The synthetic latex polymers market is estimated to be USD 27.58 Billion in 2017 and is projected to reach USD 34.53 Billion by 2022, at a CAGR of 4.6% from 2017 to 2022.
One of the most significant factors driving the growth of the synthetic latex polymers market is the increased demand for paints & coatings from various regions worldwide. However, fluctuating crude oil prices are acting as a key challenge to the growth of the synthetic latex polymers market. Limited crude oil reserves affect the growth of the synthetic latex polymers industry, owing to high dependency on manufacturing of petrochemical products from crude oil.
Based on type, the styrene acrylics segment is estimated to account for the largest share of the synthetic latex polymers market in 2017, in terms of value and volume. Styrene acrylics are used in the manufacture of architectural paints. The demand for styrene acrylics is projected to increase in the near future, owing to the growth of the global construction industry that is a key consumer of paints, coatings, adhesives, and sealants.
The synthetic latex polymers market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. China and India are key markets for synthetic latex polymers in the Asia Pacific region. The increased demand for synthetic latex polymers from various end-use applications, such as paints & coatings, is expected to drive the growth of the synthetic latex polymers market in the Asia Pacific region.
Key companies profiled in this market research report include BASF (Germany), Dow Chemical (US), Wacker Chemie (Germany), Celanese Corporation (US), Synthomer (UK), and OMNOVA Solutions (US).
Demand for Synthetic Latex Polymers Used in Paints and Coatings
Replacement of Solvent-Based Adhesives
Diminishing Demand for Carpets and Paper & Paper Products
Growing Construction and Electronics Industries in Developing Nations