The global VP latex market size is likely to witness a growth spurt in the forthcoming years. VP latex or vinyl pyridine latex can endure extreme weather conditions and offers a solid bond between synthetic fabrics and rubber compounds. It also offers exemplary chemical and mechanical stability, high adhesion, consistent fabric properties, etc. For instance, VP latex is extensively utilized by the manufacturers of airplane tires. The increasing acquisition of airplanes by airlines for commercial use is expected to drive market growth prominently.
On the basis of product type, the market segments into nitrile latex, acrylic latex, etc. On the basis of application, the market fragments into hose, belts, tires, etc. On the basis of end-use industry, the market divides into aerospace, automotive, etc. Geographically, the market is classified into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
The report follows top-down and bottom-up approaches for a precise prediction.
The report envisages Porters’ five Forces Analysis and SWOT Analysis for an unerring prediction.
The report highlights information on the latest technological advancements and key market trends.
The report provides valuable insights into the regulatory scenarios of the market.
The report presents vital information on the competitive landscape of the market.
Drivers & Restraints-
Increasing Product Demand from Automotive & Aircraft Industries to Fuel Market Growth
The product experiences a high demand from the automotive industry. It is utilized as a raw material in the manufacturing of automotive tires—the increasing disposable income and rising global population fuel the demand for personal and commercial vehicles. The escalating demand and sales of personal vehicles are expected to drive global VP latex market growth. The innovation in automobile tires and the rising popularity of electric and hybrid vehicles are expected to create lucrative growth opportunities for the market.
The product is also utilized in the manufacturing of airplane tires. The constantly growing travel industry propels the growth of the aviation industry. The increasing air travel has boosted the acquisition of airplanes by commercial airlines. This is expected to complement market growth for VP latex.
The rapid industrialization in countries like India and China is anticipated to boost market growth. The increasing product demand for application in conveyor belt manufacturing is likely to promote market growth.
However, the high availability of substitutes like natural latex is expected to hinder market growth.
Asia Pacific to Projected to Witness Impeccable Growth
Asia Pacific is projected to account for the highest VP latex market share in the forthcoming years. This is attributable to the escalating product demand for tire manufacturing by the constantly expanding aircraft and automotive industry. Moreover, rapid industrialization is expected to promote growth in Asia Pacific.
Europe is expected to rank second in the global market. Expanding automotive industry, innovations in tires, and increasing popularity & adoption of electric and hybrid vehicles are likely to the prominent growth propellants.
High production of vinyl pyridine latex in countries like Mexico, Canada, and the US is likely to help North America gain considerable growth in the upcoming years.
Increasing adoption of VP latex in hose and tire application is expected to help the Middle East & Africa witness substantial growth.
Inorganic Growth Strategies to Solidify Key Players’ Market Rankings
The market is fairly competitive and comprises a few key players operating at regional and global levels. The key players are focusing on growth and development strategies to solidify their market presence. They are focusing on partnerships, acquisitions, collaborations, etc. For instance, Synthomer PLC acquired Omnova Solutions Inc. in April 2020 to strengthen its presence in North America, Europe, and Asia.
May 2020: Trinseo acquired Vinyl Pyridine Latex Business from Synthomer PLC. The company aims to expand its latex binder business in tire and coating application through this acquisition.
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