Isoprene Rubber (IR) in Primary Form Market

The global market for isoprene rubber (IR) in primary form is poised for growth over the period from 2022 to 2030, with forecasted increases in both volume and value. Consumption patterns have shown fluctuations, with the biggest rate of growth recorded in 2020. Key consuming countries include Germany, Taiwan, and China, while Russia leads in production. Import and export volumes have also seen fluctuations over the years, with differences in average prices amongst major exporting countries. Overall, the market is expected to see gradual growth in the coming years.

Market Forecast

Driven by rising demand for isoprene rubber (IR) in primary form worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market volume to 623K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $1.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Isoprene Rubber (IR) in Primary Forms

In 2022, approx. 511K tons of isoprene rubber (IR) in primary forms were consumed worldwide; with a decrease of -14% compared with the year before. Over the period under review, consumption continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 when the consumption volume increased by 9.3%. Global consumption peaked at 693K tons in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The size of the market for isoprene rubber (IR) in primary forms worldwide reduced modestly to $1.3B in 2022, dropping by -2.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a pronounced setback. The growth pace was the most rapid in 2021 when the market value increased by 8.1%. Global consumption peaked at $2B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Germany (45K tons), Taiwan (Chinese) (35K tons) and China (34K tons), together accounting for 22% of global consumption. The United States, Turkey, Romania, Malaysia, Japan, Thailand, the Netherlands, Poland, Russia and Belgium lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of +12.0%), while forms for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($125M), Germany ($103M) and Thailand ($89M) were the countries with the highest levels of market value in 2022, with a combined 24% share of the global market. China, Malaysia, the United States, Japan, Taiwan (Chinese), Romania, Turkey, Belgium, Poland and Russia lagged somewhat behind, together comprising a further 44%.

Among the main consuming countries, Romania, with a CAGR of +8.7%, saw the highest growth rate of market size over the period under review, while forms for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of isoprene rubber (IR) in primary form per capita consumption in 2022 were Taiwan (Chinese) (1,478 kg per 1000 persons), Belgium (1,419 kg per 1000 persons) and Romania (1,240 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of forms, amongst the main consuming countries, was attained by Romania (with a CAGR of +12.6%), while forms for the other global leaders experienced more modest paces of growth.

Production

World Production of Isoprene Rubber (IR) in Primary Forms

Global production of isoprene rubber (IR) in primary forms expanded slightly to 620K tons in 2022, surging by 1.8% on 2021. Over the period under review, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the production volume increased by 3.1%. Global production peaked in 2022 and is expected to retain growth in years to come.

In value terms, production of isoprene rubber (IR) in primary forms stood at $1.2B in 2022 estimated in export price. In general, production, however, continues to indicate a noticeable decrease. The pace of growth was the most pronounced in 2017 when the production volume increased by 8.7%. Over the period under review, global production of attained the peak level at $1.6B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

Russia (334K tons) remains the largest isoprene rubber (IR) in primary form producing country worldwide, accounting for 54% of total volume. Moreover, production of isoprene rubber (IR) in primary forms in Russia exceeded the figures recorded by the second-largest producer, Japan (81K tons), fourfold. The third position in this ranking was held by Germany (66K tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Russia was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Japan (-0.2% per year) and Germany (+0.3% per year).

Imports

World Imports of Isoprene Rubber (IR) in Primary Forms

In 2022, approx. 506K tons of isoprene rubber (IR) in primary forms were imported worldwide; reducing by -14.9% against 2021. Over the period under review, imports saw a noticeable downturn. The growth pace was the most rapid in 2021 when imports increased by 14%. Over the period under review, global imports of hit record highs at 653K tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, imports of isoprene rubber (IR) in primary forms expanded modestly to $1.4B in 2022. In general, imports showed a perceptible slump. The pace of growth was the most pronounced in 2021 when imports increased by 37% against the previous year. Global imports peaked at $2B in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports By Country

The countries with the highest levels of imports of isoprene rubber (IR) in primary forms in 2022 were China (55K tons), the United States (45K tons), Turkey (35K tons), Poland (34K tons), Malaysia (28K tons), Germany (25K tons), Romania (25K tons), Thailand (24K tons), Belgium (19K tons), Sri Lanka (16K tons), Spain (16K tons) and Vietnam (15K tons), together accounting for 67% of total import. Italy (15K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of +12.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($142M), Thailand ($133M) and Malaysia ($127M) constituted the countries with the highest levels of imports in 2022, together accounting for 29% of global imports. The United States, Turkey, Poland, Germany, Romania, Vietnam, Belgium, Sri Lanka, Italy and Spain lagged somewhat behind, together accounting for a further 42%.

Among the main importing countries, Sri Lanka, with a CAGR of +9.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for isoprene rubber (IR) in primary forms amounted to $2,727 per ton, increasing by 21% against the previous year. Overall, the import price, however, saw a slight setback. Over the period under review, average import prices reached the maximum at $3,101 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($5,591 per ton), while Poland ($1,839 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+10.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Isoprene Rubber (IR) in Primary Forms

In 2022, overseas shipments of isoprene rubber (IR) in primary forms increased by 0.9% to 615K tons, rising for the second year in a row after two years of decline. Over the period under review, exports recorded slight growth. The pace of growth was the most pronounced in 2021 with an increase of 16% against the previous year. Over the period under review, the global exports of reached the peak figure at 620K tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, exports of isoprene rubber (IR) in primary forms totaled $1.4B in 2022. Overall, exports, however, showed a slight contraction. The pace of growth was the most pronounced in 2021 with an increase of 39% against the previous year. The global exports peaked at $1.7B in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, Russia (322K tons) was the main exporter of isoprene rubber (IR) in primary forms, creating 52% of total exports. Japan (72K tons) ranks second in terms of the total exports with a 12% share, followed by Germany (7.4%) and the United States (5.1%). The following exporters - China (21K tons), Italy (19K tons), Poland (17K tons), Taiwan (Chinese) (14K tons), Brazil (13K tons), France (13K tons) and Turkey (10K tons) - together made up 17% of total exports.

Exports from Russia increased at an average annual rate of +1.7% from 2012 to 2022. At the same time, Turkey (+51.8%), China (+24.3%), Brazil (+14.7%), Japan (+2.3%) and Taiwan (Chinese) (+1.4%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +51.8% from 2012-2022. France and Italy experienced a relatively flat trend pattern. By contrast, the United States (-1.4%), Poland (-3.7%) and Germany (-5.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Russia, China, Turkey and Brazil increased by +3.5, +2.9, +1.6 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest isoprene rubber (IR) in primary form supplying countries worldwide were Russia ($532M), Japan ($297M) and the United States ($135M), together accounting for 69% of global exports. China, Brazil, Germany, Poland, Italy, Taiwan (Chinese), France and Turkey lagged somewhat behind, together accounting for a further 22%.

Among the main exporting countries, Turkey, with a CAGR of +46.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average export price for isoprene rubber (IR) in primary forms stood at $2,281 per ton in 2022, surging by 3.7% against the previous year. Over the period under review, the export price, however, showed a pronounced descent. The pace of growth was the most pronounced in 2021 when the average export price increased by 19%. Over the period under review, the average export prices reached the peak figure at $2,990 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($4,334 per ton), while Germany ($1,185 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.2%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform