restraints
High cost of isoprene rubber latex compared to natural rubber is hindering the sales in the market.
Availability of alternatives such as butyl rubber, nitrile rubber, silicone rubber, and others is hampering the growth in the market.
More Insights into the Isoprene Rubber Latex Market Report
In its latest report, FMI offers an unbiased analysis of the Global Isoprene Rubber Latex market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application (medical gloves, condoms, medical balloons, catheters and adhesives.), end use (medical, consumer goods and industrial) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
Isoprene Rubber Latex Market by Category
By Application:
Medical Gloves
Condoms
Medical Balloons
Catheters
Adhesives
By End Use:
Medical
Consumer Goods
Industrial
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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Discovered on: 2023-06-12 16:09:01
Source: Demand for Isoprene Rubber Latex Market Estimated to Register Growth at 8.1…
