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Synthetic Latex Polymers Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Synthetic Latex Polymers Global Market Report 2024
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According to The Business Research Company's, The synthetic latex polymers market size has grown strongly in recent years. It will grow from $32.07 billion in 2023 to $33.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to industrialization and economic growth, expansion of construction and infrastructure activities, growing awareness of environmental impact, rising demand in the automotive sector, increasing use in healthcare and medical devices.
The synthetic latex polymers market size is expected to see strong growth in the next few years. It will grow to $41.62 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to growing emphasis on bio-based polymers, expanding applications in water-based formulations, increased demand for customized formulations, rising importance of lightweight materials, global focus on green and sustainable practices, technological integration for enhanced product properties. Major trends in the forecast period include technological advancements in polymerization processes, increasing use in non-woven fabrics, growing demand in the asia-pacific region, stringent environmental regulations, resilience amid economic challenges.
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Market Drivers and Trends:
An increase in the automotive industry is expected to propel the growth of the synthetic latex polymers market going forward. The automotive industry refers to the collection of companies, organizations, and activities involved in the design, development, production, marketing, and selling of motor vehicles. Synthetic latex polymers play a vital role in the growth of the automotive industry by serving as essential components in various applications. These polymers are commonly used in the manufacturing of coatings, adhesives, sealants, and elastomers, contributing to the overall performance and durability of automotive products. Coatings formulated with synthetic latex polymers provide protective layers on vehicles, enhancing resistance to weathering, corrosion, and abrasion. For instance, in November 2022, AZoM Materials, a UK-based leading online publication for the Materials Science community, published an article according to which the current global market for automotive manufacturing was valued at $2.9 trillion in 2022 and the industry is predicted to continue growing at a CAGR of 3.71% between 2020 to 2030, and is expected to consist of 122.83 million units by the end of the decade. Therefore, an increase in the automotive industry is driving the synthetic latex polymers market.
Technological advancements have emerged as a key trend gaining popularity in the synthetic latex polymers market going forward. Major companies operating in the synthetic latex polymers market are focused on innovating new technologies to sustain their position in the market. For instance, in February 2021, Bridgestone, a Japan-based tire and rubber company, Arlanxeo, a Netherlands-based synthetic rubber producer, and Solvay, a Belgian-based chemical company, launched Techsyn, a brand-new, jointly created platform for tire technology that will allow for unmatched strength and environmental performance from tires. To achieve great performance, Techsyn blends chemically enhanced synthetic rubber with specially formulated silica. In a unique way, Techsyn can balance a tire's performance across rolling resistance, wear, and wet grip. It may also be further customized to fit different needs. Techsyn enables tires to achieve up to 30% greater wear efficiency and a rolling resistance reduction of up to 6%.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Wacker Chemie AG, Apcotex Industries Limited, Arkema S.A., Arlanxeo Holding BV, Asahi Kasei Corporation, Bangkok Synthetics Co. Ltd., BASF SE, Celanese Corporation, Jubilant Agri & Consumer Products Ltd., Kumho Petrochemical Co. Ltd., LG Chem Ltd., Lion Elastomers LLC, OMNOVA Solutions Inc., Sumitomo Chemical India Ltd., Synthomer plc, Dow Chemical Company, Trinseo S.A., Versalis SPA, Zeon Corporation, SIBUR International GmbH, The Lubrizol Corporation, The Goodyear Tire & Rubber Company, Eastman Chemical Company, Kuraray Co. Ltd., Synthomer Deutschland GmbH, Asahi Glass Co. Ltd., Nitriflex S/A Indústria e Comércio, Ansell Limited, Momentive Performance Materials Inc., Kraton Corporation
Synthetic Latex Polymers Market 2024 Key Insights:
• The synthetic latex polymers market size is expected to see strong growth in the next few years. It will grow to $41.62 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Surge In Construction Activity Propels Growth In The Synthetic Latex Polymers Market
• Technological Advancements Redefine The Synthetic Latex Polymers Market With Techsyn Tire Technology
• Asia-Pacific was the largest region in the synthetic latex polymers market share in 2023
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