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The polymer binder market size is forecast to increase by USD 12.61 billion and is estimated to grow at a CAGR of 8.51% between 2023 and 2028. The textile industry has experienced significant growth, leading to an increased demand for polymer binders, particularly in developing countries. These binders play a crucial role in enhancing the durability and performance of textiles by acting as adhesives in coating formulations. The use of polymer binders in textile manufacturing is on the rise due to their ability to improve fabric strength, water resistance, and colorfastness. Additionally, they help reduce the need for repeated applications of coatings, thereby reducing production costs. As a result, polymer binder manufacturers are witnessing substantial growth opportunities in the textile sector, especially in regions with a high demand for textiles and growing industrialization.
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The market is witnessing significant growth due to the increasing demand from various end-use industries, particularly the construction sector. Polymer binders, including Acrylic, Vinyl Acetate Ethylene (VAE), Latex, Acrylonitrile Copolymer, Polyurethane, Styrene Acrylic, and others, are extensively used in construction additives for mortars, adhesives, coatings, sealants, and cement. VAE and Acrylic are popular choices due to their water resistance and alkaline abrasion resistance properties. Vinyl Acetate, a monomer used in the production of VAE, is another significant contributor to the market. Acrylonitrile Copolymer and Polyurethane are preferred for their pigment binding ability and flexibility, respectively. The electrical industry also utilizes polymer binders for insulation purposes. Sintering is a common process used in the production of polymer binders, ensuring durability and adhesion. Traditional resins are being gradually replaced by these advanced polymer binders due to their superior properties. The construction sector's growth, driven by infrastructure development and urbanization, is a major factor propelling the market. The market is expected to witness continued growth in the coming years, with applications expanding beyond construction to include various industries such as automotive, packaging, and textiles. 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.
Growth in textile industry is notably driving market growth. Polymer binders play a crucial role in various industries, including printing inks, wax & polishes, industrial coatings, nonwovens, sports surfaces, footwear, and adhesives. These binders offer desirable properties such as durability, adhesion, flexibility, and resistance to chemicals and abrasion. In the coatings sector, polymer binders are used to enhance the performance of paints and coatings, making them suitable for construction applications in cement, mortar, and building materials. Advanced coatings also find extensive use in automotive components for their high solids content, available as both powder and liquid forms.
Moreover, environmental concerns and sustainable practices are driving the demand for water-based and bio-based alternatives in the market. Renewable sources such as starch, cellulose, proteins, and mineral-based binders are gaining popularity due to their lower carbon footprint and biodegradability. Polyester, a commonly used polymer binder, offers excellent properties and is widely adopted in various industries. The coatings sector, textiles, and metals are significant end-users of polymer binders. Thus, such factors are driving the growth of the market during the forecast period.
Increase in preference for vertical integration among polymer binder vendors is the key trend in the market. The global market is witnessing significant growth due to the increasing demand from various end-use industries such as printing inks, wax & polishes, industrial coatings, nonwovens, sports surfaces, footwear, and the construction sector. Vendors in the market are adopting strategies like backward and forward integration to mitigate the impact of rising raw material prices and enhance their competitive position.
Moreover, backward integration enables companies to secure a consistent supply of raw materials and boosts their operational efficiency. For instance, Arkema invested USD90 million to upgrade its acrylic acid plant complex in Texas, US, to ensure a steady supply of raw materials. However, environmental concerns and the need for sustainable practices are influencing the market trend towards water-based and bio-based alternatives. Renewable sources such as starch, cellulose, proteins, and mineral-based binders are gaining popularity due to their biodegradability and lower carbon footprint. Thus, such trends will shape the growth of the market during the forecast period.
Decline in the growth of paper products is the major challenge that affects the growth of the market. Polymer binders play a crucial role in enhancing the properties of various products by binding solvents, pigments, and resins. In the printing industry, they are employed to enhance the printability and durability of printing inks, thereby improving the overall quality of printed materials.
