Market Scenario:
Isoprene with chemical formula C5H8 is a colorless volatile liquid that is produced by different plants. Large number of trees and plants such as eucalyptus, poplars, legumes and oaks release isoprene into the atmosphere. Isoprene is also known as 2-methyl-1, 3-butadiene and is utilized as a chemical raw material. It is also utilized as a starting material for large number of synthetic polymers. A miniscule proportion of bio-based isoprene is utilized in the manufacture of fragrance intermediates and flavors. Isoprene coupled with other unsaturated compounds is used to prepare polymeric materials.
Isoprene is naturally produced from plants through methyl-erythritol 4-phosphate pathway i.e. MEP pathway taking place in the chloroplasts of trees as well as plants. One of the end products of this process forms isoprene by the catalytic reaction conducted by isoprene synthase. While in the industrial process, isoprene was sequestered from natural rubber by thermal decomposition. Industrially, it is also available as a byproduct produced during thermal cracking of oil or naphtha as a byproduct in the production of ethylene. The large portion of isoprene produced across the globe is converted into polyisoprene.
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Market Segments:
The global isoprene market is segmented on the basis of type, application, end-user and regions. Based on the type, the global isoprene market is divided into polymer grade and chemical grade. On the basis of application, the global isoprene market is divided into polyisoprene, styrene isoprene styrene, and isobutyl isoprene rubber. On the basis of end-user, the global isoprene market is segmented into tires, non-tires, and adhesives.
Market Growth
The global isoprene market is expected to grow in the forecast years owing to enhanced demand for the product in automotive parts including suspension bushes, tires, engine mounting, floor mats, fuel hoses, mud flaps, and exhaust rubber hangers. The rising production rate of automobiles especially in Japan, China, Malaysia, Taiwan and Indonesia, is expected to fuel demand for the product in automotive sector.
The rising urbanization rate coupled with high demand for SUVs and sedans is anticipated to enhance the market growth. India is set to witness exponentially high demand growth for automobiles owing to industrialization along with government support for manufacturing vehicles. during the forecast period.
Major Players:
The major companies include ExxonMobil Corp., Kuraray Company Ltd., LyondellBasell Industries N.V., Shandong Yuhuang Chemical (Group) Co., Ltd., Royal Dutch Shell Plc., Braskem and The Goodyear Tire and Rubber Company.among others.
Regional Analysis
Based on regions, the global isoprene market is segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. The Asia-Pacific region is expected to command the maximum market share for isoprene during the forecast period owing to rising FDI and expansion of automobile plants by different manufacturers such as Honda and Toyota, which will propel the market growth over the forecast period in Asia-Pacific region. The enhanced use of the product in packaging applications is anticipated to register high growth owing to the high requirement for medical equipment’s by hospitals in this region.
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