Global latex binder market forecast at $13.3 billion by 2032
Austin, TX – The Latex Binders Market Size was valued at USD 7.6 billion in 2023 and is expected to reach USD 13.35 billion by 2032 and grow at a CAGR of 6.5% over the forecast period 2024-2032 according to SNS Insider.
The global latex binders market is being propelled by the rapid growth of construction and infrastructure, particularly in emerging economies. The demand for residential, commercial, and industrial projects is being spurred by urbanization and industrialization. The construction industry is increasingly relying on high-performance, sustainable, and energy-efficient materials, pushing the need for latex binders, especially in paints and coatings. In 2023, BASF introduced low-VOC latex binders for the construction sector, promoting eco-friendly solutions. Latex binders improve properties like flexibility and adhesion, making them ideal for diverse applications, including technical textiles. Industries such as automotive, healthcare, and agriculture are driving the growth of this sector, with increased demand for latex in protective gear, packaging, and nonwoven fabrics. Governments are also playing a vital role in promoting market expansion, with initiatives like India’s 2019 technical textiles policy targeting sectors such as defense and agriculture.
Latex binders held a 28% market share in 2023, driven by their strong adhesion, flexibility, water resistance, and eco-friendly properties. Their application in textiles, paper, and adhesives industries is fueled by the growing demand for sustainable, green alternatives to solvent-based products. The increasing need for durable coatings in textiles and nonwoven fabrics, along with economic advantages in the construction and automotive sectors, further drives latex binders’ dominance.
Liquid latex binders, commanding 65% of the market in 2023, offer advantages such as easy blending, rapid application, and uniform dispersion. Ideal for high-volume industries, they provide excellent adhesion and flexibility for textiles, paper, and coatings. Liquid binders’ convenience and cost-effectiveness in industrial applications make them a preferred choice, especially in sectors like textiles and coatings.
Latex binders for paints and coatings held a 25% market share in 2023, with their superior adhesion, water resistance, and weatherability. Acrylic and styrene-butadiene latex binders are preferred for water-based paints due to their performance and environmental benefits. As consumer demand grows for eco-friendly and low-VOC products, latex-based paints continue to gain traction, replacing solvent-based alternatives.
Asia Pacific held 48% of the latex binders market in 2023, driven by rapid industrialization, a large manufacturing base, and rising demand for sustainable products. The region’s growing textile, automotive, and construction sectors, particularly in countries like China, India, and Japan, contribute to the demand for high-performance latex binders. As these industries increasingly seek eco-friendly, low-VOC alternatives, the market for water-based latex binders expands. Moreover, with many leading manufacturers based in Asia Pacific, the region benefits from a cost advantage, further boosting market growth. The rise of the middle class and urbanization in nations like China and India, where high-quality coatings and adhesives are in demand, also support the region’s market dominance.
Prominent Players Included are:
Chemrez Technologies Inc. (Polyurethane Binders, Acrylic Emulsion Binders)
OMNOVA Solutions Inc. (Emulsion Binders, Styrene-Butadiene Latex)
Celanese Corporation (Vinyl Acetate Binders, Acrylic Polymer Binders)
Arkema (Styrene Butadiene Latex, Acrylic Emulsion)
Toagosei Co. Ltd. (Acrylic Latex, Styrene Butadiene Latex)
BASF SE (Dispersions for Paints, Acrylic Polymer Binders)
Wacker Chemie AG (Acrylic Binders, Silicone-based Binders)
Dairen Chemical Corporation (Vinyl Acetate Binders, Styrene Butadiene Latex)
VISEN Industries Limited (Acrylic Binders, Styrene Butadiene Latex)
Shandong Hearst Building Materials Co. Ltd. (Polyurethane Emulsion, Acrylic Latex)
Dow Chemical Company (Acrylic Binders, Styrene Butadiene Latex)