Technavio
market research analysts forecast the global
isoprene market to grow at a CAGR of over 7% during the
period 2018-2022, according to their latest report.
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Technavio has published a new market research report on the global isoprene market from 2018-2022. (Graphic: Business Wire)
In this report, Technavio highlights the development of sustainable
tires as one of the key emerging trends in the global isoprene market.
The development of tires using new technology that uses key tire
ingredients from renewable feedstocks rather than petroleum-derived
feedstocks is in the process with a focus on decreasing the tire
industry dependence on crude oil. The process can use sugars derived
from sugar cane, corn, corn cobs, switchgrass, or other biomass to
produce the ingredient, a biochemical called isoprene. Among the
essential raw materials used in manufacturing tires, carbon black,
reinforcing fibers, synthetic rubber, and rubber compounding agents have
been selected as key targets for improved eco-friendliness.
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In this report, Technavio analysts highlight the rising isoprene demand
from the tire industry as a key factor contributing to the growth of the
global isoprene market:
Rising isoprene demand from the tire industry
In developing economies, rising disposable income is expected to spur
growth in vehicles sales, fueling demand for tires. Urbanization and
expanding economic activity will also contribute toward increasing the
average annual vehicle mileage, which will boost the replacement rate of
tires. In industrializing countries, the increasing middle-class
population is expected to drive the growth in demand for light vehicle
tires owing to increased vehicle ownership.
The increase in commercial trucking activity will lead to further gains
in the sales of medium and heavy vehicle tires. Sale of tires is focused
in developing regions, where motorcycles witness extensive use as a
low-cost substitute for passenger cars. Tire sales in other
applications, such as aircraft, tractors, and industrial vehicles, will
also grow at a steady pace as the manufacturing and use of these
vehicles increase.
According to a senior analyst at Technavio for specialty
chemicals, “In term of use, automotive applications hold the
largest share in the IR market. One of the key end-use industries of IR
is the tire industry. An increase in the prices of the natural rubber
has compelled tire manufacturers to replace the product with synthetic
rubber, in which IR is one of the least expensive substitutes.”
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Global isoprene market segmentation
This market research report segments the global
isoprene market into the following applications (polyisoprene,
styrene-isoprene-styrene, and isobutylene-isoprene rubber) and key
regions (the Americas, APAC, and EMEA).
Of the three major applications, the polyisoprene segment held the
largest market share in 2017, accounting for nearly 46% of the market.
The market share for this application is expected to increase nearly 2%
by 2022. The fastest growing application is polyisoprene, which will
account for nearly 48% of the total market share by 2022.
EMEA was the leading region for the global isoprene market in 2017,
accounting for a market share of nearly 51%. By 2022, APAC is expected
to register the highest growth of nearly 4%.
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