LITTLE FALLS, NJ, July 8, 2009 –
The estimated growth rate of the Indian synthetic latex polymers market has been about 14% (by volume) since 2005. It is further anticipated that the Indian synthetic latex polymers industry would grow at a compound annual growth rate of 10.4% until 2013, according to the latest research Synthetic Latex Polymers India 2009 from worldwide consulting and research firm Kline & Company.
“The major driver for development of the synthetic latex polymers industry in India is the high growth rate of end-use industries like paints and coatings, adhesives, construction, automotive, etc.,” notes Parvesh Magoo, Consultant, Chemicals & Materials Practice at Kline. Another impetus comes from the fact that there are no major substitutes to replace synthetic latex polymers in their functional aspects across the various application segments.
Multinational companies like BASF and Rohm and Haas, as well as local players like Jesons Industries, Visen Industries, and Speciality Industrial Polymers & Coatings Pvt. Ltd., have expanded their capacity in the last couple of years due to the growing demand in the Indian market.
In 2008, the Indian synthetic latex polymers market was estimated at 219,000 dry tonnes. Most suppliers of synthetic latex polymers in the Indian market, both multinational companies and local players, are mainly competing in the acrylics product category. Although there are no stringent regulations in place currently, the suppliers have been continuously creating awareness amongst end users with regards to the usage of environmentally friendly and “greener” products.
The price, quality, and assurance of supply are the critical factors affecting the choice of suppliers by the end users. “Although export-oriented industries like leather, textiles, and carpet have been affected by the global economic turndown, they are expected to rebound in the next three to five years, subsequently increasing the synthetic latex polymer usage within these applications,” adds Mridul Joy, Consultant, Chemicals & Materials Practice.
The key applications which consume synthetic latex polymers in the Indian market are adhesive and sealants, paints and coatings, and textiles, constituting together around 75% of the total market by volume. Among the product categories of synthetic latex polymers acrylics form the dominant product type, constituting about 45% of the overall Indian market.
Synthetic Latex Polymers 2009-2010 Global Series: Business Analysis and Opportunities, global series of regional business analyses is designed to assist suppliers of synthetic latex polymers to understand the key dynamics of each significant market and product segment.
Kline is a worldwide consulting and research firm dedicated to providing the kind of insight and knowledge that helps companies find a clear path to success. The firm has served the management consulting and market research needs of organizations in the chemicals, materials, energy, life sciences, and consumer products industries for 50 years. For more information, visit www.klinegroup.com