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The styrene butadiene (SB) latex market size is estimated to grow by USD 1.50 billion at a CAGR of 3.68% between 2023 and 2028. Market growth hinges on rising demand for SB latex from APAC and Europe, fueled by the paper and paperboard packaging industry's increasing need and SB latex's versatile applications across various sectors. However, challenges arise from volatile crude oil prices, the availability of substitute products, and constraints in butadiene and styrene supply. Despite these hurdles, SB latex remains integral to numerous end-user applications, sustaining its market relevance. The market's resilience lies in its ability to navigate these challenges through strategic planning and innovation, ensuring a steady supply chain and exploring alternative sourcing options. Moreover, continued market education and awareness about SB latex's unique properties and benefits contribute to maintaining its demand amidst evolving market dynamics and competitive pressures.
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In the realm of chemical industries, the market plays a vital role, offering versatile solutions for various applications. Available in both emulsion and solution forms, SB latex caters to specific segments such as the paper processing and mortar additives sectors, providing options with low and high butadiene content to meet diverse requirements. Particularly prominent in the carpet and adhesives industries, SB latex serves as a key ingredient for pressure-sensitive adhesives, providing excellent bonding properties. The market's growth is further fueled by its essential role as a feedstock in polymerization reactions, facilitated by refrigeration equipment and plasticity control. SB latex's versatility extends to fiber and glass fiber processing, contributing to the production of high-quality adhesives and coatings across various industries.
The market encompasses a diverse range of applications across carpet industry, adhesives industry, including the paper processing and mortar additives segments. Available in both emulsion and solution forms, SB latex caters to specific needs with varying butadiene content, offering options for low butadiene content segment and high butadiene content segment concentrations. Particularly prevalent in the carpet and adhesives industries, SB latex serves as a crucial component for pressure-sensitive adhesives, ensuring strong and durable bonds. The production of SB latex involves polymerization reactions utilizing carboxylic acid and various monomers, facilitated by specialized emulsifiers. With its versatility and wide-ranging applications, SB latex continues to be a cornerstone in numerous industries, driving innovation and meeting diverse needs with its unique properties. 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 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 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 such as low butadiene content sb latex, medium butadiene content sb latex, emulsion styrene butadiene latex, solution styrene butadiene latex, high butadiene content sb latex 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 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 market. Therefore, it is expected to hinder the market growth 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.
Asahi Kasei Corp: The company offers SB Latex products for Paper coating, adhesives, paints, etc.
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 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 3.15 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.
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.
Butadiene Market: Butadiene Market by Derivative Type and Geography - Forecast and Analysis
Emulsion Polymers Market: Emulsion Polymers Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, Canada, China, India, Germany - Size and Forecast
Acrylonitrile Market: Acrylonitrile Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, Japan, South Korea, Germany - Size and Forecast
The market thrives on diverse applications across industries like paper processing, mortar additives, and automotive sectors. SB latex finds extensive use in paper coatings, sealants, and paints, owing to its superior print quality, water resistance, and film-forming properties. Its environmentally friendly nature makes it ideal for green building materials and lightweight automotive components in the furniture and e-commerce industries. SB latex offers adhesion and stability in latex-based products, catering to residential complexes and commercial spaces. With low, medium, and high butadiene content options, SB latex serves various needs in the adhesive, carpet, and textile industries, utilizing aqueous emulsion polymerization technology and styrene butadiene copolymers for enhanced performance and stability.
Further, the market encompasses a wide range of applications across various industries, including the paper and packaging, furniture, and e-commerce sectors. SB latex, available in emulsion and solution forms, caters to specific segments such as paper processing and mortar additives, offering options with low and high butadiene content. It finds extensive use in lightweight automotive materials, renewable energy solutions, and water-based coatings, serving as a versatile alternative to traditional latex in adhesive and carpet industries. SB latex plays a crucial role in adhesive applications, impregnation, and back coating of non-woven fabrics and tufted carpets, providing excellent bonding adhesion and compressive strength. With its diverse applications and benefits, SB latex remains a key component in various industries, facilitating innovation and product development.
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 1.50 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, Market condition analysis for market 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 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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