North America Isoprene Market 2023-2030

North America Isoprene Market 2023-2030

Market Outlook

Triton Market Research’s report infers that North America’s isoprene market is estimated to register a compound annual growth rate of 7.40% and 4.91% in revenue and volume, respectively, over the years from 2023 to 2030. Canada and the United States are examined in the given region.

In 2022, the production of truck and bus tires increased by approximately 0.2% in the US. As for light truck tires, production showed a slight increase over the previous year, as reported by USTMA data. Moreover, imports grew by roughly 4.9% in 2022, contributing to the gain in market share. Further, medium truck/bus tires saw a 10% increase, reaching 6.5 million units in 2022. All these factors are expected to drive increased demand and adoption of isoprene in tire manufacturing in the country.

In 2020, the Canadian government published a Performance Measurement Evaluation concerning the Risk Management of isoprene. The evaluation determined that the implemented risk management measures helped protect the health of Canadians, especially concerning the threats identified in the screening assessment, particularly during synthetic rubber production. Nevertheless, the isoprene market is anticipated to experience substantial growth due to the expansion of the automotive industry and rubber manufacturing.
Competitive Outlook
The renowned companies in the isoprene market consist of Braskem, Exxon Mobil Corporation, China Petrochemical Corporation (Sinopec), Kuraray Co Ltd, and Shell Plc.