Isoprene Rubber Latex Market Its Competitive Analysis Between 2018 – 2025
Growing demand for condoms all
over the world will propel the isoprene rubber latex market development. The
global condom industry is likely to grow with a CAGR of more than 7% and reach
a net worth of about USD 11 billion by 2025. A rise in the condom demand will
directly increase product consumption as more than 60% of the condoms are made
of latex.
Latex condoms are best known for
their strength, elasticity, softness, and elongation. Increasing production of
condoms will boost product consumption and help the IRL market to grow in the
forecast period. Isoprene Rubber Latex (IRL) Market size will likely surpass
USD 340 million by 2025; according to a new research report by Global Market
Insights, Inc.
The Asia Pacific region will
exhibit a significant demand for condoms in the future driven by a rapidly
rising population and the increasing instances of Sexually Transmitted Diseases
(STD). The global population was recorded at 7.6 billion in 2018, out of which
China has the largest share of 1.4 billion, closely followed by India with 1.3
billion.
The governments of both these
countries are taking steps to control their respective population by promoting
the use of contraceptives. China and Malaysia are key condom manufacturing
countries in the Asia Pacific region. Karex, based in Malaysia, is one of the
largest condom manufacturing companies in the world which produced about 5
billion condoms in 2015, accounting for more than 15% of the global production.
This high production rate of condoms in Asia Pacific will propel the isoprene
rubber latex market development in the forecast years.
Condoms are a key application
segment in the IRL market which is likely to gain by a CAGR of more than 6% in
the forecast period. Increasing latex condoms demand coupled with increasing
instances of allergic reactions towards natural rubber latex condoms will
propel the isoprene rubber latex’s condom application segment’s industry
development.
Consumer products is an important
end-user segment in the isoprene rubber latex market which is likely to
register a revenue exceeding USD 55 million by 2025. Condoms, footwear, and
baby nipples are some of the consumer products which are manufactured using
IRL. Increasing production of condoms in the Asia Pacific region will propel
the consumer product category’s market development.
Europe is a key IRL market which is likely to
gain by a CAGR of around 5.5% in the forecast period. The presence of large
condom manufacturing countries such as UK, Germany, France, etc. will propel
the regional isoprene rubber market development. Increasing production of
medical supplies in Europe will also contribute towards the product industry
development in the forecast years.
There are limited number of
companies that manufacture isoprene rubber latex and there are ample
opportunities for new players to enter the competition. The manufacturers of
IRL include Kraton, Kuraray, JSR Corporation, Kent Elastomers, and Puyang
Linshi Chemical. New market entrants will have to compete with these existing
players in terms of cost and economies of scale.
About Global Market Insights,
Inc.
Global Market Insights, Inc., headquartered in
Delaware, U.S., is a global market research and consulting service provider;
offering syndicated and custom research reports along with growth consulting
services. Our business intelligence and industry research reports offer clients
with penetrative insights and actionable market data specially designed and
presented to aid strategic decision making. These exhaustive reports are
designed via a proprietary research methodology and are available for key
industries such as chemicals, advanced materials, technology, renewable energy
and biotechnology.
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Global Market Insights, Inc.
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Isoprene Rubber Latex Market Its Competitive Analysis Between 2018 – 2025
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Reviewed by GMI
on
September 28, 2018
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