The market crossed US$ 6.5 billion mark in 2022 and is expected to hit US$ 11 billion by 2030, recording a CAGR of 6% during the forecast period.
Latex binders market has been significantly growing due to increasing their demand from various end-use industries
The demand for latex binders is growing from various end-use industries such as paints & coating, adhesive & sealant, paper & paperboard, textile, and construction. Rising demand for technical textiles in applications such as automotive, personal hygiene, sports & leisure, industrial, and others is creating the demand for latex binders which are used to impart advanced properties to technical textiles. Further, the latex binder is used as an emulsion in architectural paints. Increasing construction activities across the globe is a major driver for the paint & coating industry. This is further fuelling the latex binders market growth. The styrene butadiene segment is expected to pace up due to increasing its demand from various end-use industries. Further, styrene acrylic segment is also expected to gain traction during the forecasted year.
Within the report, the market is segmented into type, end-use industry, and geography. By type, the market is further segmented into styrene acrylic and styrene butadiene. On the basis of end-use industry, the market is segmented into paints & coating, adhesive & sealant, paper & paperboard, textile, construction, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Strong growth of the latex binders market in Asia Pacific region
Asia Pacific region is one of the major markets for latex binders. China is the major consumers of latex binders in the region. In China, the increasing usage of latex binders in various end-use industries is mainly driving the latex binders market growth. Further, the strong growth of the construction industry, development of infrastructure, the growing adoption of technical textiles, etc. factors are driving the latex binders market growth in the region.
Strong growth of the construction industry in developing countries
Latex binders provide a good balance of properties such as weatherability, elongation, water resistance, caustic resistance, and excellent dirt resistance capabilities. Hence, they are highly used in the construction industry. India is one of the largest construction markets globally. In India, the growth in the construction activities is driven by continuing industrialization, urbanization, increasing population, growth in middle-class income, and the increase in infrastructural developments. The construction industry is a best prospect industry sector for Mexico. Mexican construction industry is growing due to the economic growth and public investment in infrastructure projects. In addition, the growth in population and increase in government spending on infrastructure are major drivers for the construction market in Indonesia. Hence, the strong growth of the construction industry in these developing countries is mainly driving the latex binders market growth.
Recent strategic developments in latex binders market
The latex binders market has undergone several significant developments, and a few of these have been mentioned below:
The latex binders market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BASF SE, Wacker Chemie, Arkema, Celanese Corporation, and Dow are among the prominent players operating in the market.
Target audience for the report:
Scope of the report:
In this report, the market has been segmented on the basis of:
Companies profiled
- BASF SE
- Wacker Chemie
- Arkema
- Celanese Corporation
- Dow