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Synthetic Latex Polymers Market - Forecast(2024 - 2030)
Synthetic Latex Polymers Market Overview
The Synthetic Latex Polymers market size is estimated to reach US$47.2 billion by 2030, after growing at a CAGR of 4.3% during the forecast period 2024-2030. Synthetic latex is an aqueous dispersion of petroleum polymers. It is a synthetic substance that has high strength, flexibility and water resistance qualities. Synthetic latex polymers such as vinyl acetate ethylene, styrene acrylics, styrene-butadiene, acrylic and more ensure superior crack resistance, abrasion resistance and better aging characteristics. As a result, synthetic latex polymers are often utilized in various end-use industries, including paper and paperboard, construction and more. The booming automotive industry is the primary factor driving the synthetic latex polymers market size growth. Moreover, the surging building and construction activities at the global level are accelerating the demand for building materials. This, in turn, is driving the synthetic latex polymers market growth.
Environmental concerns and regulatory pressures are propelling the industry towards more sustainable practices. Manufacturers are investing in research and development to create synthetic latex polymers with reduced environmental impact. This includes developing bio-based raw materials, improving production processes to minimize emissions and waste, and enhancing recyclability and biodegradability of end products. Additionally, there's a growing demand for eco-friendly latex polymers in various applications such as coatings, adhesives, and sealants.
Rapid advancements in polymer chemistry and technology are driving innovation in the synthetic latex polymers market. Companies are focusing on developing new formulations with improved performance characteristics, such as enhanced durability, flexibility, and resistance to harsh environments. Moreover, the advent of novel manufacturing techniques, like emulsion polymerization and miniemulsion polymerization, is enabling the production of tailor-made latex polymers with precise properties for specific applications. These technological advancements are fueling product differentiation and market competitiveness in various industries, including construction, automotive, textiles, and healthcare.
Market Snapshot:
COVID-19 Impact
The COVID-19 pandemic has significantly impacted the Synthetic Latex Polymers market. With lockdowns, supply chain disruptions, and economic slowdowns, the demand for synthetic latex polymers witnessed fluctuations. Industries such as construction, automotive, and textiles, which are major consumers of synthetic latex polymers, experienced reduced activity, leading to a decrease in demand. However, sectors like healthcare and packaging saw increased demand for latex-based products such as gloves and packaging materials. The pandemic also accelerated trends towards sustainability, driving the demand for eco-friendly latex alternatives. Additionally, manufacturers faced challenges in raw material procurement and transportation, affecting production capacities. Despite these challenges, the market is expected to recover gradually as economic activities resume and demand stabilizes, albeit with a shift towards sustainable and innovative latex polymer solutions.
Report Coverage
The "Synthetic Latex Polymers Market Report–Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Synthetic Latex Polymers Market.
By Form: Liquid, Powder and Granules.
By Product Type: Styrene Acrylic, Styrene Butadiene, Acrylic, Vinyl Acetate Copolymer, Polyvinyl Acetate, Vinyl Acetate Ethylene and Others.
By Application: Processed Paper, Adhesives & Sealants, Paints & Coatings (Architectural, Industrial and Special Purpose), Packaging, Rubber Gloves, Automotive Parts (Belt, Brake Pads and Others), Non-woven Fabrics and Others.
By End-Use Industry: Building & Construction (Residential, Commercial, Industrial and Infrastructure), Automotive (Passenger Vehicles (PV), Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV)), Electrical & Electronics (Television, Computers, Smartphones, Wires & Cables and Others), Textile, Paper & Paperboard, Healthcare, Cosmetics & Personal Care (Hair Care, Skin Care and Others) and Others.
By Geography: North America (USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World [Middle East (Saudi Arabia, UAE, Israel and Rest of Middle East) and Africa (South Africa, Nigeria and Rest of Africa)].
