Increase the applications of paints and coatings.
Synthetic latex is based on petroleum and made from styrene-butadiene rubber (SBR).
The growing building and construction industry is attributed to the increasing application of synthetic latex polymers in paints and coatings, thereby expanding its market. In addition to being used in paints and coatings optimized for the construction industry, these polymers are used to improve the adhesion, water resistance, durability, and flexibility of cement and asphalt.
Pure acrylic, styrene-acrylic, and styrene-butadiene synthetic latexes add tremendous value to paints and coatings, providing films with increased strength, flexibility, and water resistance. Hence, the demand for synthetic latex polymers is expected to increase over the forecast period owing to the growing demand for paints and coatings in the construction industry, especially in the Asia Pacific and North American countries.
Asia Pacific is expected to dominate the synthetic latex polymer market during the forecast period. The market for synthetic latex polymers has been growing owing to rising construction activities in countries such as China, India, and Japan.
In 2018, the Indian government announced an investment of $31.65 trillion to build 100 cities under the Smart City Initiative. 100 smart cities and 500 cities could attract investments worth INR 2 trillion (approximately US$ 28.18 billion) over the next five years.
The Chinese government has launched a massive construction plan, including provisions for the migration of 250 million people to new megacities within the next decade, thereby creating a major scope for construction activities and increasing the market for synthetic latex polymers in the coming years.
In addition to paints and coatings, these synthetic latex polymers are used in adhesives and sealants, textiles and nonwovens, paper and board, and other fields. Styrene-butadiene is the common type of synthetic latex monomer unit used in a wide variety of applications.
The aforementioned factors, coupled with government support, to increasing demand for synthetic latex polymers over the forecast period.
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