Polyisoprene Rubber Market Plying for Significant Growth During 2030

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Polyisoprene Rubber: Introduction

• The global polyisoprene rubber market is expected to expand at a rapid pace during the forecast period, owing to the rising demand for the rubber in the automotive industry. Polyisoprene rubber is used in the production of tires and tire products including auto tires, bicycles tires, and aircraft tires.
• Polyisoprene rubber is a polymer of isoprene. It can be produced by the polymerization of isoprene in the presence of catalysts such as titanium.

Key Drivers of Polyisoprene Rubber Market

• Polyisoprene rubber is widely used in the manufacture of high-quality and durable shoes, owing to its low cost, high resistance, and improved performance as against natural rubber
• Growth in the automotive industry across the globe is the major driver of the polyisoprene rubber market. The automotive industry has been expanding in Asia Pacific, Europe, and North America. It is expected to expand considerably in Asia Pacific in the near future.

Synthetic Rubber Type Segment to Offer Attractive Opportunities

• In terms of volume and value, the synthetic type segment of the global polyisoprene rubber market is projected to expand at a rapid pace during the forecast period. Synthetic rubbers have superior tensile strength as compared to natural rubbers. Manufacturers increasingly prefer synthetic rubber. Synthetic rubber also has high durability and rolling resistance, which results in an impeccable grip.

High Cost of Polyisoprene Rubber to Hamper Market

• The global polyisoprene rubber market is primarily hampered by its high cost. Regular maintenance of tires is also a major challenge in the automotive industry. This is likely to restrain the polyisoprene rubber market.
• Polyisoprene rubber has several disadvantages such as low permeability to gases; and poor resistance against acid, fuel, oil, and steam. It is not recommended for applications involving food contact. Therefore, demand for its substitutes is high. These factors are anticipated to hamper the market during the forecast period.

Covid-19 Impact on Polyisoprene Rubber Market

• The automotive industry contributes significantly to the global economy. However, the global automotive industry has been hampered due to the COVID-19 pandemic. The impact of the pandemic on the automotive industry was first witnessed in Asia. Then, it became severe in other parts of the world. New vehicle sales in China decreased at least 2.9% by the end of 2020.
• According to the European Automobile Manufacturers’ Association (ACEA), total sales of new vehicles in the European Union declined by 7.4% in January and February 2020 than that in the same period in 2019. Each of the following four major markets in the European Union has witnessed declining demand during the first quarter of 2020: Germany (9.0%), France (7.8%), Italy (7.3%), and Spain (6.8%).
• The United Nations Conference on Trade And Development (UNCTAD) estimates a 2% reduction in export of parts and other intermediate inputs from China to automotive manufacturers in the European Union, North America, Japan, South Korea, and other major automobile-producing economies. This can lead to a decrease of US$ 7 Bn in automotive exports from these economies to the rest of the world. Therefore, the impact of Covid-19 pandemic is estimated to be high on the polyisoprene rubber market in 2020 and 2021.

Asia Pacific to Hold Major Share of Global Polyisoprene Rubber Market

• Asia Pacific accounted for leading share of the global polyisoprene rubber market in 2019, due to rise in demand for automotive vehicles in the region. China is the major country in the region.
• Rise in FDI investment in the automotive industry in developing countries of Asia Pacific is another factor that is likely to fuel the market in the region during the forecast period
• Europe and North America held vital share of the global polyisoprene rubber market in 2019, owing to the rising demand for lightweight automotive vehicles in these regions
• Middle East Africa is anticipated to be a rapidly expanding region of the global polyisoprene rubber market during the forecast period. The market in the region is at the development stage. Key players are investing significantly in the market in the region in order to expand their presence and gain higher market share.