Key Takeaways
• Asia-Pacific dominated the Synthetic Latex Polymers Market, owing to the automotive industry growth in the region. According to the China Association of Automobile Manufacturers (CAAM), in 2023, the total number of cars manufactured in China was 30.1 million units, an increase of 11.6% over 2022.
• The crucial determinants such as increasing disposable income, surging demand for commercial space and others are driving the growth of building and construction activities. This factor is accelerating market growth.
• Styrene acrylics are being used more often in binders and roof coatings. As a result, the surging adoption of styrene acrylics is benefiting the market growth.
• However, the fluctuations in the raw materials prices of Synthetic Latex Polymers may restrict the market growth during the forecast period of 2024-2030.
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Synthetic Latex Polymers Market Analysis – By Application
The paints & coatings segment held the significant Synthetic Latex Polymers Market share in 2023 and is projected to grow at a CAGR of 4.5% during the forecast period 2024-2030. The crucial properties of synthetic latex polymers such as vinyl acetate ethylene, styrene acrylics, and more include their high gel content, high molecularweight, high cohesive strength, strong self-tack and more. These qualities ensure that coatings are simple to apply and quick to dry, making them perfect for a production process. The absence of gas emissions during the drying process is especially advantageous and can significantly affect the duration and expense of the painting process. This factor makes synthetic latex polymers ideal for paints and coatings applications. Thus, the surging adoption of synthetic latex polymers in paints and coatings is accelerating market growth.
Synthetic Latex Polymers Market Analysis – By End-Use Industry
The automotive segment held the largest Synthetic Latex Polymers Market share in 2023 and is estimated to grow at a CAGR of 4.7% during the forecast period 2024-2030. Synthetic latex polymers are employed in the automotive industry for the treatment of cord and fabric in high-performance belts. The increasing purchasing power of people, growth of the logistics industry and others are the crucial determinants driving the growth of the automotive industry. For instance, according to the European Automobile Manufacturers’ Association (ACEA), in 2023, 10.5 million vehicles were produced in the European Union region, an increase of 13.9% over 2022. Hence, the bolstering automotive industry is fueling the demand for belts, O-rings and other automotive parts. This factor is propelling market growth.
Synthetic Latex Polymers Market Analysis – By Geography
Asia-Pacific is the dominating region as it held the largest Synthetic Latex Polymers Market share in 2023 up to 48.1%. The surge in the sectoral growth of the Asia-Pacific countries is due to the expansion of the various industries, including automotive, building & construction and more. The key variables such as the rapid phase of industrialization, increasing consumer income, and others are the vital factors driving the automotive industry growth in Asia-Pacific. For instance, according to the China Association of Automobile Manufacturers (CAAM), in 2023, the total number of cars manufactured in China was 30.1 million units, an increase of 11.6% over 2022. Therefore, the surge in the production of automobiles in Asia-Pacific is fueling the demand for automotive parts. As a result, it is expected the demand for synthetic latex polymers will surge. This, in turn, will propel the synthetic latex polymers market size growth during the projected forecast period.
Synthetic Latex Polymers Market Drivers
The Surging Adoption of Styrene Butadiene in the Paper and Paperboard Industry:
Styrene-butadiene latex formulations are frequently used as a coating in paper products such as magazines, flyers and catalogs to achieve a high gloss, good printability and oil and water resistance. The factors such as the growth of the paper packaging industry, surging demand from the printing and stationery industry and other factors are accelerating the paper and paperboard industry growth. Hence, the growth of the paper and paperboard industry is fueling the demand for styrene-butadiene latex, which, in turn, is propelling the market growth.
Bolstering Construction Industry:
Synthetic Latex Polymers are employed in the construction products such as paints & coatings, adhesives & sealants and more to enhance the elastomer property, binding and prevent cracking. Factors such as robust demand for larger commercial spaces, strong federal government policies for the residential sector and more are aiding the construction activities growth. For instance, an estimated 1,469,800 housing units were authorized by building permits in 2023. Thus, the growth of construction activities fuels the demand for construction products such as paints & coatings, adhesives & sealants and more. This, in turn, is driving market growth.
