Growing Demand for Synthetic Latex Polymers in the Buildings and Construction Processing Industries to Drive the Market Growth
Synthetic latex continues to find wide application as a cement bonding, and waterproofing agent owing to its high-water permeability, substrate adherence, and chemical resistance. It is also very suitable for both indoor and exterior applications, which helps to explain why it's so popular in the building sector. Additionally, synthetic latex is widely utilised to make water-based coating emulsions that are intended to protect metallic substrates against corrosion. It increases the metallic surface's resilience and resistance to scratches and scuffs. A large application is expected to continue driving the growth of synthetic latex polymers market.
According to Oxford Economics, the global construction market is worth US$10.7 trillion in 2020, with developing nations accounting for US$5.7 trillion of that total. Between 2020 and 2030, the worldwide construction market is predicted to expand by US$4.5 trillion, reaching US$15.2 trillion in 2030, with US$8.9 trillion in emerging markets. Synthetic latex polymers have gained popularity in the construction sector mainly for their use in various construction activities such as decorative coatings in building architecture, application in construction products such as ceramic tiles, elastomeric roof coatings, and putties. The wide applicability of synthetic latex polymers in the construction industry is a key driver for the expansion of synthetic latex polymers market.
Growing Demand for Paints and Coatings in Construction Industry to Enhance Market Growth
The paints and coating are expected to be the fastest-growing segment of the synthetic latex polymers market over the forecast period. Synthetic latex is made from styrene-butadiene rubber and is petroleum-based (SBR). The increased employment of synthetic latex polymers in paints and coatings is attributed to the growing buildings and construction sector, consequently increasing its market potential. Apart from being used in construction-specific paints and coatings, these polymers are also used to improve the adhesion, water resistance, durability, and flexibility of cement, and asphalt. To meet the housing demand in the United Kingdom, it is predicted that between 27,000 and 50,000 new homes will be created each year until 2022. Pure Acrylic, styrene-acrylic, and styrene-butadiene synthetic latex improve the strength, flexibility, and water resistance of paints and coatings. Synthetic latex polymers, which are made from monomeric elements like vinyl acetate, and various acrylates, are essential components of every paint composition. Synthetic latex polymers are increasingly being used in interior, exterior, and architectural coatings. This is expected to fuel the global synthetic latex polymers market's paints and coatings sector.
Growing Infrastructural Development to Drive Growth of Asia Pacific Synthetic Latex Polymers Market
Asia Pacific is the largest consumer of synthetic latex polymers, and it is predicted to increase at the highest rate throughout the projection period. Synthetic latex polymers market is likely to be expanding across the region as construction activity in key countries such as China, India, and Japan has increased. The Asia Pacific area is home to the world's largest producers of synthetic latex polymers. Under the smart cities’ initiative, the Indian government announced an expenditure of USD 31,650 billion in the building of 100 cities in 2020. Over the next five years, 100 smart cities and 500 cities are expected to attract investments of INR 2 trillion (USD 28.18 billion). The Chinese government has announced large development plans for the next 10 years, including provisions for the relocation of 250 million people to new megacities, resulting in a significant increase in construction activity and, as a result, the market for synthetic latex polymers.
These synthetic latex polymers are also utilised in adhesives & sealants, textiles and non-woven fabrics, paper & paperboard, and other applications. Meanwhile, construction rates in India are expected to rise as the country overtakes Japan to become the world's third-largest construction market by 2021. With a housing recession, China's building growth will drop significantly, and the country's housing output will fall for the first time ever this year. However, as it transitions to a consumer and services-driven economy, new types of building in healthcare, education, and social infrastructure, as well as retail and other consumer end-markets, have the potential to flourish.
The region's dominance in global synthetic latex polymers market might be attributed to a rise in construction activities in nations like India, and China. In 2030, India's construction market will grow nearly twice as quickly as China's, creating a new source of global growth in emerging nations. By 2030, India's urban population is predicted to increase by 165 million, making Delhi the world's second-largest metropolis with a population of 10.4 million people. The rise in population, increase in per capita income, and spike in urbanisation are all factors driving up construction activity in India, and China. As a result, demand for new dwellings in metropolitan areas is increasing, driving up demand for paints and coatings and, indirectly, synthetic latex polymers.
Global Synthetic Latex Polymers Market: Competitive Landscape
The growth possibilities will emerge in the next years, implying a rapid pace of change. Companies that adapt swiftly to the changing marketplace emerge as top performers, generating attractive revenues through tactics such as sustainable transition, innovation, efficient pricing, and sales execution. Key players in the worldwide synthetic latex polymers market have seen increases in both domestic and export-oriented revenues. However, concerns such as growing customer negotiating power and a focus on high-quality, low-cost products are pushing considerable changes in the synthetic latex polymers supply chain.
A few of the players in the synthetic latex polymers market include BASF (Germany), Dow Chemical (US), Wacker Chemie (Germany), Celanese Corporation (US), Synthomer (UK), and OMNOVA Solutions (US).
Global Synthetic Latex Polymers Market is Segmented as Below:
Key Elements Included In The Study: Global Synthetic Latex Polymers Market
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