Isoprene Monomer Market Forecast 2023 - 2031

By Product :

The product segment is categorized into polymer grade and chemical grade isoprene. In 2022, polymer grade segment accounted for the highest market share in the isoprene monomer market. Polymer-grade isoprene plays a pivotal role in isoprene monomer production, which is a versatile polymer used in a wide range of applications. These compounds are a crucial component in the production of tires, as well as in many industrial and consumer products. The demand for polymer-grade isoprene is closely tied to its use in various industries. The tire and rubber industry relies heavily on polymer-grade isoprene in the production of tires and anti-vibration mounts.

Polymer-grade isoprene is also used in the manufacture of bakelite, which is a high-resistance plastic used in the manufacture of non-conducting parts of electric devices such as sockets, wire insulation, and switches. Significant growth in the electronics industry is driving the growth of isoprene monomer derivatives such as bakelight. For instance, according to the Ministry of External Affairs, India's electronic exports have almost tripled between 2015 and 2022 from USD 5.8 billion to USD 16 billion. As a result, increasing demand from rubber and tire, and electronics industry is driving the polymer grade segment.

By Application :

The application segment is categorized into polyisoprene, styrene-isoprene-styrene (SIS), styrene isoprene monomer (SIR), and isobutylene isoprene rubber (IIR), and others. In 2022, the polyisoprene segment accounted for the highest market share in the isoprene monomer market as well as it is expected to hold highest CAGR for the forecast year. Polyisoprene derived from isoprene has various applications in industry such as footwear, sponges, pipe gaskets, sports equipment, rubber bands, and others. The significant growth in demand for polyisoprene monomers in the tire and rubber industry is driving the segment growth. For instance, according to a study by the U.S. Tire Manufacturers Association in 2023, the total U.S. tire shipments are projected to be 334.2 million units in 2023, compared to 332.0 million units in 2022 and 332.7 million units in 2019. Furthermore, polyisoprene is used in various industries such as adhesives, packaging, cosmetics, and others. Growing demand for polyisoprene in the adhesives and packaging industry is driving the segment growth globally.

By End Use Industry :

The end-user segment is categorized into tire and rubber, adhesives and sealants, medical equipment, construction, sports equipment, and cosmetics industry. In 2022, the tire and rubber segment accounted for the highest market share of 32.19% in the isoprene monomer market. Isoprene monomer is widely used in the tire and rubber industry due to its high tensile strength, resistance to wear and tear, vibration dampening, and low cost. Hence, isoprene monomer is used in the manufacture of tires, springs, elastic bands, and conveyor belts along with other latex products including balloons and gloves in the tire and rubber industry. Furthermore, isoprene is used to make gaskets and seals for automotive parts owing to their consistency, fast cure rate, and low processing. Significant growth in the automotive industry is increasing the demand for tires and rubbers, which is driving the segment across the globe. For instance, according to a report by the European Automobile Manufacturers Association (ACEA) in 2023, North American car production rose by 10.3% in 2022 to 10.4 million units, primarily driven by strong demand in the US. Hence, increasing demand for isoprene monomers in the tire and rubber industry is driving the segment growth.

Moreover, the construction segment is expected to grow at the fastest CAGR over the forecast period in the isoprene monomer market. Isoprene monomer in the construction industry to produce adhesives, butyl rubber, and seals. Also, there is a growing demand in the construction industry for sustainable and high-performance materials. Hence, isoprene monomer has proved to be a crucial part with distinct properties and advantages. Construction materials in combination with isoprene elastomer show durability and resilience to physical stress. Moreover, these applications are critical in roofing and sealing products where resilience and longevity are highly desirable. Hence, the growing construction industry is expected to drive the market segment in the forecast period.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, North America accounted for the highest market share at 35.25% valued at USD 697.10 Million in 2022 and USD 724.76 Million in 2023, it is expected to reach USD 1,017.54 Million in 2031. In North America, the U.S. accounted for the highest market share of 62.17% in the base year 2022. The presence of a large automotive sector in the region and rapid industrialization is driving the demand for isoprene monomers for the manufacturing industry. Also, the presence of a large manufacturing sector is propelling the demand for isoprene monomer across the region. For instance, according to a study by the U.S. National Institute of Standards and Technology in 2021, manufacturing contributed USD 2.3 trillion to U.S. GDP amounting to 12.0 % of total U.S. GDP. Thus, the high presence of the large manufacturing sector in North America is driving the growth of isoprene monomer demand from various end-user industry in North America.

Furthermore, the Asia Pacific region is expected to witness significant growth over the forecast period, growing at a CAGR of 4.9% during 2023-2031. The significant growth in construction and automotive industries across the region is increasing demand for isoprene monomers for elastomers and rubber applications. For instance, according to a study by the International Trade Administration of the U.S. in 2023, China continues to be the world's largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025. Thus, the significant growth in automotive industry is expected to create opportunities for growth in the isoprene monomer market over the forecast period.