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レポート概要
| 本調査資料は、世界のイソプレン市場について調査し、イントロダクション、調査手法、エグゼクティブサマリー、市場動向、用途別（タイヤ、医療、衣類＆履物、その他）分析、地域別分析、競争状況、市場機会/将来の見通しなどを徹底分析したものです。 ・イントロダクション ・調査手法 ・エグゼクティブサマリー ・市場動向 ・世界のイソプレン市場規模：用途別（タイヤ、医療、衣類＆履物、その他） ・世界のイソプレン市場規模：地域別 ・競争状況 ・市場機会/将来の見通し |
The Global Isoprene Market is projected to register a CAGR of more than 5% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. The global tire industry was hard hit in 2020 as the COVID-19 pandemic led to a sharp decline in demand for replacement tires and original equipment, forcing automakers to halt production. Isoprene is majorly consumed in rubber production, which is further used in tire production of tires. But currently, due to the pandemic, the shutdown of manufacturing facilities has declined the production of rubber, and thus a shrink can be experienced in the demand graph of isoprene market, globally. Whereas in the healthcare industry, the manufacturing level of ventilators and their system was at a high peak during the pandemic, and with the sudden growth in the healthcare ventilators market, the demand for polyisoprene has increased. Due to such factors, the isoprene market has resulted in significant growth, which had somehow created the stability of isoprene in the COVID-19 pandemic situation.
– Over the medium term, rising demand for tires in automotive industry leads to increase the growth of the market.
– Even after the sudden decline, the industry experts expect a rebound in auto demand in 2021. The growing trends of electric mobility and autonomous driving are propelling the demand of innovative tire design and production, which tends to upsurge the growth of isoprene market globally.
– However, the stringent regulation on synthetic chemicals to manufacture rubbers, tends to raise growth opportunity of alternative materials, which may constrain the demand of isoprene in upcoming years.
– Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Key Market Trends
Increasing Demand for Tires
– Isoprene is widely used in the manufacturing of tires, owing to its properties, such as flexibility, tensile strength, tear strength, and so on.
– According to the Bridgestone report 2020, the global tire sales in 2019 is approximately USD 166.96 billion, with the production of 1,840,000 tons. The key player in this market is Michelin, holding 15% of the market share followed by Bridgestone, and Goodyear, with 14.6% and 8.2% respectively. The other top companies in the tires market are Continental, Sumitomo, Pirelli, Hankook, Yokohama, Cheng Shin, Zhongce Rubber, Giti, and Toyo, among others.
– Also, according to French tire manufacturer Michelin, the automotive and light truck tire demand declined about 15% to 20% in 2020. The continuous shutdown of automotive manufacturing facilities has become the major reason, that has constrained the demand globally.
– In April 2019, Sumitomo Rubber Industries Ltd initiated production of truck and bus tires at its plant in Fazenda, Brazil following a USD 133 million, three-year expansion project. With the start of this expansion, the firm is better able to ensure a steady supply of truck and bus tires in Brazil, where the domestic demand is expected to grow by 2-3% per year for the foreseeable future.
– Pyramids Tires, a new tire manufacturer based in Port Said, northeast Egypt, USD 350 million Egyptian factory started its first tire roll production line in May 2020. However, the factory currently manufactures motorcycle, forklift and agricultural tires as part of the first phase of the plant’s development. The second phase, which is scheduled to be completed by the end of 2022, is expected to add passenger car, truck and off-the-road (OTR) tires to the company portfolio.
– However, the tire industries are all set for a comeback, and the upsurge in the growth rate will get visualize in the mid of 2021, which will increase the demand of isoprene.
– Owing to all these factors, the market for isoprene is likely to grow globally during the forecast period.
Asia-Pacific Region to Dominate the Market
– Asia-Pacific region dominated the global market share, as Asia-Pacific is the largest manufacturer of tires. In Asia-Pacific region, countries such as India, China, Japan, etc. are the largest producers of the automotive industry including cars and commercial vehicles.
