The latex binder market is anticipated to show steady growth during the forecast period.
Latex binders are a type of emulsion polymers primarily used in the production of paints and coatings as they act as a film-forming agent, ensuring adhesion, durability, and flexibility. They are also used in the manufacture of adhesives and sealants, where they provide bonding strength while also improving moisture and chemical resistance. These binders are used in numerous sectors such as pharmaceuticals, construction, textiles, paints & coatings, and paper & boards. Booming building construction activities coupled with growing demand for adhesives and sealants are contributing to the latex binder market growth.
Market Drivers
Latex binders are widely used in a variety of construction applications, such as concrete and mortar mixtures and architectural coatings, to improve performance, durability, and adhesion properties. The primary goal of these binders is to improve the overall performance and longevity of these materials, resulting in the mixture becoming crack-resistant and less permeable to water and moisture. The construction activities are expanding rapidly owing to increased urbanization and infrastructure development, which is driving up demand for latex binders. For instance, according to the U.S. Census Bureau data, the total value of residential constructions increased from 874,829 million to 907,395 million in 2023, an increase of 3.7%.
Latex binders are typically utilized in the production of adhesives and sealants due to their excellent bonding and water resistance properties. They serve as a key component in holding various materials together providing a strong bond and improving the durability of adhesive/sealant products. The construction and infrastructure sectors are expanding, increasing demand for adhesives and sealants to aid in building, renovation, and repair projects. Additionally, to fulfill the growing demand for adhesives and sealants numerous key players are expanding their manufacturing facilities. For instance, in December 2021, Sika established a new technology center and manufacturing plant in Pune to produce high-quality adhesives and sealants.
The shift towards water-based coatings contributed to the latex binder market growth.
Latex binders are the primary film-forming component in water-based coatings. When a coating is applied, the latex particles combine to form a continuous and uniform film on the substrate surface, creating a protective and decorative coating. The growing preference for eco-friendly and sustainable products drives up demand for water-based coatings, as they reduce VOC (volatile organic compounds) emissions and improve environmental compatibility. These factors and the shift in water-based coatings are anticipated to positively impact the latex binder market growth.
Asia Pacific is projected to grow significantly.
Asia Pacific is expected to account for a significant share of the latex binder market fuelled by the increasing building construction and new establishments in the major countries in the region. For instance, according to the Council on Tall Buildings and Urban Habitat, there are 4,533 buildings in China, of which 3,272 have a height of 150 meters plus, whereas 117 have a height of 300 meters plus. Moreover, in September 2023, DuPont officially opened its new adhesives manufacturing facility in Zhangjiagang, East China to fulfil the market demand for adhesives.
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