Pune, India – The global isoprene rubber latex market is anticipated to expand at 8.1% CAGR over the forecast period between 2021 and 2031, finds Future Market Insights (FMI) in a recent analysis. Increasing demand of medical gloves and condoms will continue driving the isoprene rubber latex sales. Growing utilization in medical and consumer goods industry will create conducive environment for the growth of the market in the coming years.
The global isoprene rubber latex market is expected to total US$ 732.5 Mn in 2021. Increasing application of isoprene rubber latex across consumer goods, industrial, and medical industries are estimated to fuel the demand in the market.
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$ 1.6 Bn by the end of 2031.
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 the 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 use of condoms. For instance, the Indian Government announced distributing nearly 180 million pieces of condoms to decline the risk of STD, under the National AIDS Control Programme in 2019.
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. Rise in demand from doctors, nurses, patients, and other professionals to decline the risk of getting infected during the COVID-19 times have increased the sales of medical gloves.
U.S. isoprene rubber latex market is projected to total US$ 99.4 Mn, 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.
Key market participants in the global isoprene rubber latex market elaborated in the report includes Top Glove Corporation Bhd, Zeon Corporation, PAO Sibur Holdings, Kraton Corporation, Ansell Limited, Supermax Corp. Bhd, Royal Dutch Shell Plc, Kossan Rubber Industries Bhd, JSR Corporation, Hartalega Holdings Berhad, Rubberex Corporation, Johnson Wilshire, Medline Industries, Inc., Dipped Products Plc, Protective Industrial Products, Inc., and many others.