May 31, 2018 - 12:26 PM EDT
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Rising Demand from Tire Industry to Drive the Global Isoprene Market | Technavio

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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. ( ...

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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Source: Business Wire (May 31, 2018 - 12:26 PM EDT)

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