DUBLIN, July 11, 2019 /PRNewswire/ -- The "Isoprene Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The market for isoprene is expected to grow at a CAGR of 5.14% during the forecast period of 2019-2024. The major factor which is driving the market studied is the growing demand from the automotive industry in Asia-Pacific.
- Tires segment dominated the market in 2018 and is expected to grow during the forecast period. This is primarily due to the rising production of various automobiles across the globe.
- Decreasing demand for natural rubber is likely to act as an opportunity for isoprene in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Increasing Demand of Tire
- Isoprene is widely used in the manufacturing of tires owing to properties such as flexibility, tensile strength, tear strength, etc.
- Globally the demand for tires is increasing. In 2014 the demand for tires was about 2.84 billion units and in 2018 the demand was about 3.66 billion units which are an increase of 6.55% between 2014-2018.
- Globally, the revenue of the tire and rubber industry is around USD 18 billion primarily from industries such as aerospace, automotive, etc.
- Furthermore, the manufacturing companies of tires and rubber are increasing globally. In the United States, the tire production company increased around 111 business and in Europe, around 4,300 businesses.
- Companies such as Bridgestone (Japan), Michelin (France), Goodyear (U.S.), Continental (Germany), Sumitomo Rubber Industries (Japan) are major producers of the tire in the world.
- This scenario, in turn, is expected to boost the demand of the market studied.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. Globally, the demand for the tire in 2018 was valued at around 1,624 million units.
- Asia-Pacific is the largest manufacturer of tires. Furthermore, the export of tires from Asia in 2017 was around USD 33.9 billion, which is about 45% of exported tire sales globally, followed by Europe holding a share about 41% and about 10% of the exported tire sales in North America.
- In the Asia-Pacific region, India is one of the largest producers of the automotive industry including cars and commercial vehicles. The production of total vehicles in India in 2018 was about 5,174,645 units with the increase in production from the previous year.
- China is the leading producer of the automotive industry and the production of total vehicles was about 27,809,196 units in 2018.
- Aforementioned factors are likely to drive the market in the forecast period.
The isoprene market is partially consolidated. The major companies include Chevron Phillips Chemical Company, China Petrochemical Corporation, DowDuPont, Kuraray Co, etc.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand of Automotive Industry in Asia-Pacific
4.2.1 Substitution of Alternative Chemicals
4.3 Industry Value-Chain Analysis
4.4 Porters Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 By Application
5.1.3 Apparel & Footwear
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.2.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.2.4 South America
220.127.116.11 Rest of South America
5.2.5 Middle East & Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Chevron Phillips Chemical Company
6.4.2 China Petrochemical Corporation
6.4.4 JSR Corporation
6.4.5 Kuraray Co. Ltd.
6.4.6 Lotte Chemical Corporation
6.4.7 LyondellBasell Industries
6.4.8 Pon Pure Chemicals
6.4.9 Royal Dutch Shell PLC
6.4.10 Zibo Luhua Hongjin New Material Co. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Gradually Decreasing Demand for Natural Rubber
For more information about this report visit https://www.researchandmarkets.com/r/xr3qvi
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:http://www.prnewswire.com/news-releases/the-world-isoprene-market-2019-2024-growing-demand-from-the-automotive-industry-in-asia-pacific-is-spurring-market-growth-300883378.html
SOURCE Research and Markets