Additionally, polymer binders are used in the production of wax & polishes, industrial coatings, nonwovens, sports surfaces, footwear, and adhesives, among other applications. The coatings sector, including sealants and advanced coatings, also utilizes polymer binders for their superior adhesion, flexibility, and resistance to environmental conditions. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting 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 market growth analysis strategies.
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.
Arkema Group: The company offers polymer binder products such as Acrylic, Alkyd, and Styrene acrylic.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key 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 architectural coatings segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to its extensive applications in various industries, including the construction sector. The acrylic segment, specifically acrylic latex, holds a substantial market share in the construction industry as a binder for mortars, concrete, and reinforced concrete. Vinyl acetate ethylene copolymers and acrylonitrile copolymers are commonly used in construction additives for enhancing water resistance, alkaline abrasion resistance, and pigment binding ability. In the electrical industry, chlorinated polymer binders are widely used in insulation materials for their excellent electrical insulation properties.
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The architectural coatings segment was the largest segment and valued at USD 7.36 billion in 2018. The sintering process is employed to produce these binders, which are then used in electrical applications such as transformers and capacitors. Renewable resources are increasingly being used in the production of acrylics, making them an eco-friendly alternative to traditional resins. The acrylics value chain includes various applications in industries such as electric cars, roads, bridges, dams, pipelines, ports, trains, aqueducts, and paints and coatings. Polyurethane, styrene acrylic, and vinyl acetate are other types of polymer binders with unique properties suitable for various applications. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 65% 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. The global market plays a significant role in the construction industry, particularly in the production of construction additives such as acrylics, vinyl acetate ethylene, latex, and various types of polymers including acrylonitrile copolymer, polyurethane, styrene acrylic, and chlorinated polymer binders. These binders are essential for enhancing the properties of mortars, concrete, reinforced concrete, and other construction materials. In the construction sector, they offer advantages such as water resistance, alkaline abrasion resistance, and pigment binding ability. Traditional resins like acrylics, alkyd, epoxy, and acrylonitrile copolymers are increasingly being replaced by these advanced binders due to their superior performance. The electrical industry also utilizes it, particularly in the production of insulators and electrical components. Hence, such factors are driving the market in APAC during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The Market is witnessing significant growth due to their extensive usage in various industries, including the construction industry and the electrical industry. In the construction industry, polymer binders find extensive applications in mortars, concrete, reinforced concrete, and architectural coatings. The acrylic segment, including acrylics, acrylonitrile copolymers, and styrene acrylics, dominates the market due to their superior water resistance, alkaline abrasion resistance, and pigment binding ability. Vinyl acetate and vinyl acetate ethylene are commonly used polymer binders in the construction industry. These binders are used in mortars, concrete, and concrete products due to their excellent binding properties. Latex, a type of emulsion polymer binder, is also widely used in the construction industry for its water resistance and ease of application. Polyurethane and chlorinated polymer binders are used in the Global construction industry, and electrical industry for insulation purposes. Renewable resources are gaining popularity in the production of polymer binders, especially in the acrylics value chain, due to increasing environmental concerns. Polymer binders are also used in various industries such as textiles & carpets, paper & board, adhesive & sealants, and paints & coatings. In the transportation sector, they are used in the production of electric cars, roads, bridges, dams, pipelines, ports, trains, and aqueducts. Traditional resins like alkyd and epoxy are being replaced by polymer binders due to their superior properties. Polyvinyl chloride is another type of polymer binder that finds extensive applications in various industries. Overall, the global polymer binders market is expected to grow at a steady pace due to the increasing demand for these materials in various industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.51% |
Market growth 2024-2028 |
USD 12.61 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.67 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 65% |
Key countries |
China, US, Japan, Germany, South Korea, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arkema Group, APL, BASF SE, Celanese Corp., CH Polymers Oy, Chang Chun Group, D and L Industries Inc., Jesons Industries Ltd, Mayfair Biotech Pvt. Ltd., OMNOVA Solutions Inc., Shandong Hearst Building Material Co. Ltd., Stahl Holdings B.V., Synthomer Plc, Dow Chemical Co., Toagosei Co. Ltd., Trinseo PLC, Visen Industries Ltd., Wacker Chemie AG, and Zydex Inc. |
Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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