Synthetic Latex Polymers Market Challenge
Fluctuations in the Raw Materials Prices:
Synthetic Latex Polymers are derived from crude oil-based styrene and butadiene using chemical catalysts obtained from emulsion polymers. The ongoing Russia-Ukraine war has highly impacted crude oil prices. The surge in the crude oil price impacts the prices of raw materials. As a result, synthetic latex polymer manufacturers are increasing their prices. For instance, in June 2022, Zeon Corp. in Tokyo announced price increases for both its synthetic latex and synthetic rubber products. Thus, the fluctuations in the prices of raw materials are restricting the growth of the synthetic latex polymers industry.
Synthetic Latex Polymers Industry Outlook
Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Synthetic Latex Polymers Market. The top 10 companies in the Synthetic Latex Polymers Market are:
1. Apcotex Industries Limited
2. Arkema Group
3. BASF SE
4. The Dow Chemical Company
5. Jubilant
6. Kumho Petrochemical Co., Ltd.
7. LG Chem
8. Lion Elastomers
9. SIBUR International GmbH
10. Zeon Europe GmbH
Recent Developments
• In November 2021, Hextar Global Bhd, headquartered in Malaysia acquired TufBond Technologies Sdn Bhd, a manufacturer of synthetic latex polymers. The acquisition enables Hextar to expand its synthetic latex polymers industry.
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1. Synthetic Latex Polymers Market - Overview
1.1 Definitions and Scope
2. Synthetic Latex Polymers Market - Executive Summary
2.1 Key Trends by Form
2.2 Key Trends by Product Type
2.3 Key Trends by Application
2.4 Key Trends by End-use Industry
2.5 Key Trends by Geography
3. Synthetic Latex Polymers Market – Comparative analysis
3.1 Market Share Analysis - Major Companies
3.2 Product Benchmarking - Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis - Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Synthetic Latex Polymers Market - Startup companies Scenario Premium Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Synthetic Latex Polymers Market – Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. Synthetic Latex Polymers Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porter's Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Synthetic Latex Polymers Market – Strategic Analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Synthetic Latex Polymers Market - by Form (Market Size – US$ Million/Billion)
