The growing application of styrene butadiene latex is a sign that the global market has gained momentum over the recent years. Right from paper, fiber, and glass fiber processing to mortar additives and adhesives, the demand for styrene butadiene latex has increased. A report by Transparency Market Research pegs the value of the global styrene butadiene latex market at US$6,809.5 million in 2014, which is projected to grow to US$9,120.3 million by 2023.
Here’s a look at the three main factors boosting the styrene butadiene latex market.
Increasing Demand from Carpet Industry Fueling Growth
Styrene butadiene latex is used in backcoatings for tufted carpets. Latex backcoatings provide stability to the carpets, keep the tufts in place, anchor the pile fibers, and provide resistance to tuft loss or fraying at the cut edges of the carpets. The styrene butadiene latex not only functions as the actual backing on some carpets, but can also act as the laminating adhesive for secondary backing.
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The carpet market has witnessed strong growth over the past few years, given the growth of the building and construction industry. Carpets are used for residential as well as non-residential purposes. While residential applications hold a dominant share of the styrene butadiene latex market, commercial and industrial applications are also on the rise. Almost 90% of the carpets produced in the U.S. are tufted, which means North America forms a major market for styrene butadiene latex. Belgium is the center of the carpet market in Western Europe, where nearly half of the tufted carpets are produced.
Paper Coating Market in Asia Pacific a Major Growth Factor
Paper coating is the largest application of styrene butadiene latex. Styrene butadiene latex-based coating systems offer higher gloss level, high coating speed, enhanced brightness, water resistance, opacity, and improved pigment binding power resulting in smoothness, all at a lower cost. Styrene butadiene latex is used for paper coating in annual reports, magazines, advertizing flyers, label stock, catalogues, and paperboard products such as folding cartons. It enhances overall print performance, making it a viable choice.
The coated paper market in Asia Pacific has been on the rise, causing major players in the styrene butadiene latex market to expand production capacity in this region. Asia Pacific currently accounts for more than 40% of the global styrene butadiene latex market, as a major consumer as well as producer. China and Japan are expected to contribute the largest share in terms of demand, allowing APAC to grow at a 3.6% CAGR from 2015 to 2023.
Styrene Butadiene Latex as Mortar Additive Holds Strong Potential
Styrene butadiene latex is used in concrete and mortar as an admixture to improve abrasion resistance, increase resistance to water penetration, and enhance durability and compressive strength.
Demand for styrene butadiene latex as an admixture is anticipated to gain potential over the next decade as construction activities rise across the globe. Countries in the Middle East, Asia Pacific, and Latin America have been witnessing growth of the building and construction industry owing to rising populations, increasing disposable incomes, recovering economies, and urbanization. This is in turn expected to drive the market for styrene butadiene latex.
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As with any market, the styrene butadiene latex market also faces a few challenges such as volatile prices of raw materials and declining demand for coated paper in developed countries. However, these challenges will only continue to boost innovation within this market and force manufacturers and vendors to develop novel ways of overcoming these hurdles.