FMI analysts expect the synthetic polyisoprene rubber market to grow at a CAGR of 6.3% during the period, 2022-2031, driven by incorporation of innovative materials in medical gloves production to prevent the risk of latex allergy along with increasing demand for highly efficient adhesives in building & construction industry.
Analysts also expect that demand coming from high-end applications can offer larger profit pools, which should compel the manufactures to center their focus on developing material with high purity targeted at specific end-use applications.
Worldwide sales of synthetic polyisoprene rubber will roughly equate the revenues worth US$ 2.2 Bn by 2022 end, a 7% increase year-over-year, according to the latest research from Future Market Insights (FMI).
Increasing environmental regulations in regard to mounting concerns over rising rubber waste in landfills will impact the market growth in the future. Manufactures who are taking off into new processing technologies and development of new raw materials compounds that will reduce the dependence on petroleum will succeed and continue to capture relatively high market share. Aligning with newer consumer and industrial trends will be a key to strengthening the position in the market as well.
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Consumption for Medical Use to Increase in 2022 and Ahead
In 2021, sales of synthetic polyisoprene rubber for medical use represented ~57% share, and growing use in consumer goods production is likely to result in increased market share. Owing to enhanced consistency, lower impurities, improved manufacturability, and cost as compared to natural rubber.
The use of synthetic polyisoprene rubber in healthcare or medical items will increase 6.7% year-over-year in 2022, according to the FMI analyst. Although the industrial use of synthetic polyisoprene rubber has been rapidly increasing over the years, it continues to account for lowest share in the market.
“The risk of allergy associated with surgical gloves manufactured from natural rubber latex has largely influenced the rising demand for synthetic polyisoprene rubber,” said the FMI analyst. “Moreover, application in medical glove production has contributed more than half of the growth of the synthetic polyisoprene rubber market in 2021.”
In the recent years, increasing awareness and promotion of condom use to prevent the transmission of several STDs has significantly raised the demand for synthetic polyisoprene rubber, especially for non-latex condoms. In addition, the FMI analyst forecasts the sales of synthetic polyisoprene rubber for application in medical balloons and catheters to collectively record ~20% share in 2022.
Synthetic Polyisoprene Rubber Market By Category
- Medical Gloves
- Medical Balloons
- Consumer Goods
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
East Asia Leads Gains in the Synthetic Polyisoprene Rubber Market
According to the FMI analyst, Europe market for synthetic polyisoprene rubber will lose its leading position to East Asian Market in 2022, which generated revenue worth ~US$ 145 million in 2021. The emergence of Asia Pacific as the world’s largest producers and consumers of synthetic rubber continues to work to advantage of market stakeholders.
“Rising demand for consumer goods and services in the region in line with favorable government policies supporting manufacturing facilities will continue to offer lucrative opportunities for the market players,” said the FMI analyst.
In 2021, the leading market players including Goodyear Tires, Royal Dutch Shell plc, and Kraton collectively accounted for ~35% share. Establishment of new manufacturing facilities where the cost of operation is relatively low and strategic positioning in the regional markets through acquisitions and joint venture with local players will remain key focal points of the leading stakeholders, according to the FMI analyst.
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Demand for Non-Latex Rubber in Medical Device Industry Driving Synthetic Polyisoprene Rubber Sales
Rubber is a versatile material that has been used by humans since ancient times. It has gained immense traction especially across the medical industry. However, with rising prices and increasing prevalence of latex allergy cases, synthetic forms of rubber has risen to fame. Patients and healthcare workers who were allergic to natural rubber shifted their preference from natural rubber based medical products to synthetic ones.
This shift in consumer preference has encouraged the adoption of non-latex synthetic rubber materials in medical device industry. Majority of the hospitals and clinics today prefer to use alternative material for natural rubber in order to minimize the risk of latex allergy.
Favorable properties of synthetic polyisoprene rubber in medical applications is spurring the growth of synthetic polyisoprene rubber market. Replacement of natural rubber gloves with high quality synthetic isoprene rubber gloves not only cuts down the overall costs but also improves the comfort and protection.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.