The Asia Pacific emulsion polymer market size was exhibited at USD 12.15 billion in 2023 and is projected to hit around USD 25.28 billion by 2033, growing at a CAGR of 7.6% during the forecast period 2024 to 2033.
| Report Coverage | Details |
| Market Size in 2024 | USD 13.07 Billion |
| Market Size by 2033 | USD 25.28 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 7.6% |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Segments Covered | Type, Application, End-use, Country |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Country scope | China; India; Japan; South Korea; Australia; Southeast Asia |
| Key Companies Profiled | OMNOVA Solutions; Trinseo; Synthomer Plc; DIC Corporation; JSR Corporation; Solutions; Dairen Chemical Corporation; Nova Polychem;Kamsons Chemicals Pvt. Ltd.; Arkema Group.; Asahi Kasei Corporation; Apcotex Industries Ltd.; Sumitomo Chemical |
Polymer emulsions are commonly used as binders in paints and coatings, as they possess exceptional properties including film-forming ability, adhesion, and durability. Furthermore, the construction industry utilizes polymer emulsions for a variety of purposes, including cement modification, waterproofing, and surface treatments, which has led to a rise in their demand.
The market demand is driven by its adoption in different sectors due to its environmental benefits, unique properties, and application versatility. Factors such as rising focus on environmental sustainability have driven the adoption of water-based formulations like polymer emulsions in manufacturing sectors that traditionally depend on solvent-based systems. Water-based polymer emulsions are a greener or more sustainable alternative with minimized environmental impact and reduced volatile organic compound (VOC) emissions. Therefore, industries including adhesives, textiles, and coatings have witnessed a surge in polymer emulsions demand.
The market is highly regulated to ensure the quality, safety, and environmental sustainability of these materials. China Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) is responsible for the administration of chemical substances in China. In 2020, the Inventory of Existing Chemical Substances in China (IECSC) issued mandates for the registration of chemicals intended to be used in food additives, pharmaceuticals, veterinary drugs, pesticides, cosmetics, feed, and feed supplements. Furthermore, other regulatory bodies such as the Bureau of Indian Standards (BIS), Japan’s Ministry of Economy, Trade, and Industry (METI), and the South Korea Ministry of Trade, Industry, and Energy (MOTIE) play a crucial role in shaping the landscape of emulsion polymer market in the Asia Pacific by ensuring ethical manufacturing and usage in end use industries.
The paints & coatings segment accounted for a revenue share of 45.7% in 2023. The demand for emulsion polymers in the paints & coatings segment is expected to grow at a rapid pace, especially in China and Japan, over the forecast period on account of the improved standard of living and stable economic conditions in the countries, which have led to an increase in infrastructure activities.
Adhesives form the second largest consumer segment for emulsion polymers, contributing to the rise in the global demand for these products from various end-use industries. Major product types of adhesives are acrylics, styrene blocks, polyvinyl acetate (PVA), ethylene vinyl acetate (EVA), and polyurethane. Adhesives based on vinyl are significantly contributing to the growth of the adhesives market owing to an increase in the demand for water-based adhesives. Numerous applications in the automobile and aerospace industries are anticipated to boost the demand for water-based adhesives over the next eight years.
The building & construction segment led the market, accounting for a revenue share of 37.7% in 2023, and is projected to emerge as the fastest-growing segment from 2024 to 2033. Housing and construction activities have been on the rise in developing countries such as China and India. Increasing disposable income in developing countries is expected to boost infrastructure activities in these regions, thereby propelling the demand for acrylic paints over the next eight years. Growth in homeownership is another factor expected to boost the demand for industrial coatings over the forecast period. Manufacturers have been adopting new technological processes and innovations, which cater to the requirements of consumers and result in improved sustainability, functionality, efficiency, and ease of application for their products. Developing products with a customer-centric view is thus expected to help boost the market growth over the forecast period.
Paper and paperboard coatings application segment accounted for a significant market share in 2023. High-performance paperboard barrier coatings are widely used to protect food and non-food applications. They offer critical properties including peelability, sealing, airtightness, humidity control, UV light protection, aroma barrier, oxygen permeability, heat resistance, and grease-proofing, thereby making them a popular choice in food packaging applications.
Acrylics polymer dominated the market, accounting for a share of 51.0% in 2023. It is an excellent glass substitute and is predominantly used in bullet-proof glass, windowpanes, greenhouse roofs, paints, communication devices, and machine parts. Acrylate polymers are used in dentistry, owing to their chemical, mechanical, physical, and biological properties.Acrylates are used for the production of plate denture bases, epitheses, obturator prostheses, and maxillofacial prostheses.
Styrene butadiene latex emerged as the second largest type segment in 2023. Styrene butadiene, styrene acrylics, vinyl acetate polymers, and styrene butadiene acrylonitrile have excellent physical and chemical properties including good gloss, UV resistance, and durability. These binders are widely used in paper and paperboard applications owing to the aforementioned properties.
Asia Pacific emulsion polymer market is driven by the growth of the construction industry in the region. Despite economic turmoil in most of the regions of the world, the economic fundamentals in Asia are expected to remain robust, as compared to the recent past. According to the International Monetary Fund’s (IMF) October 2023 report, the region's GDP growth is projected to foresee a growth in GDP of 4.2% in 2024 from 3.9% in 2022. The rise in GDP is due to rising foreign investments, which are expected to foster the development of industrial infrastructure. For instance, in November 2022 Amazon Web Services (AWS) announced an investment of USD 4.4 billion by 2033 for the construction of data centers in Hyderabad, India. Therefore, rising spending on infrastructure and construction is propelling the demand for emulsion polymers.
China Emulsion Polymer Market Trends
China emulsion polymer market accounted for the highest regional revenue share of 43.8% in 2023. The market is primarily driven by the growing initiatives taken by the government and private companies such as Sumitomo Seika (China) Co., Ltd. to promote green chemistry technologies such as water-soluble polymers, emulsion, latex and functional materials, polymer beads, and other products that offer high sustainability and functionality.
India Emulsion polymer Market Trends
Emulsion polymer market in India accounted for a significant revenue share in 2023. Future economic growth is expected to be led mostly by domestic demand given some of the concerns in India’s primary export markets, Western Europe, and North America. India is anticipated to increasingly focus on trade and investment in its domestic markets, with diminished reliance on exports. This is expected to be facilitated by relatively easy access to finance and a robust local labor market. This trend is projected to strengthen over the long term as the growing middle-class population and rising rate of real income are anticipated to further fuel domestic demand.
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Asia Pacific emulsion polymer market
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