The Global VP Latex Market was valued US$ 343.0 Mn in 2020 is expected to reach US$ 500.1 Mn by 2027, with a growing CAGR of 5.6 % during the forecast period (2020-2027).
Vinyl pyridine latex has outstanding mechanical and chemical qualities, making it suitable for a variety of rubber products. Owing to these properties, VP Latex is used in the manufacturing of tires. The steady demand for Electric vehicles across the globe is expected to raise the demand for tire manufacturing. Rising demand for SUVs in Asia Pacific emerging economies such as India, Bangladesh, Indonesia, and others is expected to boost global VP Latex market growth during the forecast period. As a result, rising demand for SUVs, crossovers, and hybrid vehicles is expected to boost global VP latex market growth during the forecast period.
VP Latex's have also become an integral component for the retail stores as it a tool with a blend of sustainability and design to drive consumer traffic, assuring more profitability with a reduction in the number of laborers. Moreover, the growth in momentum for eco-friendly cooking, energy consumption awareness, smart kitchens, IoT embedment is expected to support the growth of VP Latex's, especially in the retail sector. One of the trends that made the growth of VP Latex's more inevitable in the market is the rising demand for space-saving and multifunctional equipment.
Additionally, the major use of VP latex in the manufacturing of aircraft tires in mixture with other rubber materials including styrene, nitrile, butadiene rubber, and others due to excellent adhesion of VP latex is anticipated to increase the demand for VP latex market during the forecast period. Aircrafts carriers with new designs and technology are further estimated to enhance the demand for VP latex. Hence, the demand for VP latex is estimated to witness substantial growth over the upcoming years owing to the rising demand for aircraft carriers across countries.
The scope for the installation of VP Latex's has grown over the past decade, where the rate of adoption in retail spaces has surged. The lower cost of ownership increases the profitability, labor cost-cutting, and attractive merchandising is driving more consumer traffic that has served as the pillars for the preference of various types of VP Latex's in the retail outlets. While hospitality sectors and convenience stores continue to dominate the adoption rate, the momentum has gained pace in institutions, cinema halls, tourist spots, shopping malls, and airports.
The vendors in the VP Latex industry are also highly recommended to customize their offerings based on personal preferences, demographics behavior, geography, and foot traffic. Moreover, the rising use of conveyor belts at the different transportation stations such as railway stations, metro stations, and airports for the convenience of the consumer during travel and for security checks is further estimated to enhance the demand for conveyor belts across the world. Therefore, the growing demand for conveyor belts is projected to enhance the global VP latex market during the forecast period.
In terms of region, the Europe accounted for the largest market share during the forecast period. As per a recent statistics published by The Electric Vehicle World Sales Database, in 2021, in 2020 around 13,95,000 units of BEV (battery electric vehicle) and PHEV (plug-in hybrid electric vehicle) were sold as compared to 589,000 units in 2019 which is around 137% increase. The rising industrialization in the region has increased the demand for conveyor belts owing to which the VP latex market is estimated to witness significant growth over the upcoming years.
North America is expected to be the second largest market during the forecast period. The North America region majorly consists of U.S. and Canada that are considered in the report for analysis of VP latex market. U.S. held the largest market share in 2020 and is projected to show similar trends throughout the forecast period. The presence of key automotive tire manufacturers in the U.S. such as Michelin, Continental, Bridgestone, and others is one of the key factors for the dominance of the U.S. in the North America VP latex market. Moreover, the high production and consumption of VP latex in the U.S. and Canada along with the increased sales of SUVs, crossovers, hybrid, and electric vehicles is further anticipated to propel the regional market growth during the forecast period.
Global VP Latex Market by Application Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Recent News:
Log in / Register