ALBANY, N.Y.—The global styrene butadiene latex market is on a trajectory for growth that is expected to continue throughout the next five years.
According to recent analysis from Transparency Market Research, the styrene butadiene latex market is forecast to experience a compound annual growth rate of 3.3 percent through 2023. Estimated market worth is expected to rise to $9.1 billion by 2023, compared to the 2014 market value of $6.8 billion.
As the market grows, though, it likely will face a number challenges, particularly from the fluctuation of raw materials prices, which could lead to market instability, the report said. Changes in crude oil prices could have the most significant impact.
Demand in the paper coatings market is expected to be the driving force in growing the styrene butadiene latex market. The product, Transparency Market Research said, provides items such as catalogs, advertising fliers, reports and magazines with a bright, high-gloss look with water resistant capabilities at cost much lower than alternative products.
Reduction in the use of paper, however, could particularly impact the market growth, especially as conservation and recycling efforts continue to rise.
By segment, mortar additives show the most promise in expectations for growth. Additional application segments poised for growth are adhesives, coatings and paints, glass fiber processing, fiber processing and paper processing.
Asia, which accounted for 40 percent of the global styrene butadiene latex market in 2014, likely will continue to show the most growth globally, driven by demand in the China and Japan.
Transparency Market Research said it expects the major players within the industry to drive the market forward. They include Trinseo S.A., Dow Chemical Co., Synthomer P.L.C., BASF S.E., Nantex Industry Co., Ltd., Omnova Solutions Inc. and Synthetic Latex Co. (Pty.) Ltd.