8.1 Liquid
8.2 Powder
8.3 Granules
9. Synthetic Latex Polymers Market - by Product Type (Market Size – US$ Million/Billion)
9.1 Styrene Acrylic
9.2 Styrene Butadiene
9.3 Acrylic
9.4 Vinyl Acetate Copolymer
9.5 Polyvinyl Acetate
9.6 Vinyl Acetate Ethylene
9.7 Others
10. Synthetic Latex Polymers Market - by Application (Market Size – US$ Million/Billion)
10.1 Processed Paper
10.2 Adhesives & Sealants
10.3 Paints & Coatings
10.3.1 Architectural
10.3.2 Industrial
10.3.3 Special Purpose.
10.4 Packaging
10.5 Rubber Gloves
10.6 Automotive Parts
10.6.1 Belt
10.6.2 Brake Pads
10.6.3 Others
10.7 Non-woven Fabrics
10.8 Others
11. Synthetic Latex Polymers Market - by End-use Industry (Market Size - US$ Million/Billion)
11.1 Building & Construction
11.1.1 Residential
11.1.2 Commercial
11.1.3 Industrial
11.1.4 Infrastructure
11.2 Automotive
11.2.1 Passenger Vehicles (PV)
11.2.2 Light Commercial Vehicles (LCV)
11.2.3 Heavy Commercial Vehicles (HCV)
11.3 Electrical & Electronics
11.3.1 Television
11.3.2 Computers
11.3.3 Smartphones
11.3.4 Wires & Cables
11.3.5 Others
11.4 Textile
11.5 Paper & Paperboard
11.6 Healthcare
11.7 Cosmetics & Personal Care
11.7.1 Hair Care
11.7.2 Skin Care
11.7.3 Others
11.8 Others
12. Synthetic Latex Polymers Market - by Geography (Market Size - US$ Million/Billion)
12.1 North America
12.1.1 the USA
12.1.2 Canada
12.1.3 Mexico
12.2 Europe
12.2.1 the UK
12.2.2 Germany
12.2.3 France
12.2.4 Italy
12.2.5 the Netherlands
12.2.6 Spain
12.2.7 Russia
12.2.8 Belgium
12.2.9 Rest of Europe
12.3 Asia-Pacific
12.3.1 China
12.3.2 Japan
12.3.3 India
12.3.4 South Korea
12.3.5 Australia and New Zealand
12.3.6 Indonesia
12.3.7 Taiwan
12.3.8 Malaysia
12.3.9 Rest of APAC
12.4 South America
12.4.1 Brazil
12.4.2 Argentina
12.4.3 Colombia
12.4.4 Chile
12.4.5 Rest of South America
12.5 Rest of the World
12.5.1 the Middle East
12.5.1.1 Saudi Arabia
12.5.1.2 UAE
12.5.1.3 Israel
12.5.1.4 Rest of the Middle East
12.5.2 Africa
12.5.2.1 South Africa
12.5.2.2 Nigeria
12.5.2.3 Rest of Africa
13. Synthetic Latex Polymers Market – Entropy
13.1 New Product Launches
13.2 M&As, Collaborations, JVs and Partnerships
14. Synthetic Latex Polymers Market – Industry / Segment Competition landscape Premium Premium
14.1 Company Benchmarking Matrix – Major Companies
14.2 Market Share at Global Level - Major companies
14.3 Market Share by Key Region - Major companies
14.4 Market Share by Key Country - Major companies
14.5 Market Share by Key End-use Industry - Major companies
14.6 Market Share by Key Product Type/Product category - Major companies
15. Synthetic Latex Polymers Market – Key Company List by Country Premium Premium
16. Synthetic Latex Polymers Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
16.1 Apcotex Industries Limited
16.2 Arkema Group
16.3 BASF SE
16.4 The Dow Chemical Company
16.5 Jubilant
16.6 Kumho Petrochemical Co., Ltd.
16.7 LG Chem
16.8 Lion Elastomers
16.9 SIBUR International GmbH
16.10 Zeon Europe GmbH
* "Financials would be provided to private companies on best-efforts basis."
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LIST OF TABLES
1.Global Synthetic Latex Polymers Market By Type Market 2023-2030 ($M)1.1 Styrene Acrylic Market 2023-2030 ($M) - Global Industry Research
1.2 Styrene Butadiene Market 2023-2030 ($M) - Global Industry Research
1.3 Acrylic Market 2023-2030 ($M) - Global Industry Research
1.4 Vinyl Acetate Copolymer Market 2023-2030 ($M) - Global Industry Research
1.5 Polyvinyl Acetate Market 2023-2030 ($M) - Global Industry Research
1.6 Vinyl Acetate Ethylene Market 2023-2030 ($M) - Global Industry Research
2.Global Synthetic Latex Polymers Market By Type Market 2023-2030 (Volume/Units)
2.1 Styrene Acrylic Market 2023-2030 (Volume/Units) - Global Industry Research
2.2 Styrene Butadiene Market 2023-2030 (Volume/Units) - Global Industry Research
2.3 Acrylic Market 2023-2030 (Volume/Units) - Global Industry Research
2.4 Vinyl Acetate Copolymer Market 2023-2030 (Volume/Units) - Global Industry Research
2.5 Polyvinyl Acetate Market 2023-2030 (Volume/Units) - Global Industry Research
2.6 Vinyl Acetate Ethylene Market 2023-2030 (Volume/Units) - Global Industry Research
3.North America Synthetic Latex Polymers Market By Type Market 2023-2030 ($M)
3.1 Styrene Acrylic Market 2023-2030 ($M) - Regional Industry Research
3.2 Styrene Butadiene Market 2023-2030 ($M) - Regional Industry Research
