Middle East And Africa Isoprene Market 2023-2030

Middle East And Africa Isoprene Market 2023-2030

Market Outlook

Triton Market Research’s report states that the isoprene market in the Middle East and Africa is predicted to display a CAGR of 5.74% in revenue and 3.28% during the forecast years 2023-2030. Turkey, Saudi Arabia, South Africa, the UAE, Egypt, and Rest of Middle East & Africa are reviewed in the region.

In Turkey, the automotive industry has experienced significant growth. According to the Turkish Automotive Manufacturers’ Association, motor vehicle output in December 2022 reached 142,314 units, representing an 8.2% increase compared to 2021. Consequently, this growth is expected to drive an increased demand for isoprene, used in manufacturing automotive components, thereby positively impacting isoprene market growth during the forecast period.

In 2020, Saudi Arabia accounted for over 52% of automobile sales in the Gulf Cooperation Council (GCC) and 35% in the MENA area. Moreover, vehicle sales in Saudi Arabia reached around 436,000 in 2020. Looking ahead, sales are expected to reach 543,000 units by 2025. To achieve the Kingdom’s Vision 2030 target of producing 300,000 vehicles annually, the National Industrial Development Centre (NIDC) aims to attract three to four original equipment manufacturers. These developments are expected to generate opportunities for the isoprene market.
Competitive Outlook
The prominent companies in the isoprene market are Shell Plc, JSR Corporation, Kuraray Co Ltd, Braskem, and The Dow Chemical Company.