Synthetic rubber such as polyisoprene latex has similar properties to natural rubber, along with additional protection and physical properties. Polyisoprene latex is extensively used for manufacturing products such as gloves, condoms, adhesives, and various PPE. Increasing demand from the medical sector is expected to drive the production of polyisoprene latex. As the preference of using PPE is increasing for the protection of medical workers and patients, manufactures are increasing investments toward product development in the polyisoprene latex market. Also, growing awareness regarding unplanned pregnancies and STDs is expected to propel the demand for polyisoprene latex from the wearable contraceptive market.
As per PMR estimates, the global polyisoprene latex market is estimated to expand at a CAGR of 8% in terms of value over the forecast period of 2020-2030.
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Key Takeaways – Global Polyisoprene Latex Market
- The global polyisoprene latex market is expected to grow at a significant rate and remain highly consolidated, owing to the prominence of the top four market leaders.
- Some prominent players involved in the global polyisoprene latex market are focusing on mergers & acquisitions and joint ventures to further strengthen their market presence in regional and international markets.
- Tier-1 manufacturers involved in the polyisoprene latex market are Daelim Industrial Co, Ltd., JSR Corp., Linshi Chemicals (Puyang) Advanced material Co. Ltd., and Bangkok Synthetics Co., Ltd, who hold a significant share of the overall market.
- East Asia and Europe, together, are expected to hold 50% of the global polyisoprene latex market share.
- Growing use of technology & automation in the medical sector is anticipated to be a key challenge faced by manufacturers in the polyisoprene latex market, globally.
“The polyisoprene latex market is highly consolidated, and hence, there is low bargaining power of buyers. There has been a huge increase in the demand for PPE from the medical sector, which, in turn, has shored up the demand for polyisoprene latex. Although the impact of COVID-19 has impacted the value chain and disrupted the supply & demand scenario of polyisoprene latex, manufactures are expected to majorly focus on demand from domestic markets,” says a PMR analyst.
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Market Landscape Moving toward Consolidation
The global polyisoprene latex market is highly consolidated, with a few manufacturers holding a majority of market share. TMmarket participants are anticipated to opt for organic as well as inorganic growth strategies, owing to increase in demand from the medical sector.
- On 30th January 2017, Ansell Limited acquired Nitritex Limited, a fast-growing U.K.-based manufacturer of premium cleanroom and healthcare life science consumables.
- On 23rd May 2017, Malaysia’s Top Glove Corporation acquired two plants, one a 43,300 sq. m and another a 7,700 sq. m facility, for a total of US$ 9.06 Mn, in a deal that is said will give the world’s largest rubber glove producer greater access to China.
With increasing demand for surgical and industrial gloves from the medical sector, and for industry-specific operations, the polyisoprene latex market is expected to grow at a healthy rate over the forecast period.
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