3.3 Acrylic Market 2023-2030 ($M) - Regional Industry Research
3.4 Vinyl Acetate Copolymer Market 2023-2030 ($M) - Regional Industry Research
3.5 Polyvinyl Acetate Market 2023-2030 ($M) - Regional Industry Research
3.6 Vinyl Acetate Ethylene Market 2023-2030 ($M) - Regional Industry Research
4.South America Synthetic Latex Polymers Market By Type Market 2023-2030 ($M)
4.1 Styrene Acrylic Market 2023-2030 ($M) - Regional Industry Research
4.2 Styrene Butadiene Market 2023-2030 ($M) - Regional Industry Research
4.3 Acrylic Market 2023-2030 ($M) - Regional Industry Research
4.4 Vinyl Acetate Copolymer Market 2023-2030 ($M) - Regional Industry Research
4.5 Polyvinyl Acetate Market 2023-2030 ($M) - Regional Industry Research
4.6 Vinyl Acetate Ethylene Market 2023-2030 ($M) - Regional Industry Research
5.Europe Synthetic Latex Polymers Market By Type Market 2023-2030 ($M)
5.1 Styrene Acrylic Market 2023-2030 ($M) - Regional Industry Research
5.2 Styrene Butadiene Market 2023-2030 ($M) - Regional Industry Research
5.3 Acrylic Market 2023-2030 ($M) - Regional Industry Research
5.4 Vinyl Acetate Copolymer Market 2023-2030 ($M) - Regional Industry Research
5.5 Polyvinyl Acetate Market 2023-2030 ($M) - Regional Industry Research
5.6 Vinyl Acetate Ethylene Market 2023-2030 ($M) - Regional Industry Research
6.APAC Synthetic Latex Polymers Market By Type Market 2023-2030 ($M)
6.1 Styrene Acrylic Market 2023-2030 ($M) - Regional Industry Research
6.2 Styrene Butadiene Market 2023-2030 ($M) - Regional Industry Research
6.3 Acrylic Market 2023-2030 ($M) - Regional Industry Research
6.4 Vinyl Acetate Copolymer Market 2023-2030 ($M) - Regional Industry Research
6.5 Polyvinyl Acetate Market 2023-2030 ($M) - Regional Industry Research
6.6 Vinyl Acetate Ethylene Market 2023-2030 ($M) - Regional Industry Research
7.MENA Synthetic Latex Polymers Market By Type Market 2023-2030 ($M)
7.1 Styrene Acrylic Market 2023-2030 ($M) - Regional Industry Research
7.2 Styrene Butadiene Market 2023-2030 ($M) - Regional Industry Research
7.3 Acrylic Market 2023-2030 ($M) - Regional Industry Research
7.4 Vinyl Acetate Copolymer Market 2023-2030 ($M) - Regional Industry Research
7.5 Polyvinyl Acetate Market 2023-2030 ($M) - Regional Industry Research
7.6 Vinyl Acetate Ethylene Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)2.Canada Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
3.Mexico Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
4.Brazil Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
5.Argentina Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
6.Peru Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
7.Colombia Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
8.Chile Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
9.Rest of South America Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
10.UK Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
11.Germany Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
12.France Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
13.Italy Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
14.Spain Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
15.Rest of Europe Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
16.China Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
17.India Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
18.Japan Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
19.South Korea Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
20.South Africa Synthetic Latex Polymers Market Revenue, 2023-2030 ($M)
21.North America Synthetic Latex Polymers By Application
22.South America Synthetic Latex Polymers By Application
23.Europe Synthetic Latex Polymers By Application
24.APAC Synthetic Latex Polymers By Application
25.MENA Synthetic Latex Polymers By Application
26.Wacker Chemie, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Synthomer, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.BASF, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Celanese, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Dow, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Arkema Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.ARLANXEO, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Asahi Kasei, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.OMNOVA Solutions, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Trinseo, Sales /Revenue, 2015-2018 ($Mn/$Bn)