The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Synthetic Latex Polymers Market.
It was estimated prior to this unanticipated outbreak that the Synthetic Latex Polymers Market was expected to grow at a CAGR of 4.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Synthetic latex polymers are used to make surface coatings, proprietary mortars, and screeds, also used to make floors chemically resistant. They improve the adhesion and flexural strengths of formulated products. The major types of synthetic latex polymers are styrene acrylic, styrene butadiene, acrylic, vinyl acetate copolymer, polyvinyl acetate, and vinyl acetate ethylene, used in a variety of applications such as paints & coatings, adhesives & sealants, nonwovens, carpets, and paper & paperboard.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the polymer type, the market is segmented as styrene acrylic, styrene butadiene, acrylic, vinyl acetate copolymer, polyvinyl acetate, vinyl acetate ethylene, and others. The styrene acrylic segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The growing usage of styrene acrylics in architectural coatings, roof coatings, and binders is expected to drive the growth of the segment.
Based on the application type, the synthetic latex polymers market is segmented as paints & coatings, adhesives & sealants, nonwovens, carpets, paper & paperboard, and others. The paints & coatings segment leads the market owing to increase in the construction activities and requirement for synthetic latex polymers in the paints & coatings application.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing synthetic latex polymers market during the forecast period, with China, Japan, and India being the major countries offering considerable growth opportunities. The growth of the market is owing to rapid urbanization of developing countries, extensive growth of the construction industry in the region, and presence of a large number of synthetic latex polymer manufacturers in region.
Some of the major synthetic latex polymer manufacturers are-