High Demand for Plastic and Polymers and Production of Renewable Isoprene to Augment Growth of Isoprene Monomer Market

 

Isoprene Monomer Market

Isoprene is a common organic compound used to make different types of rubber compounds, plastic, and other chemicals. It is also used as an intermediate into specialty chemicals, including vitamins, pharmaceuticals, flavorings, and perfumes, and epoxy hardeners.

Market Dynamics

High demand for plastic and polymers in packaging industry and significant growth in the industry is expected to propel growth of the global isoprene monomer market. For instance, in March 2019, Coca-Cola revealed that the company produces 3 million tons of plastic packaging a year, which is equivalent to 200,000 bottles a minute. Moreover, increasing expenditure on personal care products is also expected to aid in growth of the market. For instance, according to the U.S. Bureau of Labor Statistics, average annual expenditure on personal care products in the U.S. increased from US$ 707 in 2016 to US$ 768 in 2018.

Production of renewable isoprene is expected to offer lucrative growth opportunities for players in the global isoprene monomer market. For instance, in October 2020, Gevo, Inc., a renewable chemicals and advanced biofuels company, signed a joint development agreement with TOTAL Cray Valley, part of the Polymers division of Total SE (Paris), to upgrade fossil oils from ethanol production into renewable isoprene, ketones, aldehydes, or olefins

Among regions, Europe is expected to witness significant growth in the global isoprene monomer market, owing to growing pharmaceuticals sector in the region. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe invested US$ 19, 509 million in 2000, which increased to US$ 39,895 million (est.) in 2018. 

However, decline in production of rubber is expected to hinder growth of the global isoprene monomer market. Major factors attributing this decline include, a slowdown in the auto industry, a trade war between the United States and China, and the Covid-19 pandemic. For instance, according to the Society of Motor Manufacturers and Traders, the new car registrations in the U.K. decreased by 44% in March 2020 compared that in March 2019.

Competitive Analysis

Major players operating in the global isoprene monomer market include, Kraton Corporation, Royal Dutch Shell Plc., JSR Corporation, Kuraray Co., Ltd, Amyris, Inc., Precision Dippings Manufacturing Ltd., Exxon Mobil Corporation, and Zeon Corporation.

October 2019: Kraton Corporation agreed to sell its CariflexTM business unit to Daelim Industrial Co., Ltd. for a purchase price of US$ 530 million.


Location: India

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