Market Synopsis: The Global Polymer Emulsion Market is projected to reach a size of USD 63.22 Billion by 2027, exhibiting a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period. The market's growth is driven by increasing demand for polymer emulsion in various applications, such as construction, paints & coatings, and automotive adhesives. Additionally, growing environmental concerns and stringent regulations from agencies like the EPA and REACH are favoring the adoption of water-based emulsion polymers to reduce environmental impact. The use of bio-based products to limit harmful emissions is also contributing to the rising demand for polymer emulsion in diverse industries.
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Market Summary: The global polymer emulsion market is estimated to have reached USD 37.38 Billion in 2019 and is expected to grow steadily at a CAGR of 6.8% until 2027. The industry is witnessing substantial demand from sectors such as construction, paints & coatings, and automotive adhesives. Stringent environmental regulations by agencies like the EPA and REACH are driving the shift towards water-based emulsion polymers to reduce harmful chemical emissions like Styrene, methyl chloride, toluene, and Acrylonitrile. The market's growth is further propelled by the increasing preference for bio-based products to limit environmental impact, making polymer emulsion a popular choice across various end-use industries.
In the building and construction sector, polymer emulsion finds wide application in the production of interior and exterior paints, deck & trim paints, elastomeric coatings, and others. The robust growth in the construction industry, particularly in developing economies, is creating significant demand for polymer emulsion. The global construction market is expected to generate USD 8 trillion in revenue by 2030, which is likely to further boost the polymer emulsion market.
The automotive industry is also contributing to the market's growth as the use of polymer emulsion in automotive coatings provides high-performance features such as noise absorption, UV light protection, heat protection, vibration dampening, and scratch resistance. As consumer demand for high-performance vehicles rises, the demand for polymer emulsion in automotive coatings is expected to increase.
Rapid urbanization in developing economies is providing lucrative opportunities for the polymer emulsion market. Various companies are setting up manufacturing bases in these regions to cater to the growing demand. For instance, Indian Oil Corporation and Total, S.A. have announced plans to form a joint venture for manufacturing and marketing high-quality bitumen derivatives & specialty products, including polymer-modified bitumen and bitumen emulsions, to serve not only India but also other South Asian markets.
Product Outlook: In 2019, acrylics dominated the global polymer emulsion market and are projected to grow at a CAGR of 6.5% through 2027. Acrylic polymer emulsions find extensive use in graphic arts, industrial coatings, paints, textile finishes, adhesives, and other related products. They offer various advantages, such as resistance to blistering, cracking, alkali cleaners, and water, as well as better adhesion and stain protection. Additionally, acrylic resin does not yellow when exposed to sunlight, making it durable and suitable for applications in furniture and outdoor appliances.
Application Outlook: The paints and coatings application segment is expected to dominate the market due to the rising demand for low-VOC content paints globally. Polymer emulsion-based paints and coatings are preferred over other alternatives due to their eco-friendly properties, including non-flammability, lower fire insurance costs, reduced energy consumption during manufacturing, and a smaller carbon footprint.
Regional Outlook: Asia Pacific is anticipated to experience the highest growth rate and is estimated to hold 35% of the polymer emulsion market share during the forecast period. This growth can be attributed to factors such as increased construction activities, robust demand for packaging materials, and a surge in automotive production in the region. China, being the leading automobile manufacturer, is expected to account for 45% of the polymer emulsion application share in the APAC region.
Competitive Landscape: Major players in the polymer emulsion market include Dow Chemicals, Clariant International, DIC Corporation, Mallard Creek Polymers, British Paints, Synthonomer, Wacker Chemie AG, Kansai Nerolac Paints Ltd., Asian Paints Ltd, and The Lubrizol Corporation. These companies are focusing on product expansion to meet the growing import and export demands. For example, Synthomer plc invested USD 16 million in 2018 to procure new polymerization reactors and equipment at its facility in South Carolina, aiming to cater to the increasing demand for polymer emulsion products.
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