Styrene Butadiene Latex Market Expansion Highest in Asia Pacific and MEA due to Demand in Construction
The global styrene butadiene latex market is likely to expand at a CAGR of 3.3% and reach a value of US$9,120.3 million by 2023. The market for styrene butadiene latex depends on regional market dynamics and the requirements of end-use industries that use the material, such as carpet manufacturing and coated paper manufacturing. In 2014, these end-use industries held 70% of the global market for global styrene butadiene latex in terms of volume.
Paper Processing and Carpet Manufacture Main Applications
Styrene butadiene latex is composed of styrene and butadiene and is an emulsion polymer. The two composition ingredients of styrene butadiene latex are derived from downstream derivatives of crude oil; the proportion of styrene is more in styrene butadiene latex. It is used in the manufacture of glass fiber processing, adhesives, fiber processing, paper processing, paintings and coatings, and mortar additives. Styrene butadiene latex is also used in the manufacture of coated paper and as carpet backing in the manufacture of tufted carpets.
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There are many factors that drive the styrene butadiene latex market around the world. Styrene butadiene latex has high binding strength, faster drying, and high adhesion to substrates, all factors that are beneficial in carpet manufacturing.
Styrene butadiene latex is also used in manufacturing of paper coatings. When styrene butadiene latex is used in paper coatings, it helps enhance smoothness, brightness, opacity, gloss, and printability. The expansion of the construction industry is expected to aid the market for styrene butadiene latex in the coming years. This is due to the increase in demand for cement and the presence of styrene butadiene latex in mortar additives. The properties of mortar additives include tensile strength, water resistance, and bonding adhesion, all of which are enhanced by the usage of styrene butadiene latex.
Paper Processing Application Leads in Asia Pacific
In terms of volume, the paper processing application segment had the largest global market share of styrene butadiene latex in 2014, at 40%. Paper processing had registered amplified growth in Asia Pacific and Latin America but had reduced substantially in Europe and North America. The application segment of fiber processing was second highest in market share in terms of volume in 2014. Fiber processing is used especially in carpet manufacture and this segment accounted to approximately 35% of the market and is expected to grow continuously over the next few years. Mortar additives are also expected to be among the fastest growing application segments of the global styrene butadiene latex market.
The Asia Pacific segment of the global styrene butadiene latex market is anticipated to witness elevation due to demand for coated paper. Demand for styrene butadiene latex in Asia Pacific is expected to grow at a CAGR of 3.6% from 2015 to 2023. China and Japan hold the majority share in demand for styrene butadiene latex in this region. The Middle East and Africa (MEA) and Latin America are expected to have encouraging growth for styrene butadiene latex in the next few years due to a surge in construction activities in these regions.
The major players in the market for styrene butadiene latex are Trinseo S.A., Synthomer plc., BASF S.E., Asahi Kasei Chemical Corporation, LG Chem Ltd., The Dow Chemical Company, and OMNOVA Solutions, Inc.
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