Sellbyville, DE -- (SBWire) -- 11/14/2018 --GMI presents a most up-to-date research on "Isoprene Rubber Latex Market– Global Industry Analysis, Size, Share, By Application (Medical Gloves, Medical Balloons & Catheters, Condoms, Adhesives), By End-user (Medical, Consumer Goods, Industrial) Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait) and Forecast 2018 – 2025".
According to a new research report by Global Market Insights, Inc. Isoprene Rubber Latex (IRL) Market size will likely surpass USD 340 million by 2025.
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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.
Positively inclining on the application landscape that majorly encompasses the healthcare & industrial sectors, the global isoprene rubber latex market has been carving a lucrative growth graph since the last few years. In the healthcare industry, rubber latex is widely used in the production of medical gloves, condoms, adhesives, medical balloons & catheters and other applications such as tube connector, medical stoppers, footwear, etc. It has been reported that medical gloves application is among one of the most chief segments that is profitably driving isoprene rubber latex industry share.
Another key application segment that has impelled isoprene rubber latex industry share is the soring worldwide production of condoms. The remarkable latex condoms product demand, given the increasing allergic reactions from natural rubber condoms, have prominently fueled isoprene rubber latex market share from condom application segment. It has been reported that more than 60% of condoms are now manufactured from latex, owing to their features of elasticity, strength, elongation, and softness.
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According to statistics provided on condom usage, reports claim that over 4.5 billion condoms are sold every year in the United States and the numbers are even more significant on the global scale. This robust product demand can be accredited to rising awareness toward condom usage as a contraceptive against birth control, sexually transmitted diseases, HIV, and other infections. In addition, the U.S. Centers for Disease Control and Prevention's statistics claims that over 20 million new cases of STD's are diagnosed every year in the United States and have significantly influenced condom demand.
According to reliable reports, the global condom industry is estimated to reach a net worth of USD 11 billion by 2025, with a CAGR of 7% over 2018-2025. And this rise in the condom market will directly impact the global isoprene rubber latex industry share in the ensuing years. Accumulating a profitable market chunk and forming a significant growth avenue, the IRL market from the condoms application segment is expected to record a y-o-y growth of 6% over 2018-2025.
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.
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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.
North America Isoprene Rubber Latex Market Growing at 6% CAGR Up to 2025
Based on application, the isoprene rubber latex market has been segmented into medical gloves, medical balloons & catheters, condoms, adhesives, and other niche applications such as medical stoppers, tube connector, bands, footwear, etc.