– China is projected to produce 704 million tires per year by 2025, including 527 million passenger radial tires, 148 million truck/bus radial tires, 29 million bias truck tires, 20,000 extra-large industrial tires, 12 million agricultural tires, and 54,000 aircraft tires. In addition, China will produce 120.7 million motorcycle tires and 420 million bicycle tires annually by 2025.
– Japan possesses one of the largest rubber industries in the world, with a production volume of over 1.53 million metric tons of synthetic rubber in 2019. Furthermore, the country is ranked third in the world, only behind China and the United States, in terms of the total amount of rubber material consumed.
– Whereas, in India, according to Automotive Tyre Manufactures Association (ATMA), the tire production is calculated about 1919.81 lakhs units, and about 106.28 lakhs unit were exported in the year 2018-19.
– Furthermore, growing electric car production is propelling the demand for tires in countries, such as China, Japan, and others.
– According to International Energy Agency (IEA), the electric vehicles in China and Japan reached about 1.1 million units, and 0.04 million units respectively in 2019, whereas, in 2020 IEA stats the global production of about 2.3 million units.
– The growing demand of innovative tires to provide enough support to autonomous and electric vehicles tends to increase the demand of isoprene.
– China has one of the largest healthcare sectors in the world. In 2019, the medical market reached CNY 7.82 trillion (USD 1.1 trillion), an increase of 10% compared to the previous year. Moreover, the country’s 13th five-year plan prioritized health and innovation, which is expected to increase investments in the medical device manufacturing sector during the forecast period. This, in turn, is expected to raise the production of high-tech medical equipment to treat chronic and age-related diseases in the country, which may increase the demand for isoprene in the coming years.
– Also, the medical device market in China is considered to be one of the fastest growing market sectors and was estimated to cross over USD 95 billion by the end of 2020. The number of private hospitals in the country is relatively small and the healthcare product procurement is majorly driven by large public hospitals, which has led to the increasing usage of medical devices in public hospitals and thus has stimulated the demand for isoprene in the sector.
– The medical sector in the country is expected to reach USD 372 billion by 2022, mainly driven by increasing health awareness, access to insurance, rising income, and diseases. Currently, India has 750-800 medical device manufacturers, with an average investment of INR 170-200 million and an average turnover of INR 450-500 million. The Niti Aayog and ‘Made in India’ initiatives are further expected to increase the number of local medical device manufacturers in the future.
– The Indian government has started initiatives to decrease the imports of medical devices and increase the local production of medical devices, particularly higher-end products that include cancer diagnostics, ventilator systems, breathing separators, medical imaging, catheter, ultrasonic scans, and PCR technologies.
– Due to all such factors, the market for isoprene in the region is expected to have a steady growth during the forecast period.
Competitive Landscape
The Isoprene market is partially consolidated in nature. Some of the major players in the market include Chevron Phillips Chemical Company LLC, China Petrochemical Corporation, LyondellBasell Industries Holdings B.V., KURARAY CO. LTD, and LOTTE Chemical CORPORATION among others.
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1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Electric Vehicles
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Substitution of Alternative Chemicals
4.2.2 Impact of the COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porter’s Five Forces 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
5.1.1 Tires
5.1.2 Healthcare
5.1.3 Apparel and Footwear
5.1.4 Other Applications
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Canada
5.2.2.3 Mexico
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 United Kingdom
5.2.3.3 Italy
5.2.3.4 France
5.2.3.5 Rest of Europe
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 South Africa
5.2.5.3 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Chevron Phillips Chemical Company LLC
6.4.2 China Petrochemical Corporation (SINOPEC)
6.4.3 Dow
6.4.4 JSR Corporation
6.4.5 KURARAY CO., LTD.
6.4.6 LOTTE Chemical CORPORATION
6.4.7 LyondellBasell Industries Holdings B.V.
6.4.8 Pon Pure Chemicals Group
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