PUBLISHER: The Business Research Company | PRODUCT CODE: 1425858
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425858
Synthetic Latex Polymers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on synthetic latex polymers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for synthetic latex polymers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The synthetic latex polymers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Synthetic latex polymers are man-made substitutes for natural latex produced by combining petrochemical chemicals like styrene and butadiene to create SBR (styrene-butadiene rubber).
The primary types of synthetic latex polymers include styrene acrylic, styrene-butadiene, acrylic, vinyl acetate copolymer, polyvinyl acetate, vinyl acetate ethylene, among others. Styrene acrylic refers to a copolymer emulsion derived from styrene and acrylate, enhancing alkali and water resistance significantly. These synthetic latex polymers find applications in various industries such as paints and coatings, adhesives and sealants, nonwovens, carpets, paper and paperboard, among others. These applications span across sectors including construction, automotive, electronics, textiles, healthcare, and various other end-user industries.
The synthetic latex polymers market research report is one of a series of new reports from The Business Research Company that provides synthetic latex polymers market statistics, including synthetic latex polymers industry global market size, regional shares, competitors with synthetic latex polymers market share, detailed synthetic latex polymers market segments, market trends, and opportunities, and any further data you may need to thrive in the synthetic latex polymers industry. This synthetic latex polymers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The synthetic latex polymers market size has grown strongly in recent years. It will grow from $32.07 billion in 2023 to $33.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth observed during the historical period can be attributed to several factors, including industrialization and economic expansion, a surge in construction and infrastructure projects, heightened awareness of environmental impacts leading to increased use, growing demand within the automotive sector, and an expanding utilization in healthcare and medical device applications.
The synthetic latex polymers market size is expected to see strong growth in the next few years. It will grow to $41.62 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. Anticipated growth in the forecast period can be linked to several key factors, including a heightened focus on bio-based polymers, the expanding use of polymers in water-based formulations, a rising demand for tailored formulations, increased significance of lightweight materials across industries, a global emphasis on environmentally friendly and sustainable practices, and the integration of technology to enhance product properties. Key trends expected in the forecast period encompass technological advancements in polymerization processes, a growing application of polymers in non-woven fabrics, an increasing demand within the Asia-Pacific region, adherence to stringent environmental regulations, and the ability of the polymer industry to maintain resilience amid economic challenges.
The growth of the synthetic latex polymers market is anticipated to be propelled by an increase in construction activity. Construction activities encompass a range of tasks related to the development, alteration, and equipping of buildings, structures, and roadways. Synthetic latex polymers find extensive use in construction products such as paints, coatings, adhesives, and sealants to enhance elastomer properties, provide binding, and prevent cracking. For instance, in September 2022, the United States Census Bureau reported a 16.7% increase in new residential construction projects in the USA, with around 1,610 thousand projects initiated in 2021, compared to 1,379.61 thousand units in 2020. This surge in construction activities is a key driver for the synthetic latex polymers market.
The synthetic latex polymers market is expected to experience growth due to an upswing in the automotive industry. Synthetic latex polymers play a crucial role in this industry by serving as essential components in coatings, adhesives, sealants, and elastomers. These polymers contribute to the overall performance and durability of automotive products, providing protective layers on vehicles that enhance resistance to weathering, corrosion, and abrasion. According to a November 2022 article by AZoM Materials, the global market for automotive manufacturing was valued at $2.9 trillion in 2022, with the industry projected to continue growing at a CAGR of 3.71% between 2020 and 2030, reaching an estimated 122.83 million units by the end of the decade. The growth of the automotive industry is driving the demand for synthetic latex polymers.
Technological advancements are emerging as a significant trend in the synthetic latex polymers market. Major companies in the market are actively focusing on innovative technologies to maintain their competitive positions. For example, in February 2021, Bridgestone, Arlanxeo, and Solvay collaboratively launched Techsyn, a new platform for tire technology. Techsyn combines chemically enhanced synthetic rubber with specially formulated silica to achieve unparalleled strength and environmental performance in tires. This technology allows tires to achieve up to 30% greater wear efficiency and a reduction of up to 6% in rolling resistance, showcasing the market's commitment to technological innovation.
Major companies in the synthetic latex polymers market are actively engaging in strategic partnerships to reinforce their market positions. Business strategic partnerships involve structured affiliations between two or more commercial enterprises, typically established through one or more business agreements or contracts. In November 2022, LanzaTech Global, a US-based gas fermentation technology company, entered into a partnership with Sumitomo Riko Co. Ltd., a Japan-based rubber and synthetic resin products company. The collaboration is focused on reusing rubber, resin, and urethane waste for producing a crucial chemical intermediate, isoprene. This initiative aims to create a sustainable source of rubber through recycling, preserving material integrity without loss. This partnership showcases a commitment to environmental sustainability and innovative approaches within the synthetic latex polymers market.
In a strategic move in November 2021, Hextar Global Berhad, a Malaysia-based producer and distributor of agrochemicals, acquired TufBond Technologies Sdn Bhd for $2.76 million. This acquisition positions Hextar Global Berhad to diversify its customer base, extending its reach to include the construction, automotive, and textile industries. TufBond Technologies Sdn Bhd, based in Malaysia, specializes in the manufacturing of synthetic latex polymers. The acquisition aligns with Hextar Global Berhad's strategic goals for expansion and market diversification within the synthetic latex polymers sector.
Major companies operating in the synthetic latex polymers market report are Wacker Chemie AG, Apcotex Industries Limited, Arkema S.A., Arlanxeo Holding BV, Asahi Kasei Corporation, Bangkok Synthetics Co. Ltd., BASF SE, Celanese Corporation, Jubilant Agri & Consumer Products Ltd., Kumho Petrochemical Co. Ltd., LG Chem Ltd., Lion Elastomers LLC, OMNOVA Solutions Inc., Sumitomo Chemical India Ltd., Synthomer PLC, Dow Chemical Company, Trinseo S.A., Versalis SPA, Zeon Corporation, SIBUR International GmbH, The Lubrizol Corporation, The Goodyear Tire & Rubber Company, Eastman Chemical Company, Kuraray Co. Ltd., Synthomer Deutschland GmbH, Asahi Glass Co. Ltd., Nitriflex S/A Industria e Comercio, Ansell Limited, Momentive Performance Materials Inc., Kraton Corporation
Asia-Pacific was the largest region in the synthetic latex polymers market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the synthetic latex polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the synthetic latex polymers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The synthetic latex polymers market consists of sales of synthetic rubbers and synthetic latex such as carboxylate styrene-butadiene latex, nitrile latex, and high styrene rubber. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.