Isoprene Market To Hit Value ,437.8 Million By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on October 17th, 2023 San Francisco, 17 October 2023: The Report Isoprene MarketSize, Share & Trends Analysis Report By Grade (Polymer, Chemical), By Application (Tires, Adhesives, Industrial Rubber, Others), By Region (North America, Europe), And Segment Forecasts, 2023 - 2030 The global isoprene market size is expected to reach USD 8,437.8 million by 2030, expanding at 7.8% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the rising utilization of isoprene in the production of rubber, tires, and adhesives. A significant proportion of the total production of isoprene is used in the production of polymers and copolymers. Isoprene is a hydrocarbon compound that is primarily manufactured for the production of synthetic rubber. Moreover, it is a colorless and flammable compound, which is used in the manufacturing of a wide variety of products, including tires and synthetic rubbers. It is also used as a fuel additive and a major feedstock in the production of plastics. With an increase in demand for automobiles such as two-wheelers and cars, the demand for tires has also skyrocketed in the past few years. For instance, in February 2023, the Italian tire manufacturer, Pirelli, said that it is expecting to generate USD 7.02 billion from its tire business in 2023. The company further stated that the demand was majorly driven by the rising production and supply of automobiles in Europe and around the globe. The rise in demand for tires was highly influenced by the growing purchase and renovation of passenger as well as commercial vehicles. According to the Indian Ministry of Commerce, India’s total tire export rose by nearly 50.0% during 2021-22. The majority of Indian tires were imported from the U.S., Germany, Brazil, the U.K., and France. The rising consumption of tires from these countries is driven by the high usage of automobiles for personal as well as commercial applications. The growing demand for tires from the automotive industry is anticipated to fuel the demand for isoprene, which is used as a feedstock for tire production. Most of the parts in the sitting area in automobiles are either made of rubber or plastic. For instance, plastics are commonly used in the dashboard of passenger cars, while rubber is highly used in the doors, seats, clutch & gear panels, steering, and others. Electrical & electronic devices are mostly produced with rubber and plastics. Growing automotive and electrical & electronics industries are anticipated to fuel the demand for isoprene in the coming years. Request sample report of Isoprene Market@https://www.grandviewresearch.com/industry-analysis/isoprene-market/request/rs1 This is attributable to its vast use in tire manufacturing, which is an integral part of automotive manufacturing. Growing demand for automobiles propelled by increasing individual income is the key factor behind the growth of the tire market. Growth in the demand for tires is expected to further escalate the product demand in the upcoming years. The growth in demand for isoprene is majorly propelled by its rising consumption in the production of rubber, tires, and adhesives. The product is characterized as a hydrocarbon compound, which is largely manufactured for its use in synthetic rubber production. Isoprene Market Report Highlights
Isoprene is a colorless and flammable gas that is important for the production of a range of products such as tires and synthetic rubbers. Apart from synthetic rubbers, isoprene is also utilized as a fuel additive and as a prominent feedstock in plastic production. Growing consumption of isoprene in a range of industrial applications is anticipated to be the key driving force for the product market over the forecast period. Industrial rubber and plastics are used in a wide range of industries including automotive, consumer goods, electrical & electronics, and others. The automotive industry is the prominent consumer of industrial rubber and plastics. Most of the parts in the sitting area of automobiles, and are made up of either rubber or plastic. Plastics are commonly used in the dashboard of passenger cars, while rubber is highly used in the doors, seats, clutch & gear panels, steering, and others. Electrical & electronic devices are mostly produced with rubber and plastics. Growing automotive and electrical & electronics industries are anticipated to fuel the demand for the product in the coming years. Isoprene Market Report Scope
According to the Society of Indian Automobile Manufacturers (SIAM), about 3,792,356 passenger vehicles were sold in India in 2022 compared to 3,082,421 passenger vehicles sold in 2021. Growing purchase of automobiles is expected to drive the demand for tires and industrial rubbers, thereby, significantly contributing to the growth of the product market. List of Key Players in the Isoprene Market
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