The global polymer emulsions market size was estimated to be around USD 40 billion in 2023, and it has grown at an annual average rate of 8.3% since 2016. During the forecast period, Polymer emulsions market is estimated to register a CAGR of 9.5% driven by increasing demand in sectors like paints and coatings, adhesives, and textiles. Polymer emulsions are water-based polymer dispersions that offer high versatility, making them essential across a range of applications where specific performance and sustainability requirements must be met.
The polymer emulsion market is primarily categorized based on the types of monomers that can undergo copolymerization. The main categories include Styrene-butadiene, Pure Acrylic, Styrene-Acrylic, Vinyl acetate & copolymers, Vinyl-acrylic and Others. Styrene-Butadiene accounts for the largest share of 26%, followed by Pure Acrylic, Vinyl acetate & copolymers, Styrene-Acrylic and Others. Styrene-butadiene polymer emulsions help to create polymers with unique properties suited for the end-use application. They are known for their ability to create polymers with unique properties that suit a wide range of end-use applications, from adhesives to coatings.
Styrene-Acrylic is the fastest growing polymer emulsion type, projected to grow at a CAGR of 4.6% between 2024 and 2036. The growth is attributed to its widespread use as binders in both interior and exterior paints due to their exceptional pigment binding properties. These copolymers offer excellent gloss, film strength, durability, and chemical resistance. Additionally, acrylic-styrene emulsion coatings deliver high UV stability along with strong resistance to water and alkalis, making them highly durable.
Others include Polyurethane Dispersions (PUD) that are aqueous solutions of polyurethane polymers that are used in a variety of applications such as industrial coatings, wood coatings, architectural coatings, etc.
Stahl, the world leader in speciality coatings for flexible materials, has announced the opening of a new state-of-the-art facility for the PUD manufacturing in Singapore.
Polymer emulsion applications include Paints & Coatings and Adhesives and Sealants. Paints & Coatings is the largest segment, accounting for more than 55% in the polymer emulsion market. Polymer emulsions typically contribute between 10-50% of the total mass of paint formulations. A typical architectural paint formulation includes a blend of inorganic pigments, fillers, thickeners, coalescing agents, and biocides—all working together to improve the performance and durability of the coating.
Global paints & coatings market was valued at USD 184.9 billion in 2023, and it is projected to register a CAGR of 5.2% to reach USD 288 billion by end of 2032. The strong growth in Paints & Coating market will further drive the Polymer emulsion market in the coming years.
In August 2024, PPG announced the capacity upgradation of its Yen Phong industrial coatings plant in Bac Ninh province, Vietnam. A new production line dedicated to PPG AQUACRON waterborne decorative and functional coatings for consumer electronics, as well as state-of-the-art testing equipment and automated spray booths.
Adhesives are the second largest application, where these polymers are tailored to specific rheological properties so that the adhesive has the right viscosity and flow characteristics for various applications. Polyvinyl Acetate (PVA) and Ethylene Vinyl Acetate (EVA) are commonly used in adhesive formulations where PVA, is widely used in wood glues and as a base in white glue formulations.
More than one third of the polymer emulsions are used in the formulation of architectural coatings. Polymer emulsions contribute between 10-50% of the total architectural paint and most of the formulation consist of inorganic pigments, thickeners, defoamers, biocides, and wettings agents.
Architectural coatings are highly correlated with the health of the housing/construction market thus, the architectural paints segment currently accounts for 52% of the global paints and coatings industry within the global coatings industry.
Asia Pacific is the largest consumer of polymer emulsion and will continue in the forecast period as well. China, the region's largest economy, is undergoing significant industrial expansion as part of its 14th Five-Year Plan. By 2025, the country aims to achieve major advancements in digital infrastructure, environmental protection, and energy use, all of which will contribute to growing demand for polymer emulsion products.
New projects in roads, ports and industrial segments increases revenues from protective coatings for civil applications and road-marking paints to all parts of the building paints sector, whether interior, exterior, waterproofing or floor coatings.
The construction industry is set for growth, driven by energy, utilities and infrastructure projects, which are expected to increase by 7.8% and 5.1% respectively in 2024. Furthermore, heavy investment in manufacturing is anticipated particularly in the technology sector with factories and data centres being built across North America, Latin America and Europe.
As governments invest in infrastructure to support growing populations—such as roads, bridges, and buildings—the demand for steel will rapidly increase. This creates a significant opportunity for the paints and coatings market to expand, driven by the ongoing need for coatings in response to urbanization, improving aesthetics, as a surface protectant and development trends. As these economies continue to grow, the paints and coatings market is poised for substantial growth, reflecting broader industrial and economic shifts.
Changes in oil-price affect the marginal producers’ production economics and, therefore, commodity-chemical price levels. The price changes, in turn, impact specialty-chemical producers downstream, which typically use commodity chemicals as inputs, though the extent of the impact is less and with a significant time lag. The prices of key raw materials for Polymer emulsion production, such as acrylates, VAE, and SBR, are subject to fluctuations which negatively affect the Polymer emulsion market.
Asian Paints has announced investments exceeding Rs 2,100 crore allocated for the Vinyl Acetate project, the facility will boast an annual capacity of 150 kilo tons of Vinyl Acetate Ethylene and 100 kilo tons of Vinyl Acetate Monomer (VAM) – a critical ingredient for VAE manufacturing. These forward-thinking initiatives are part of the company’s backward integration strategy, driving innovation and sustainability in the paints industry.
In 2023, Covestro completed construction of a state-of-the-art facility for producing polyurethane dispersions in Shanghai, China. The new plant is poised to address the growing demand for sustainable coatings and adhesives across industries such as construction, automotive, footwear, furniture, and packaging in the Asia-Pacific. Set to begin operations in the first quarter of 2024, the facility will produce waterborne PUDs that match the performance of traditional solvent-based types.
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