Global Polyisoprene Market Report and Forecast 2024-2032

Global Polyisoprene Market Size

The global polyisoprene market value reached a volume of almost 18.56 million tons in the year 2023. The polyisoprene market is further expected to grow at a CAGR of 5.5% between 2024 and 2032 to reach a volume of almost 30.05 million tons by 2032.

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Global Polyisoprene Market Growth

The global polyisoprene industry growth is being driven by the rising demand for tyres as the demand for vehicles increases in emerging economies due to rising disposable income. The largest synthetic polyisoprene market is represented by Russia as the country holds more than a third of the total global consumption of the product.

Natural polyisoprene leads the market in China. Poland is the biggest importer of synthetic polyisoprene, while Malaysia imports the most natural rubber. Russia is the top exporter of synthetic polyisoprene, and Thailand is the leading exporter of natural rubber, driving polyisoprene market demand.

Global Polyisoprene Market Analysis

The polyisoprene market trends and dynamics are driven by its widespread use in food- and medical-grade products like surgical gloves, hospital sheeting, milk tubing, baby bottle nipples, and condoms, due to its high gum tensile strength and purity.

The growth of the polyisoprene market is further aided by using the product in the manufacture of tyres, hoses, door and window profiles, matting, and belts. The demand for these products is increasing as the per capita income of individuals is increasing, along with enhancing living standards, especially in emerging economies.

Global Polyisoprene Industry Outlook

The Japan Automobile Tyre Manufacturers Association, Inc. reported that automobile tire production in 2022 reached 132.45 million units. Passenger car tyres totalled 94.79 million units, representing 94.5% of the previous year's output. Light truck tyre production reached 21.98 million units, maintaining 99.6% of the 2021 level. Truck and bus tyre production increased significantly to 10.67 million units, a 5.1% rise from 2021, driving polyisoprene market revenue.

India's total tyre production surged to 2173.52 lakh units in 2022-23, up from 1919.81 lakh units in 2018-19, reflecting a 13.2% increase. Agricultural and tractor tyre production has been estimated at 103.81 lakh units. The production of total commercial vehicle (CV) tyres, including truck and bus (T&B) and light truck tyres, increased to 314.07 lakh units, marking an 11% increase from 2021-22. Passenger car tyre production increased by 7%, reaching 582.40 lakh units. Meanwhile, production of two- and three-wheeler tyres (motorcycle and scooter) rose significantly to 1146.28 lakh units, as the Automotive Tyre Manufacturers’ Association reported.

According to Tyre Stewardship Australia, Australia consumed approximately 760,000 tonnes of new tires in 2022-23. Passenger tyres comprised about 37% of this total, truck tyres accounted for around 30%, and off-the-road (OTR) tyres comprised the remaining 33%, indicating substantial consumption across these three primary categories.

According to the United States International Trade Commission, U.S. footwear exports reached USD 1,138 million in 2020. In 2021, this has been increased slightly to USD 1,147 million, a 0.8% year-over-year rise. In 2021, the primary export destinations were Vietnam (USD 178 million, 15.5%), Canada (USD 147 million, 12.8%), and China (USD 118 million, 10.2%), collectively accounting for 28.9% of the total export value, boosting the demand of the polyisoprene market.

Polyisoprene is highly compatible with biological systems, making it ideal for medical applications like surgical gloves.

• Offers superior elasticity and resilience, making it a preferred material in rubber production.

• Increasing demand for eco-friendly alternatives drives polyisoprene market growth due to its biodegradable nature.

Production costs can be higher compared to synthetic alternatives, impacting affordability.

• Relies on a steady supply of natural rubber latex, susceptible to price fluctuations and supply chain disruptions.

• Narrower range of applications compared to synthetic rubbers like styrene-butadiene rubber (SBR).

Rising healthcare expenditure globally boosts the polyisoprene demand growth in medical devices and pharmaceuticals.

• Innovations in processing techniques and product development expand application possibilities.

• Increasing regulations on plastic usage favour biodegradable materials like polyisoprene.

Intense competition from synthetic rubbers and other natural rubbers like natural rubber latex.

• Vulnerability to fluctuations in natural rubber latex supply and price volatility.

• Mature markets in developed regions may limit growth opportunities, requiring a focus on emerging economies for expansion.

Key Players in the Global Polyisoprene Market and Their Key Initiatives

PJSC Nizhnekamskneftekhim

• Signed contracts with haldor topsoe for license and engineering services for a methanol unit.

• Upgraded facilities with cutting-edge technology meet the growing demand of the polyisoprene market. 

Kuraray Europe GmbH

• Develops high-barrier, recyclable resin for paper coating. 

• Entered into a distribution agreement for MOWITAL® with Gehring-Montgomery in the USA. 

Shell Chemicals

• Packaging made with up to 40% recycled plastic.

• Implemented advanced recycling technologies to capture the polyisoprene market opportunities. 

Kent Elastomer Products, Inc

• Enhanced R&D capabilities for product innovation. 

• Enhanced sustainable manufacturing processes.

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Global Polyisoprene Industry Segmentation

“Global Polyisoprene Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type 

• Natural

• Synthetic

Market Breakup by Application 

• Tyres and Related Products

• Latex Products

• Footwear

• Non-Automotive Engineering

• Belting and Hose

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Polyisoprene Market Share

The polyisoprene industry is aided by the accelerating sales of automobiles, which has resulted in the demand for polyisoprene in this industry. Besides, ongoing research and development within the industry have resulted in the introduction of new polyisoprene compounds, which display properties like low needle penetration resistance and high reseal ability, making them an ideal option for manufacturing injection septa.

Polyisoprene is increasingly chosen due to its main feedstock, isoprene, which offers lower supply volatility risks, minimizes fluctuating supply costs, and enables efficient production planning, thereby driving the polyisoprene industry revenue.

Leading Companies in the Polyisoprene Market

The company’s focus is on innovation in materials and chemicals, specializing in advanced products such as speciality chemicals, resins, and synthetic fibres.

• PJSC Nizhnekamskneftekhim 

• Kuraray Europe GmbH 

• Shell Chemicals 

• Kent Elastomer Products, Inc 

• ExxonMobil Chemical 

• Others

Key Highlights of the Report

Polyisoprene Market Report Snapshots

Polyisoprene Market Size

Polyisoprene Market Growth

Polyisoprene Market Analysis

Polyisoprene Market Share

Polyisoprene Companies