The outbreak of COVID-19 has tightened travel restrictions in almost all countries globally. The increasing number of infected patients and total lockdown in major industrial hubs since March 2020 have brought the manufacturing industry to a halt. To curb the spread of the coronavirus, workers have either returned to their hometowns or have been quarantined. The potential upstream supply chain issues have forced the construction, automotive, chemical, textile & coatings companies to close sites. The demand for residential building construction is anticipated to be low, as negative consumer sentiment and declining incomes are discouraging people from seeking new homes. The demand for automotive has declined drastically due to uncertain future conditions. The impact on textile order for clothing and clothing accessories has dropped by 30% on average across the globe. Chemical manufacturing companies have halted their production or operating at a low utilization rate. However, gradually, the government bodies around the world are encouraging construction, automotive, chemical, and textile & coatings companies to resume work with the lifting of lockdown, and companies are working towards recovery of the market with the expected increase in sales gradually in 2021.
To know about the assumptions considered for the study download the pdf brochure
The global polymer emulsion market size is estimated at USD 25.2 billion in 2020 and is projected to reach USD 38.1 billion by 2025, at a CAGR of 8.6%, between 2020 and 2025. Monomers dissolved in water are known as polymer emulsions. They are formed by a chain reaction known as emulsion polymerization. They are also known as waterborne polymers due to their water content. Polymer emulsions are used increasingly as substitutes for solvent-based polymers. Polymer emulsions have high molecular weight and are considered eco-friendly as they have low VOCs. The key applications of polymer emulsion are paints & coatings, paper & paperboard, adhesives & sealants, and others.
Paints & coatings is the largest application in the polymer emulsion market
The paints & coatings segment is the largest consumer of polymer emulsion. The growth of the market is attributed to the high demand in industries, such as construction and automotive. Polymer emulsion is used widely in paints & coatings as its manufacturing process has a lower carbon footprint. The high VOC content of solvent-based products and the implementation of government regulations regarding air pollution control has stimulated the development of low VOC paints & coatings. This increased the demand for water-based paints & coatings, which in turn, drive the growth of polymer emulsions in the paints & coatings segment.
APAC is the largest and fastest-growing market for polymer emulsion. The region is witnessing growth in the polymer emulsion market because of the rapid expansion of building & construction, consumer durables, and transportation sectors. The manufacturers are attracted to the region as skilled labor required for the operation of manufacturing units are available at lower wages. The presence of major polymer emulsion manufacturers and stringent government regulation related to VOC emission are major factors supporting the growth of polymer emulsion in the region.
DIC Corporation (Japan), Dow Chemical Company (US), BASF SE (Germany), Arkema Group (France), Celanese Corporation (US), Trinseo (US), The Lubrizol Corporation (US), Wacker Chemie AG (Germany), Synthomer Plc (UK), and Asahi Kasei Corporation (Japan) are the major players in the polymer emulsion market.
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1269
Comments