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.
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. Isoprene Rubber Latex (IRL) Market size will likely surpass USD 340 million by 2025; according to a new research report by Global Market Insights, Inc.
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The Asia Pacific region will exhibit a significant demand for condoms in the future driven by a rapidly rising population and the increasing instances of Sexually Transmitted Diseases (STD). The global population was recorded at 7.6 billion in 2018, out of which China has the largest share of 1.4 billion, closely followed by India with 1.3 billion.
The governments of both these countries are taking steps to control their respective population by promoting the use of contraceptives. China and Malaysia are key condom manufacturing countries in the Asia Pacific region. Karex, based in Malaysia, is one of the largest condom manufacturing companies in the world which produced about 5 billion condoms in 2015, accounting for more than 15% of the global production. This high production rate of condoms in Asia Pacific will propel the isoprene rubber latex market development in the forecast years.
Condoms are a key application segment in the IRL market which is likely to gain by a CAGR of more than 6% in the forecast period. Increasing latex condoms demand coupled with increasing instances of allergic reactions towards natural rubber latex condoms will propel the isoprene rubber latex’s condom application segment’s industry development.
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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.
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.
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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.
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