High Demand for Plastic and Polymers and Production of Renewable Isoprene to Augment Growth of 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 f...