Polyisoprene Market Size, Share and Trend Analysis Report by Application, Region and Segment, 2021
Polyisoprene Market Size, Share and Trend Analysis Report by Application (Tires and Related Products, Latex, Footwear, Non-Automotive Engineering, Belts and Hoses), by Region (Europe, APAC) and Segment Forecast , 2021-2028
New York, October 19, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Polyisoprene Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2021 – 2028” – https: / / www. reportlinker.com/p06176729/?utm_source=GNW
Polyisoprene Market Growth and Trends
The global polyisoprene market size is expected to reach USD 2.94 billion by 2028. The market is expected to grow at a cagr rate of 4.1% from 2021 to 2028. The increasing adoption of polyisoprene in automotive, manufacturing industries. shoe, medical and non-automotive is provided. fuel the market growth during the forecast period. The product is also expected to have a high demand in the application of tires and related products due to the product properties such as excellent abrasion and tear resistance and high compression as well as the increasing demand for electric vehicles. (VE).
Major market players are investing to expand and develop polyisoprene for end use industries. For example, in May 2020, Cariflex Pte.
Ltd. announced the construction of a new polyisoprene latex plant at its Paulinia plant located in Brazil to meet strong demand from the consumer goods and medical industries. The company is expected to invest $ 50 million to drive this facility expansion project.
Mergers and acquisitions aimed at gaining a higher market share are expected to increase competition in the market during the forecast period. In February 2021, Goodyear Tire & Rubber Company completed the acquisition of Cooper Tire & Rubber Company and finalized the merger agreement to create a stronger US leader in the global tire industry. This is expected to create more options in the tire segment and is expected to drive product demand during the forecast period.
Growing environmental concerns arising from crude oil-based polyisoprene have forced many elastomer manufacturers to develop technology for the production of polyisoprene rubber derived from biomass. Zeon Corp., in joint research with Yokohama Rubber Co., Ltd. and the National Research and Development Agency RIKEN, has succeeded in synthesizing isoprene from biomass. The technology is slated for commercialization by the end of 2021.
Highlights of Polyisoprene Market Report
• In terms of revenue, the tire and related product applications segment accounted for the largest revenue share in 2020 and is expected to continue growing at a significant CAGR during the forecast period.
• Europe accounted for the maximum market revenue share in 2020 and will remain dominant throughout the forecast period
• Favorable government support to encourage the construction of green buildings in various countries including the UK, Germany, the Netherlands, Poland, Hungary, Sweden and Ireland is expected to stimulate demand for products in the application of safety shoes
• In addition, the growth in sales of electric vehicles should introduce a competitive dynamic to the automotive market in Europe.
• Various strategic initiatives have been registered in recent years to drive the growth of the market.
• For example, in August 2021, The Goodyear Tire & Rubber Company entered into a strategic collaboration with Plus, a global provider of autonomous truck technology
• This collaboration is expected to expand Goodyear’s services, including connected tires, and improve transportation efficiency and safety for semi-trucks powered by Plus’s Level 4 autonomous driving technology.
Read the full report: https://www.reportlinker.com/p06176729/?utm_source=GNW
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