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The The styrene butadiene (sb) latex market is valued at USD 7.09 billion as on 2018, is anticipated to be valued at USD 9.07 billion in 2028 and grow at a CAGR of 3.68% during the forecast period. The growth of the market depends on several factors such as the growing demand for SB latex from APAC and Europe, the increase in demand for SB latex from the paper and paperboard packaging industry, and the rise in use of SB latex in numerous end-user applications.
Analysis Period | 2018-2028 |
Market Size (2018) Historic Year | USD 7.09 billion |
Market Size (2028) - Forecasted Year | USD 9.07 billion |
Historic Opportunity (2018-2022) | USD 0.27 billion |
Historic CAGR | 0.94% |
Forecasted Opportunity (2024-2028) | USD 1.50 billion |
Market Opportunity Transformation Growth | 27.87% |
Market Opportunity Capitalization | USD 1.77 billion |
This styrene butadiene (SB) latex market report extensively covers market segmentation by type (low, medium, and high), application (paper processing, fiber and carpet processing, glass fiber adhesives, adhesives, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the styrene butadiene (SB) latex market growth is the increase in demand for SB latex from the paper and paperboard packaging industry. There is an increasing demand from the packaging industry, which is significantly contributing to market growth. In addition, the increased demand for coated, moisture-proof paper and release paper in the primary, secondary, and tertiary packaging of assorted perishable and non-perishable merchandise has been fuelling the demand for synthetic latex binders, especially SB latex.
Moreover, the SB latex is the most widely used latex binder for coated/pigmented paper and paperboard coatings. In addition, more than half the paper produced globally is used for packaging; therefore, the packaging industry plays a vital role in driving the demand for SB latex. Furthermore, the ban on the use of plastic bags is offering significant market opportunities to the paper and paperboard packaging market. Hence, such factors are positively impacting the styrene butadiene latex market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the styrene butadiene (SB) latex market growth is the rising preference for bio-based latexes. There is a growing concern about the effects of synthetic latex materials that have been fuelling the demand for bio-based latexes, such as starch-derived latex. In addition, due to fluctuations in the prices of styrene and butadiene, leading paper companies are seeking an alternative to petroleum-derived latex for manufacturing paper and paperboard as the paper industry is the largest end-user of SB latex.
Moreover, latex manufacturers have started replacing synthetic latex binders with bio-based latex in different end-user applications, such as coatings for paperboard, catalogs, and packaging boards. For instance, EcoSynthetix Inc. produces EcoSphere bio-based latex binders. In addition, bio-based latex consumes less energy compared with SB latex and other synthetic latex binders and, thus, is sustainable. Hence, such factors are positively impacting the styrene butadiene latex market. Therefore, it is expected to drive the market growth during the forecast period.
Availability of substitute products is one of the key challenges hindering the styrene butadiene (SB) latex market growth. There is a significant threat to the global SB latex market from substitute products. Some of the widely known substitutes include SA latex, acrylic latex, VAE polymer latex, and vinyl acetate copolymers. In addition, the SA latex offers excellent exterior durability, ultraviolet (UV) resistance, good washability, and moisture vapor transmission.
Moreover, due to its high performance and superior characteristics, SA latex is used in paints and coatings, non-woven, water-based adhesives, binders, and paper and paperboard coatings. In addition, VAE latex is used in water-based adhesives, paper and paperboard manufacturing, engineered fabrics, carpet backings, paints and coatings, and waterproof coatings. Hence, such factors are negatively impacting the styrene butadiene (SB) latex market. Therefore, it is expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Styrene Butadiene (SB) Latex Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Asahi Kasei Corp: The company offers SB Latex products for Paper coating, adhesives, paints, etc.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The low segment is estimated to witness significant growth during the forecast period. The reduction of butadiene content in SB latex can lead to an eco-friendlier product. In addition, for certain adhesive and coating applications, SB latex with low butadiene content is preferred because it can result in coatings and adhesives that have improved chemical and UV resistance, making them more durable.
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The low segment was the largest segment and was valued at USD 3.1 billion in 2018. Moreover, low butadiene SB latex can offer enhanced mechanical properties, including improved tensile strength and abrasion resistance. In addition, this makes it suitable for applications where strength and durability are essential. Furthermore, the increased demand for SB latex with low butadiene content reflects a growing emphasis on environmental sustainability, product performance, and health and safety considerations in various industries. Hence, such factors are fuelling the growth of this segment, which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that are significantly contributing to the growth of the market in APAC includes the growth of the construction, pulp and paper, paints and coatings, and packaging industries. In addition, China, Japan, India, and South Korea are the key consumers of SB latex in the region. Furthermore, the increase in the demand for adhesive and sealant products from different end-user industries, including construction, furniture, and footwear, is expected to fuel market growth in the region. For instance, in 2023, China was the largest contributor to the market in APAC in terms of the consumption of SB latex products, led by high demand from the manufacturing, construction, footwear, packaging, and paints and coatings industries. Hence, such factors are driving the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global styrene butadiene (SB) latex market witnessed a significant slowdown due to the economic downturn, disruptions in supply chains, and uncertainties in the growth of the construction industry in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during the forecast period
The styrene butadiene (SB) latex market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Styrene Butadiene (SB) Latex Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.68% |
Market Growth 2024-2028 |
USD 1.4 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.93 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 52% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Asahi Kasei Corp., BASF SE, Dow Chemical Co., EcoSynthetix Inc., Fosroc International Ltd., General Industrial Polymers, Hansol Holdings, JSR Corp., Jubilant Industries Ltd., Kumho Petrochemical Co. Ltd., Lanxess AG, LG Chem Ltd., Mallard Creek Polymers, MCTRON Inc., NANTEX INDUSTRY Co. Ltd., Rishiroop Polymers Pvt. Ltd., RPM International Inc., S.R. Chemical, Synthomer Plc, and Trinseo PLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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