According to a Recent Report by Future Market Insights (FMI), the Global isoprene rubber latex market Is Expected to Achieve an 8.1% CAGR Between 2021 and 2031, Driven by the Increasing Demand for Medical Gloves and Condoms.
Expanding Utilization in Medical and Consumer Goods Industries Sets the Stage for Market Growth in the Near Future.
In 2021, the global isoprene rubber latex market is anticipated to be worth US$ 732.5 million. The increasing use of isoprene rubber latex in consumer products, industrial, and medical industries is expected to drive market demand.
Isoprene rubber latex is gaining immense popularity as an alternative to natural rubber. It possesses superior properties such as high resilience, good processability, and easy vulcanization, among others. In response to this, the market is estimated to surpass US$ 1,602.0 million by the end of 2031.
The growing 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 at 8.1% CAGR over the assessment period.
Governments of several countries are undertaking various initiatives to spread awareness regarding sexually transmitted diseases (STDs) and the use of condoms. For instance, the Indian Government announced distributing nearly 180 million pieces of condoms to reduce the risk of STDs, under the National AIDS Control Programmed in 2019.
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As condoms are made using isoprene rubber latex, adoption is expected to surge over the coming years. On account of this, the market is expected to register 10.1% year-on-year (YoY) growth in 2021.
In terms of application, the medical gloves segment is anticipated to outpace the other segments, expanding at 9.2% CAGR in 2021. The rise in demand from doctors, nurses, patients, and other professionals to decline the risk of getting infected during the COVID-19 times has increased the sales of medical gloves.
Key Takeaways:
- The US isoprene rubber latex market is projected to total US$ 99.4 million, exhibiting a YoY growth of 8.8% by the end of 2021.
- China is expected to account for the largest share in the East Asia market, exhibiting growth at a CAGR of 8.8% through 2031.
- Germany market is anticipated to account for nearly 14.3% of the share in Europe, expanding at 6% CAGR over the assessment period.
- Japan and South Korea are forecast to emerge as highly remunerative markets, collectively accounting for more than 6.1% of sales in 2021.
- Based on end use, the industrial sector is estimated to register the fastest growth in the market, expanding at a 7.5% CAGR between 2020 and 2021.
“Rising demand of medical gloves from healthcare industry and the increasing usage of adhesives in food, medical and industrial packaging will drive the market of isoprene rubber latex through the projected period from 2021 to 2031,” says a FMI analyst.
Competitive Landscape
Key market participants in the global isoprene rubber latex market elaborated in the report include
- 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
Key players operating in the global isoprene rubber latex market are focusing on increasing their production capacities to strengthen their footprint, especially in emerging economies. Furthermore, key market participants are focusing on mergers, acquisitions, and collaboration 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 makers and strengthening its position as the world’s largest glove manufacturer.
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Key Drivers
- Increasing government regulations to prevent STDs and control unbridled population growth in China, India, the US, and Indonesia are driving sales across the condom segment.
- Implementation of stringent regulations on increasing patient care across hospitals and clinics is encouraging physicians to use medical gloves, which is in turn, propelling the demand in the medical gloves segment.
Key Restraints
- High cost of isoprene rubber latex compared to natural rubber is hindering the sales in the market.
- Availability of alternatives such as butyl rubber, nitrile rubber, silicone rubber, and others is hampering the growth in the market.
Key Segmentation
By Application:
- Medical Gloves
- Condoms
- Medical Balloons
- Catheters
- Adhesives
By End Use:
- Medical
- Consumer Goods
- Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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 over 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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