Unveiling isoprene rubber latex market trends in terms of the application landscape: medical gloves to witness considerable demand over 2018-2025
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.
China Isoprene Rubber Latex (IRL) Market Size, By End-user, 2014 – 2025 (USD Million)
Medical gloves application| Isoprene rubber latex market trends
Accounting for an overall industry valuation of USD 5 billion in 2017, estimates claim that global medical glove market will resister a y-o-y growth of 6% over 2018-2025. The robust product growth can be credited to the rising prevalence of chronic and acute diseases, which by extension has propelled the demand for personal and protective equipment in the medical space.
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On the regional front, the U.S. has emerged as a significant investment ground by showcasing highest demand for medical gloves. While considering the other aspects, the Asia Pacific belt has shown better growth prospects in terms of manufacturing and commercialization potential of medical gloves. Counting on these recent trends, it is pretty overt that the demand for medical gloves and balloons will play a critical role in the expansion of the global isoprene rubber latex market.
Condoms application | Isoprene rubber latex market trends
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.
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.
Speaking along similar lines, Asia Pacific, driven by rising population base & high prevalence of STDs is poised to exhibit a significant demand for condoms. Estimates claim that the global population hit 7.6 billion in 2018, of which China recorded major share of over 1.4 billion followed by India with 1.3 billion. This has considerably triggered the regional governments to control the rising population by promoting family planning and the use of contraceptives. Largely thriving on these trends and the high production rate of condoms, Asia Pacific accounted for the largest regional market for isoprene rubber latex amassing USD 160 million in 2017.
Beyond the vast scope in the medical application, isoprene rubber latex market is expected to diversify its growth avenues from the industrial sector, where it is used in the manufacturing of rubber sheets, adhesives, membranes, bands, and drapes. The product is also used in CSA (cold seal adhesives) which is used for bonding foil, plastics, paper, etc., in the medical, food, and industrial packaging applications. Boasting a vast application portfolio, it goes without saying that the global isoprene rubber latex industry has endorsed itself as one of the most remunerative businesses of the overall polymers & advanced materials, and is forecast to cross USD 340 million in terms of remuneration by 2025.
Author Name :Ojaswita Kutepatil