The United States, the isoprene
rubber latex industry is extensively used in the production of
medical gloves, catheters, and other healthcare products due to its
biocompatibility and elasticity. In the automotive sector, it is
used for manufacturing components like seals, gaskets, and hoses
for their durability and resistance properties.
The growth of the isoprene rubber latex market is driven by
increasing demand from the medical & healthcare industry,
thereby augmenting product demand, says this report.
NEWARK,
Del., Aug. 5, 2024 /PRNewswire/
-- The isoprene rubber latex industry is
predicted to be valued at USD 922
million by 2024. The market valuation is estimated to be
USD 2,005.3 million by 2034,
projected at a CAGR of 8.1%.
The boom in demand for eco-friendly and sustainable materials
fuels the adoption of isoprene rubber latex due to its renewable
sourcing and biodegradability, aligning with global sustainability
goals.
The economic growth of developing economies creates new markets
for isoprene rubber latex products. Technological advancements and
innovations in production processes enhance efficiency, product
quality, and customization capabilities, propelling industrial
expansion and competitiveness.
Despite its promising growth trajectory, there are certain risk
factors that could impact the growth of the isoprene rubber latex
market. Chief among these is the volatility in raw material prices,
particularly isoprene, which affects production costs and profit
margins, posing challenges for industry players.
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Stringent regulatory standards and compliance requirements
impose administrative burdens and cost implications on
manufacturers, slowing down industrial growth and innovation.
Besides challenges, the industry has certain investment
opportunities in isoprene rubber latex. Expansion into emerging
industries, particularly in Asia-Pacific and Latin America, offers untapped avenues for
industrial penetration and diversification, driven by rapid
industrialization, infrastructure development, and increasing
consumer demand for rubber products.
Key Takeaways from the Market Study
- Based on application, the medical gloves segment is accounted
to hold a market share of 51.6% in 2024.
- The United States is expected
to register at a CAGR of 4.5% by 2034.
- The United Kingdom registers
significant growth, projected at a CAGR of 3.2% by
2034.
- Based on end use, the medical segment is accounted to hold a
market share of 57% in 2024.
"The ascending demand for eco-friendly and sustainable materials
where global awareness of environmental issues grows, and
industries are thus shifting towards renewable and biodegradable
alternatives. This demand driver underscores an important role in
meeting sustainability goals and addressing environmental concerns
while catering to diverse industrial needs," says a
Nikhil Kaitwade (Associate Vice President at Future
Market Insights, Inc.).
How is Demand in Medical Sector Supporting Isoprene Rubber
Latex Market Growth?
Medical gloves account for more than half of the isoprene rubber
latex market value. Surging medical balloons and catheters
production within the sector will fuel the demand for isoprene
rubber latex.
Improved focus on patient safety and globally increasing
awareness about alternative for conventional rubber materials used
in the manufacturing of various medical devices will aid the
overall expansion of the market.
The demand for surgical gloves is consistently increasing in the
medical industry. Coupled with this, demand for suitable material
for surgical gloves manufacturing will present conducive
environment for isoprene rubber latex market growth. According to
FMI, Cariflex (Isoprene rubber latex) is an ideal substitute for
natural rubber latex in dipped goods and specialty products.
Competitive Landscape of the Isoprene Rubber Latex
Market
The isoprene rubber latex industry features a competitive
landscape with multinational corporations like Kraton Corporation
and JSR Corporation alongside regional players.
Innovation, product quality, and sustainability drive
competition, with a focus on meeting diverse market demands across
healthcare, automotive, and consumer goods sectors. Some of the key
developments are:
- In 2022, JSR Corporation announced the development of a new
formulation of isoprene rubber latex optimized for sustainable
packaging applications.
- In 2022, Supermax Corp. Bhd unveiled a breakthrough in the
production process of isoprene rubber latex gloves, enhancing
product quality and efficiency.
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Leading Players in the Isoprene Rubber Latex Market
- Top Glove Corp Bhd
- Zeon Corporation
- PAO Sibur Holdings
- Kraton Corporation
- Ansell Limited
- JSR Corporation
- Supermax Corp. Bhd
- Kossan Rubber Industries Bhd
- Hartalega Holdings Bhd
- Royal Dutch Shell Plc
- Rubberex Corporation
More Valuable Insights Available
Future Market Insights offers an unbiased global isoprene rubber
latex market analysis, providing historical data from 2019 to 2023
and forecast statistics from 2024 to 2034.
To understand market opportunities, the isoprene rubber latex
market is segmented based on Application (Medical Gloves, Condoms,
Medical Balloons, Catheters, Adhesives), End Use (Medical, Consumer
Goods, Industrial), and Region (North
America, Latin America,
Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle
East and Africa)
About the Chemicals and Materials Division at Future Market
Insights (FMI)
The chemicals and materials division of Future Market Insights
(FMI) offers a distinct and pinpoint analysis of the chemicals and
materials industry. This exhaustive coverage extends from
commodity, bulk, specialty, and petrochemicals to advanced
materials, composites, and nanotechnology in particular, with
special emphasis on 'green alternatives, recycling and renewable
technology developments, and supply-demand-trade assessment. Our
research studies serve as referencing market guidelines for
chemical manufacturers, research institutions, channel partners,
and government bodies for developing – 'The Way
Forward'.
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
Have a Look at Related Research Reports of Chemicals
& Materials Domain
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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 ~400 analysts worldwide, FMI
provides global, regional, and local expertise on diverse domains
and industry trends across more than 110 countries.
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SOURCE Future Market Insights