DUBAI, United Arab Emirates, July 20. 2022 (GLOBE NEWSWIRE) — The global isoprene rubber latex market is expected to grow at a CAGR of 8.1% during the forecast period between 2021 and 2031, according to Future Market Insights (IMF) in a recent analysis. Growing demand for medical gloves and condoms will continue to drive isoprene rubber latex sales. The increasing use in the medical and consumer goods industry will create an environment conducive for the growth of the market in the coming years.
The global isoprene rubber latex market is expected to reach US$732.5 million in 2021. The growing application of isoprene rubber latex in consumer goods, industrial and medical industries is estimated to fuel the demand in the market.
Isoprene rubber latex is gaining popularity as an alternative to natural rubber. It has superior properties such as high resilience, good processability and easy vulcanization, among others. In response to this, the market is expected to exceed US$1.6 billion by the end of 2031.
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The increasing use of isoprene rubber latex in the production of medical supplies such as catheters, probe covers, needle shields and medical adhesives is expected to drive sales up at a CAGR of 8.1% during the evaluation period.
Governments in several countries are undertaking various initiatives to raise public awareness about sexually transmitted diseases (STDs) and the use of condoms. For example, the Indian government announced the distribution of nearly 180 million condoms to reduce the risk of STDs, as part of the National AIDS Control Program in 2019.
Since the condoms are made from isoprene rubber latex, their adoption is expected to increase over the next few years. For this reason, the market is expected to grow by 10.1% year-on-year (YoY) in 2021.
In terms of application, the medical gloves segment is expected to outpace other segments growing at 9.2% CAGR in 2021. Increasing demand from doctors, nurses, patients and other professionals to reduce the risk of infection during the COVID-19 times have increased the sales of medical gloves.
Key points to remember:
- The US isoprene rubber latex market is expected to reach US$99.4 million, growing at an annual rate of 8.8% by the end of 2021.
- China is expected to account for the largest market share in East Asia, growing at a CAGR of 8.8% through 2031.
- The German market is expected to account for nearly 14.3% of the market share in Europe, expanding at a CAGR of 6% over the assessment period.
- Japan and South Korea are expected to become high-paying markets, collectively accounting for over 6.1% of sales in 2021.
- Based on end use, the industrial sector is estimated to be the fastest growing in the market, growing at a CAGR of 7.5% between 2020 and 2021.
“Growing demand for medical gloves from the healthcare industry and growing use of adhesives in food, medical and industrial packaging will drive the isoprene rubber latex market during the projected period 2021 to 2031”, IMF analyst says.
Major players of the global isoprene rubber latex market elaborated in the report include 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 more.
Major players operating in the global isoprene rubber latex market are focusing on increasing their production capacities to strengthen their footprints, especially in emerging economies. In addition, major market players 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 manufacturers and strengthening its position as the world’s largest glove manufacturer.
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- Increasing government regulations to prevent STDs and control unbridled population growth in China, India, the United States and Indonesia are driving sales in the condom segment.
- The implementation of strict regulations on increasing patient care in hospitals and clinics is encouraging doctors to use medical gloves, which, in turn, is propelling the demand in the medical gloves segment.
- The high cost of isoprene rubber latex compared to natural rubber is hampering the sales in the market.
- The availability of alternatives such as butyl rubber, nitrile rubber, silicone rubber and others is hampering the growth of the market.
More information about the Isoprene Rubber Latex market report
In its latest report, FMI offers an unbiased analysis of the global isoprene rubber latex market, providing historic data for the period 2016-2020 and forecast statistics for the period 2021-2031. In order to understand the global market potential, growth, and scope, the market is segmented on the basis of Application (Medical Gloves, Condoms, Medical Balls, Catheters, and Adhesives.), End Use (Medical, Consumer Goods, and Industrial ) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa).
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Isoprene Rubber Latex Market by Category
- Medical gloves
- Medical Balloons
By end use:
- Consumer goods
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market definition
2.3. Patent analysis
2.4. Overview of the main regulations
3. Key Market Trends
3.1. Key trends impacting the market
4. Key success factors
4.1. Product adoption analysis
4.2. Strategic promotional strategies
4.3. Technological innovation
5. Global Isoprene Rubber Latex Market Demand Analysis 2016-2020 and Forecast, 2021-2031
The table of contents continues..!
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