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The Synthetic Latex Polymers Market size is projected to grow at a CAGR of 4.3% during the forecast period 2022-2027 and reach US$41.6 billion by 2027. Synthetic Latex Polymers such as a synthetic elastomers, styrene acrylics, acrylics, styrene-butadiene, vinyl acetate ethylene, polyvinyl acetate, vinyl acetate copolymer and more ensure superior crack resistance, abrasion resistance and better ageing characteristics. The flourishing automotive and paper & paperboard industries are the prominent factors propelling the growth of the synthetic latex polymers market. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the worldwide automotive production was 77,711,725 units and in 2021, it was 80,154,988 units, an increase of approximately 3% over 2020.
Synthetic Latex Polymers Market: The Paints & Coatings Segment Leads the Market
On the basis of the application, the Synthetic Latex Polymers Market can be segmented into processed paper, paints & coatings and others. The paints & coatings application is evaluated to be the leading segment in the synthetic latex polymers market in 2021. During the forecast period 2022-2027, the ferrous alloys segment is expected to grow with a CAGR of 4.5%. Synthetic latex polymers' significant characteristics include a high gel content, a high molecular weight, a high cohesive strength, a strong self-tack and more. These characteristics ensure that coatings are easy to apply and dry quickly, making them ideal for a production process. Thus, the rapid adoption of synthetic latex polymers in paints and coatings due to the aforementioned factors is fueling market growth.
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Synthetic Latex Polymers Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Synthetic Latex Polymers Market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 48.1% share of the total revenue earned by the market globally. The key variables driving the growth of the Asia-Pacific automotive industry include rapid industrialization, rising consumer income and other factors. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the production of the automotive vehicle in Asia-Pacific was 44,276,549 units and in 2021, it was 46,732,785 units, an increase of 6%. Therefore, the increasing automotive production in Asia-Pacific is fueling the demand for synthetic latex polymers. This, in turn, is propelling the market growth.
Major Players in this Market
The major companies in the Synthetic Latex Polymers market include Apcotex Industries Limited, Arkema Group, BASF SE, Dow, Jubilant, KUMHO PETROCHEMICAL, LG Chem, Lion Elastomers, SIBUR International GmbH and Zeon Europe GmbH.
The key focus of the companies has shifted towards acquisition. For instance, in November 2021, Hextar Global Bhd, based in Malaysia, acquired TufBond Technologies Sdn Bhd, a producer of synthetic latex polymers. Hextar would be able to expand its Synthetic Latex Polymers industry as a result of the acquisition.