SELBYVILLE, Del. - May 5, 2020 - (Newswire.com)
According to Global Market Insights, Inc., the isoprene rubber latex market was valued at $210 million in 2019 and is projected to surpass $320 million by 2026, registering a CAGR of 4.7% from 2020 to 2026. The report delivers a broad analysis of the competitive scenario, drivers and opportunities, key investment pockets, wavering market trends, industry size and estimations, and top winning strategies.
The manufacturing of condoms and medical gloves are the key applications of isoprene rubber latex. The high-quality surgical gloves have been extensively utilized in the healthcare sector in order to prevent any sort of cross-contamination among the patient and the doctor. Isoprene rubber is normally used as a replacement for natural rubber latex in these applications.
Condoms are expected to play a key role in the prevention of diseases and as a contraceptive due to the growing risk of sexually transmitted diseases amongst the young population around the world. Emerging countries with a large number of populations like Brazil, China, and India, among others, have observed a major increase in condom usage rates because of government efforts and raising awareness. Furthermore, these trends are likely to continue to expand, which is thereby expected to drive the isoprene rubber latex market growth in the coming years.
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Based on the application, the isoprene rubber latex market is classified into medical balloons & catheters, adhesives, medical gloves, and condoms. The isoprene rubber latex is used in the manufacturing of adhesives, mainly in CSA (cold seal adhesives). These adhesives are utilized in bonding paper, plastic, foil, etc. to each other without the need for heat and have also been manufactured by using natural rubber latex.
The cold seal adhesives are mostly used for the medical, food, and industrial packaging industries. The CSA based formulations are made of isoprene rubber latex which displays low tackiness, has better printability and better sealing properties than NR latex-based counterparts. The above-mentioned benefits will boost the use of IP latex to produce CSA in the coming years.
Based on the end-use industry, the market is bifurcated into consumer products, industrial sectors, and the medical sector. Among these, the industrial segment is likely to register approximately $5.3 million of revenue share in the total isoprene rubber latex market by 2026. Through the heat coagulation process, thin and wide rubber sheets can be manufactured using IR latex.
The rubber sheets are also used for the manufacturing of release membranes, bands, and drapes, among others. The industrial usage of isoprene rubber latex is one such area where devoted R&D activities by product manufacturers will bring in new application avenues for the isoprene rubber latex application in the coming years.
Key Reasons for Isoprene Rubber Latex Market Growth:
- The Asia-Pacific to hold the largest market share, owing to the strong presence of glove manufacturers.
- Increasing demand for medical gloves due to the ongoing COVID-19 efforts.
- Rise in strategic collaborations as companies focus on expanding geographical presence.
Latin America is likely to observe substantial growth, with a CAGR of 3.1%, and is likely to surpass nearly $11 million by 2026. The market will be mainly supplemented by an increase in the manufacturing of condoms in the region. The overall isoprene rubber latex market share for condoms in the six key Latin American countries that are Peru, Argentina, Brazil, Chile, Colombia, and Mexico was approximately $500 million back in 2016.
Among these, Brazil is the largest, followed by Mexico, Argentina, and Peru. Though imports coming from APAC make up most of the condoms in Latin America, domestic production has also expanded significantly throughout the years. This, in turn, is likely to offer promising growth opportunities for the isoprene rubber latex market in the region.
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Moreover, an increase in the glove manufacturing business in Mexico will also be the main growth promoter. Low manufacturing cost has further led to a rise in the production of gloves in Mexico.
North America is considered one of the major consumers of medical gloves globally, with the U.S. alone accounting for nearly 40% of the worldwide demand for surgical gloves.
Leading market players analyzed in the isoprene rubber latex industry research include Kent Elastomer Products, JSR Corporation, Puyang Linshi Chemical & New Material, Kuraray, and Kraton Corporation among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Original Source: Isoprene Rubber Latex Market Valuation to Exceed $320 Million by 2026, Says Global Market Insights, Inc.
