Polyisoprene latex is a synthetic, water-based polymer latex used in various sectors including the medical and contraceptive market. Its demand in the contraceptive market is high to prevent unintended pregnancies and sexually transmitted diseases. Data released by market research firm Persistence Market Research showed that the global polyisoprene latex market will reach $236 million by 2030.
The construction of a 61,000 square meter-wide plant began on July 28 in Singapore's Jurong Island targeting the Southeast Asian market where main manufacturing plants for surgical gloves and condoms are located, DL Chemical said in a statement. Commercial production is to begin in the second half of 2024. About 500 billion won ($384 million) will be injected.
"The Singapore plant is expected to increase our global polyisoprene latex production capacity by over 50 percent," said Cariflex CEO Prakash Kolluri. "This underscores Singapore's value as a resilient and key supply chain node to serve healthcare and hygiene markets in Asia," said Tan Kong Hwee, vice president of the Economic Development Board (EDB), a government agency that overlooks global investment in Singapore.
DL Chemical acquired Cariflex in a $530 million deal in 2020 from Krafton, a U.S. chemical company that produces eco-friendly adhesives and highly functional tire materials. In September 2021, DL Chemical acquired Kraton to establish itself as a global player in the bio-chemical industry for 1.89 trillion won.
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