The synthetic latex polymers market is evaluated at US$28.839 billion for the year 2019 and is projected to grow at a CAGR of 5.45% reaching the market size of US$41.823 billion by the year 2026.
Synthetic latex polymers, also known as emulsion polymers, are used in a broad range of applications owing to their ability to enhance adhesion, water resistance, durability, flexibility, and strength of the material. Rapid industrialization and urbanization across the globe are leading to an increased number of construction activities that are projected to augment the demand for paints and coatings and construction adhesive during the forecast period. Furthermore, the growing automotive industry, supported by the increased popularity of electric vehicles, is expected to boost the market growth in the coming years. Moreover, the rising adoption of consumer electronics around the world, surged by rapid digitalization, is further projected to bolster the demand for synthetic latex polymers during the assessment period, hence elevating the market growth.
The outbreak of the novel coronavirus disease had a negative impact on the synthetic latex polymers market. Lockdowns and strict COVID-19 measures led to the shutting down of manufacturing hubs and harmed various end-use industries of synthetic rubber polymers such as electronics, construction, automotive, among others. Furthermore, due to travel restrictions, countries were not able to trade synthetic latex polymers and various components needed during production in end-use industries, which further had a catastrophic effect on the market growth. However, as the restrictions are being eased in most parts of the world, the market is anticipated to recover and continue at its normal pace from the year 2022 onwards.
Rising use in paints and coatings.
One of the major factors anticipated to drive the growth of the synthetic latex polymers market during the forecast period is the growing use of synthetic latex polymers in paints and coatings. The major chunk of the rise is credited to the growth of the building and construction sector around the world. The world is rapidly being urbanized with a large number of construction projects being worked on. According to the 'World Urbanization Prospects: The 2018 Revision' report by United Nations, the global urban population has increased from 751 million in 1950 to 4.2 billion in 2018. Also, in 2020, 56.2% of the global population lived in urban areas and is projected to reach 68% by 2050, as per United Nations. The rising urban population is leading to a rise in building and construction projects. For instance, in April 2021, the Finland-based construction company YIT started working on many residential apartment building projects in Finland and the CEE countries.
Growing electronics industry.
The global electronics industry has been growing rapidly over the past years and is projected to witness substantial growth in the coming years, which is projected to propel the growth of the synthetic latex polymers market during the assessment period, as synthetic latex polymers as adhesives are widely used in the electronics industry. Moreover, owing to the rapid digitalization across the world, the demand for consumer electronics has surged and their widespread adoption is boosting the use of synthetic latex polymers in the sector, which is further projected to have a positive impact on the market growth. According to JEITA, the global production in the area of smartphones and other communications has increased from $321.1 billion in 2010 to $480.9 billion in 2020. It also states that the global production in the area of semiconductors has increased from $297 billion in 2010 to $433.1 billion in 2020.
The Asia Pacific to dominate the market.
Geographically, the Asia Pacific region is anticipated to hold a significant market share and is projected to witness the fastest growth owing to the rapid urbanization in the region. As per data from the World Bank, the urban population in South Asia has increased from 505.033 million in 2010 to 647.723 million in 2020. It also shows that the urban population in East Asia & the Pacific was 1.146 billion in 2010 which increased to 1.428 billion in 2020. The region is seeing a large number of construction activities being done, which is also surged by the migration of people from rural to urban areas. An example of the ongoing construction activities in the region includes the beginning of the construction of 64 major projects in Shanghai, China with an investment of $42.2 billion. The construction projects are aimed to set a benchmark for the construction of modern society and covers scientific and technological innovation, high-end industries, infrastructure, and major livelihood sectors. Furthermore, the growing automotive and electronics industry in the region is further leading to increased use of synthetic latex polymers as adhesives and paints & coatings and hence is projected to propel the market growth in the Asia Pacific region.
|Market size value in 2019||US$28.839 billion|
|Market size value in 2026||US$41.823 billion|
|Growth Rate||CAGR of 5.45% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||The Dow Chemical Company, BASF SE, Wacker Chemie AG, Zeon Corporation, The Synthetic Latex Company (Pty) Ltd., OMNOVA Solutions, Inc., ARLANXEO, Synthomer plc, Apcotex Industries Limited, Jubilant Industries, Kumho Petrochemical Co., Ltd.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the synthetic latex polymers market size by 2026?
A1. The synthetic latex polymers market is projected to reach a market size of US$41.823 billion in 2026.
Q2. What is the size of the global synthetic latex polymers market?
A2. Synthetic Latex Polymers Market was valued at US$28.839 billion in 2019.
Q3. What are the growth prospects for the synthetic latex polymers market?
A3. The global synthetic latex polymers market is projected to grow at a CAGR of 5.45% over the forecast period.
Q4. What factors are anticipated to drive the synthetic latex polymers market growth?
A4. One of the major factors anticipated to drive the synthetic latex polymers market growth is the growing use of synthetic latex polymers in paints and coatings.
Q5. Which region holds the maximum market share of the synthetic latex polymers market?
A5. Geographically, the Asia Pacific region is anticipated to hold a significant share of the synthetic latex polymers market owing to the rapid urbanization in the region.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Synthetic Latex Polymers Market Analysis, by Type
5.4. Vinyl Acetate
5.5. Polyvinyl Acetate
6. Synthetic Latex Polymers Market Analysis, by Application
6.2. Paints and Coatings
6.4. Non-woven Fabrics
6.5. Paper & Paperboard
6.6. Adhesives and Sealants
7. Synthetic Latex Polymers Market Analysis, by End-User Industry
8. Synthetic Latex Polymers Market Analysis, by Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. The Dow Chemical Company
10.2. BASF SE
10.3. Wacker Chemie AG
10.4. Zeon Corporation
10.5. The Synthetic Latex Company (Pty) Ltd.
10.6. OMNOVA Solutions, Inc.
10.8. Synthomer plc
10.9. Apcotex Industries Limited
10.10. Jubilant Industries
10.11. Kumho Petrochemical Co., Ltd.
The Dow Chemical Company
Wacker Chemie AG
The Synthetic Latex Company (Pty) Ltd.
OMNOVA Solutions, Inc.
Apcotex Industries Limited
Kumho Petrochemical Co., Ltd.
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.