Newark, NJ, Feb. 03, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global isoprene rubber latex (IRL) market is expected to grow from USD 217.42 million in 2017 to USD 378.94 million by 2025, at a CAGR of 7.19% during the forecast period from 2018-2025.
Isoprene rubber latex shares same basic chemical formula as natural rubber and thus it can be termed as a synthetic version of natural rubber. Isoprene rubber latex exhibits superior low temperature flexibility, tear resistance, heat resistance, tensile strength, as well as resistance to many inorganic chemicals. Isoprene rubber latex has been extensively used in the manufacturing medical gloves. Increasing awareness about sanitation and hygiene, rising incidences of contagious disease outbreaks, along with development of healthcare facilities in emerging economies are anticipated to bolster the growth of global isoprene rubber latex market.
Isoprene rubber latex (IRL) offers purity and consistency, and thus, it is an ideal alternative to natural rubber while offering enhanced benefits to medical and consumer applications. Isoprene rubber latex market has expected to witness the steady growth in the recent years, as the material has found expansive use in products like medical balloons, catheters, and surgical gloves.
Global isoprene rubber latex (IRL) market is expected to witness rapid growth over the forecast period, owing to rising demand for the medical gloves from the healthcare industry and increase in awareness about personal hygiene and safety among the consumers. However, unsuitability for use with organic liquids and availability of other latex substitute products, are some of the factors anticipated to hinder the market growth over the forecast period. On the flip side, improvement in healthcare standards in developing economies around the world, is expected to offer additional opportunities for the isoprene rubber latex (IRL) vendors in the market.
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Key players operating in the global isoprene rubber latex (IRL) market include Kraton Corporation, JSR Corporation, Kuraray Co., Ltd., Elastomer Inc, Ansell Limited, Dipped Products Plc, Hartalega Holdings Berhad, Puyang Linshi Chemical & New Material Co., Ltd., Kent Elastomers, Zeon Corporation, Kossan Rubber Industries Bhd, Top Glove Corporation Bhd, Rubberex Corporation (M) Bhd., Johnson Wilshire Inc., Protective Industrial Products, Inc., Smart Glove Corporation Sdn. Bhd., and Southern Glove among others. To enhance their market position in the global isoprene rubber latex (IRL) market, the key players are now focusing on adopting the strategies such as recent developments, product innovation, joint venture, mergers & acquisitions, collaborations, and partnership. Major firms are increasingly investing on research and development activities for the development of newer products.
- For instance, in April 2016, Zeon Corporation announced the expansion of its annual production capacity at the Mizushima Plant for thermoplastic elastomers, which is used as a main raw material for adhesives, from 42,000 tons to 60,000 tons.
- In July 2018, Kraton Corp., one of the major players in the isoprene runner latex market, announced the launch of its medical and consumer products. Made up from the isoprene runner latex, during the 2018 International Rubber Glove Conference and Exhibition.
Medical gloves segment held the largest market share of 57.81% in 2017
Application segment is divided into medical gloves, medical balloons and catheters, condoms, adhesives, and others. Medical gloves segment emerged as the leading segment in global isoprene latex market with a 57.81% share of revenue in 2017. There is a high demand for isoprene latex for the development allergy-resistant surgical gloves. Adoption of improved healthcare standards in developing economies around the world and increasing awareness about personal hygiene and safety are some of the factors responsible for the growing demand for the medical gloves. Furthermore, rising regulatory norms regarding the use of personal protective equipment, further driving the growth gloves segment in the market.
Medical segment held the largest market share of 62.49% in 2017
End user is segmented into consumer goods, medical, and industrial. Medical segment led the demand for isoprene rubber latex with a 62.49% share of revenue in 2017. Isoprene rubber latex is increasingly being utilized in the production of medical supplies such as gloves, balloons and catheters on account of its non-allergic nature and superior puncture resistance. Several regulatory bodies such as FDA, continue to impose stringent requirement for the protection of surgical gloves, condoms, and medical stoppers. Therefore, the result is likely to lead the rising demand for the isoprene rubber latex in the medical industry, over the forecast period.
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Regional Segment Analysis of the Isoprene Rubber Latex (IRL) Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region emerged as the largest market for the isoprene rubber latex with a 48.61% share of market revenue in 2017. Improvement in healthcare standards around the Asia Pacific region as well as growth of medical tourism industry in the region is generating a huge demand for the surgical gloves, balloons, catheters made of isoprene rubber latex. In addition to this, growing awareness about safety and hygiene among the people, further contributing in the growth of market. Therefore, with these factors, Asia Pacific led the global demand for the isoprene latex rubber in 2017. North America is projected to account robust market share over the forecast period, owing to high demand for isoprene latex rubber products from its well-developed healthcare and industrial sectors.
About the report:
The global isoprene rubber latex (IRL) market is analysed on the basis of value (USD Million), volume (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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