Isoprene Global Market Report 2024

The global isoprene market has grown strongly in recent years. It will grow from $3.12 billion in 2023 to $3.38 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed in the historical period can be attributed to research and development initiatives, the expanding market for adhesives and sealants, increased manufacturing of consumer goods, the expansion of the chemical industry, and rising demand within the footwear sector.

The global isoprene market is expected to see strong growth in the next few years. It will grow to $4.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. Anticipated growth in the upcoming period is driven by stringent regulations emphasizing sustainability, advancements in bio-based isoprene production, increased construction activities, and a transition towards eco-friendly or 'green' tires. Key trends expected in this period encompass research and development focused on innovative applications, continual product innovations, a shift towards renewable materials, a heightened focus on specialty elastomers, and ongoing innovations within the tire industry.

Anticipated growth in the rubber industry is set to drive the isoprene market. Rubber, a malleable material, finds its base in isoprene, which is crucial for synthetic rubber production used across diverse industrial applications. Global trade statistics from 2021, as reported by the Malaysian Rubber Council, exhibit a 9.6% and 11% increase in global rubber exports and imports, respectively, compared to 2020. This surge in rubber demand substantiates the propulsion of the isoprene market.

The isoprene market is expected to be fueled by a surge in disposable income. Heightened disposable income, especially in emerging economies, prompts increased consumer expenditure, notably on automobiles and associated goods. With a rise in disposable income, households tend to invest more in vehicles, subsequently driving the demand for high-quality tires. A report from the UK-based Office of National Statistics indicates a steady 0.7% annual increase in median household disposable income between 2020 and 2022. This trend underlines the driving force behind the isoprene market's expansion.

Sustainable isoprene production emerges as a pivotal trend within the isoprene market. Leading industry players focus on innovative technologies to solidify their positions. An example is Bridgestone Corporation's collaboration with the National Institute of Advanced Industrial Science and Technology (AIST), Tohoku University, ENEOS Corporation, and JGC Holdings Corporation in February 2022. Their initiative aims to develop a sustainable method for high-yield isoprene production using chemical recycling technology, specifically employing used tires. This venture seeks to achieve carbon-neutral isoprene production, contributing to a more environmentally sustainable society.

Strategic partnerships are instrumental in fortifying market positions within the isoprene industry. An example is the collaboration between the Goodyear Tire & Rubber Company and Visolis Inc. in October 2023. This partnership intends to produce isoprene by upcycling biobased materials, utilizing Visolis Inc.'s technology to create high-quality isoprene from non-edible biomass and agricultural materials. Visolis Inc., a US-based bioengineering company specializing in sustainable chemicals, aligns with Goodyear's vision for sustainable isoprene production.

In March 2022, DL Chemical Co., Ltd., a South Korea-based petrochemical company, completed the acquisition of a full stake in Kraton Corporation for $2.5 billion. Following the acquisition, Kraton became a fully owned subsidiary of DL Chemical. This move enables DL Chemical to enhance its proprietary technology base by incorporating Kraton's technological advancements. It also facilitates increased investment aimed at establishing a new materials industry ecosystem. The collaboration between both entities is aligned with their shared objective of becoming global leaders in specialty chemicals. Kraton, a US-based company, specializes in the manufacturing of bio-based chemicals and specialty polymers within the isoprene market.

Major companies operating in the isoprene market report are Nizhnekamskneftekhim, SIBUR International GmbH, The Goodyear Tire & Rubber Company, Royal Dutch Shell PLC, Kuraray Co. Ltd., ZEON Corporation, LyondellBasell Industries N.V., JSR Corporation, Braskem S.A, Finetech Industry Ltd., Fortrec Chemicals & Petroleum Pte Ltd., Haihang Industry Co. Ltd., China Petrochemical Corporation, Dow Inc., Pon Pure Chemicals Group, ExxonMobil Corporation, Shandong Yuhuang Chemical Group Co. Ltd., Sinopec Corp., Chevron Phillips Chemical Company LLC, LOTTE Chemical Corporation, Kraton Corporation, Jilin Zhongxin Chemical Group Co. Ltd., Nanjing Chemical Material Corporation, TPC Group Inc., Formosa Plastics Corporation, INEOS Group Holdings S.A., LG Chem Ltd., Repsol S.A., Evonik Industries AG, Zibo Qixiang Petrochemical Industry Group Co. Ltd.

Asia-Pacific was the largest region in the isoprene market share in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the isoprene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the isoprene market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Isoprene exists primarily in two grades such as polymer grade and chemical grade. Polymer grade isoprene, derived from enhanced propane, maintains a purity level of 99%. Its primary applications encompass various rubber types like polyisoprene (IR), styrene-isoprene-styrene (SIS), and isobutylene-isoprene rubber (IIR), serving diverse end-uses such as tire manufacturing, non-tire applications, adhesives, and more.

This report provides isoprene market statistics, including isoprene industry global market size, regional shares, competitors with an isoprene market share, detailed isoprene market segments, market trends, and opportunities, and any further data you may need to thrive in the isoprene industry. This isoprene market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The isoprene market consists of sales of natural polymers, semi-synthetic polymers, synthetic polymers, cross-linked polymers, linear polymers, and other types. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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