Market Definition and Growth Factors:
North American Isoprene Market is predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate. In North American region, the U.S. & Canada are predicted to be the major contributors to the regional growth of Isoprene Market and are expected to see a significant demand for isoprene during the forecast period 2017-2023.
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Top 10 Key Players:
Some of the prominent players operating in the Global Isoprene Market are The Goodyear Tire & Rubber Company (the U.S.), SIBUR (Russia), Royal Dutch Shell plc (the Netherlands), Lyondell Basell Industries N.V. (the Netherlands),ZEON CORPORATION (Japan), Ningbo Jinhai Chenguang Chemical Corporation (China), PJSC Nizhnekamskneftekhim(Russia), Kuraray Co., Ltd (Japan), Chevron Phillips Chemical Company (the U.S.), and Exxon Mobil Corporation (the U.S.).
Utilization of high-quality isoprene is overwhelmed by interest for and creation of polyisoprene elastomers, which represented more than 50% of aggregate isoprene utilization in 2016. As per our analysis, some of the prominent market factors and trends identified in the Global Isoprene Market include rapid construction activities, rising demand for tires from the automotive industry, and increasing expenditure on personal care products. Moreover, demand for Isoprene is predicted to witness a significant growth over the assessment period due to surging automotive industry.
Furthermore, rapid urbanization coupled with increasing disposable income in emerging economies is predicted to propel the growth of the market during the assessment period 2017-2023. Isoprene is a common name for the chemical compound 2-methylbuta-1,3-diene. At a room temperature, purified Isoprene is a highly flammable, colorless liquid that can be easily ignited. They are classified based on the purity into polymer grade and chemical grade.
Market Segmentation:
The Global Isoprene Market is categorized on the basis of grade, application, and region. On the basis of the grade, the market is bifurcated into polymer grade, and chemical grade. On the basis of the application, the isoprene market is categorized into styrene isoprene styrene, block copolymer, isobutyl isoprene, and polyisoprene. On the basis of the region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
In the Middle East, the growing demand from construction and automobile industries are likely to boost the Isoprene Market over the forecast period. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness a substantial growth owing to increasing consumer spending on passenger cars as well as involvement of new technologies and inventions in Isoprene.
Regional Analysis:
The Global Isoprene Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Asia Pacific is predicted to grow at the highest CAGR during the review period on owing to expanding medical and construction industries. The polyisoprene market is predicted to increase in numerous countries of the Asia Pacific such as China, India, Japan and Indonesia due to increasing urbanization and population.
In Europe, the demand for isoprene is predicted to grow in various countries such as Italy, Germany, Spain, UK, France, and Russia on account of increasing expenditure in innovation in automobile, cosmetic products awareness and growing purchasing power of consumers. Moreover, the presence of major automobile manufacturers, specifically, in Germany is expected to give a new impetus to the market growth.
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