According to a Recent Report by Future Market Insights (FMI), the Global isoprene rubber latex industry Is Expected to Achieve an 8.1% CAGR Between 2021 and 2031, Due to an increase in the demand for medical gloves and condoms. The Isoprene Rubber Latex Market Leads.”
Expanding utilization in the medical and consumer goods industries lays the groundwork for future market growth.
Isoprene rubber latex is used in a variety of industries, including healthcare, automotive, and consumer goods, and it provides long-term and durable solutions. Isoprene rubber latex is a versatile polymer that is used to make a variety of rubber products. It has a high tensile strength, flexibility, and resistance to abrasion.
The global isoprene rubber latex market is expected to be valued US$ 732.5 million in 2021. The growing use of isoprene rubber latex in consumer goods, industrial applications, and medical applications is likely to increase market demand.
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Isoprene rubber latex is quickly becoming a preferred substitute to natural rubber. It has outstanding qualities like as strong resilience, good processability, and ease of vulcanization. As a result, the market is expected to exceed US$ 1,602.0 million by the end of 2031.
Over the assessment period, the increasing use of isoprene rubber latex in the production of medical supplies such as catheters, probe covers, needle shields, and medical adhesives is predicted to boost sales at an 8.1% CAGR.
Several countries’ governments are launching various campaigns to raise awareness about sexually transmitted diseases (STDs) and the usage of condoms. For example, the Indian government announced in 2019 that it would distribute almost 180 million condoms to reduce the incidence of STDs as part of the National AIDS Control Program.
Because condoms are produced from isoprene rubber latex, their use is projected to increase in the coming years. As a result, the market is predicted to rise by 10.1% year on year (YoY) in 2021.
In terms of application, the medical gloves segment is expected to beat the others, growing at a 9.2% CAGR through 2021. The increased demand for medical gloves from doctors, nurses, patients, and other professionals to reduce the risk of infection during the COVID-19 period has raised sales of medical gloves.
Key Takeaways:
- U.S. isoprene rubber latex market is projected to total US$ 99.4 million, exhibiting a YoY growth of 8.8% by the end of 2021.
- China is expected to account for the largest share in the East Asia market, exhibiting growth at a CAGR of 8.8% through 2031.
- Germany market is anticipated to account for nearly 14.3% of the share in Europe, expanding at 6% CAGR over the assessment period.
- Japan and South Korea are forecast to emerge as highly remunerative markets, collectively accounting for more than 6.1% of sales in 2021.
- Based on end use, the industrial sector is estimated to register the fastest growth in the market, expanding at a 7.5% CAGR between 2020 and 2021.
“Rising demand of medical gloves from healthcare industry and the increasing usage of adhesives in food, medical and industrial packaging will drive the market of isoprene rubber latex through the projected period from 2021 to 2031,” says a FMI analyst.
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Competitive Landscape
Key market participants in the global isoprene rubber latex market elaborated in the report includes Top Glove Corporation Bhd, Zeon Corporation, PAO Sibur Holdings, Kraton Corporation, Ansell Limited, Supermax Corp. Bhd, Royal Dutch Shell Plc, Kossan Rubber Industries Bhd, JSR Corporation, Hartalega Holdings Berhad, Rubberex Corporation, Johnson Wilshire, Medline Industries, Inc., Dipped Products Plc, Protective Industrial Products, Inc., and many others.
Key players operating in the global isoprene rubber latex market are focusing on increasing their production capacities to strengthen their footprint especially in the emerging economies. Furthermore, key market participants are focusing on mergers, acquisitions and collaborations strategies to expand their global presence and strengthen their distribution network. For instance:
- In April 2018, Top Glove Corp Bhd acquired Aspion Sdn Bhd transforming the company into one of the world’s largest surgical glove maker and strengthening its position as the world’s largest glove manufacturer.
Key Drivers
- Increasing government regulations to prevent STD and control unbridled population growth in China, India, the U.S., and Indonesia are driving the sales across the condom segment.
- Implementation of stringent regulation on increasing patient care across hospitals and clinics is encouraging physicians to use medical gloves, which is in turn, propelling the demand in the medical gloves segment.
Key Restraints
- High cost of isoprene rubber latex compared to natural rubber is hindering the sales in the market.
- Availability of alternatives such as butyl rubber, nitrile rubber, silicone rubber, and others is hampering the growth in the market.
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Key Segmentation
By Application:
- Medical Gloves
- Condoms
- Medical Balloons
- Catheters
- Adhesives
By End Use:
- Medical
- Consumer Goods
- Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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