Global VP Latex Market by Application (Tires, Belts, Others), and by Region (North America, Europe, Asia Pacific, Latin America, MEA), - Global Forecasts 2017 to 2027

Date : Sep 2021

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Report ID : 97

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Category : Specialty Chemicals

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Report Format:  PDF EXCEL PPT WORD

The Global VP Latex Market was valued US$ 343.0 Mn in 2020 and is expected to reach US$ 500.1 Mn by 2027, with a growing CAGR of 5.6 % during the forecast period (2020-2027).

In the tire cord dipping procedure, vinyl pyridine latex is often utilized. Prior to the usage, the latex is mixed with a resin forming agent or a combination of resin forming reagents such as resorcinol, resorcinol formaldehyde novolak, resorcinol formaldehyde resole, and other resin forming reagents. Vinyl pyridine latex has outstanding mechanical and chemical qualities, making it suitable for a variety of rubber applications. Additionally, Vinyl pyridine latex is also used in the production of conveyor belts and hoses. Low tearing strength of VP latex may hamper the market growth during the forecast period.

VP Latex Market

The Global VP Latex Industry Segmentation:

By Application

  • Tires
    • Radial Tires
    • Bias Tires
  • Belts
  • Others (hoses, paper, industrial fabric)

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

The unique insights provided by this report also includes the following:

  • In-depth value chain analysis
  • Opportunity mapping
  • Sector snapshot
  • Key Players Positioning Matrix
  • Regulatory scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market trends
  • Covid-19 impact analysis
  • Product comparison
  • Pre & Post COVID 19 impact on VP Latex Market
  • Competitive Landscape

Based on application, the tires segment accounted for a 56.3% share in the Global VP Latex Market size, followed by belts.

The automotive tires segment holds a major share of the global vinyl pyridine latex market during the forecast period. Vinyl pyridine latex is largely used as a raw material in the manufacture of automotive tire products across the world. It is largely used in the manufacture of vehicle tires, owing to its excellent adhesion property. Moreover, the rising sales of electric vehicles are further estimated to enhance the global VP latex market. As per a recent statistics published in 2021, by the electric vehicle world sales database, the global sales of BEV (Battery Electric Vehicle) + PHEV (plug-in hybrid electric vehicle) reached 3.24 million in 2020 compared to 2.26 million in 2019. However, the sudden lockdown across the globe has affected the manufacturing industry severely owing to which the supply of raw material and finished products has halted worldwide.  According to a survey conducted during February 28–March 9, 2020, by the National Association of Manufacturers (NAM), on the manufacturing industry in the U.S., more than 35% respondents said that COVID-19 has impacted their supply chain operations, and over 53% expected a change in the operations in the coming months.

Based on regions, the market for VP Latex in Europe accounted for the largest share in 2020, followed by North America and Asia Pacific.

The European VP latex market was estimated at US$ 115.7 Mn in 2019 and is projected to grow at a CAGR of 5.7% during the forecast period to reach US$ 179.2 Mn by 2027.Furthermore, the region is estimated at 41,459.7 tons in terms of volume in 2019 and anticipated to witness growth at a CAGR of 3.8% in the years to come. Europe has the largest market share in the year 2019 and is projected to witness substantial growth over the upcoming years. The growing demand for VP latex among the tire manufacturers and the rising sales of electric vehicles and SUVs in the region are the key factors for the growth of the European VP latex market.

Additionally, North America held the second largest market share in the year 2020 and is expected to witness similar growth trends during the forecast period. The rising demand for superior-quality vinyl pyridine latex in automotive and aircraft industries is one of the key factors propelling the demand for VP Latex in this region. The growing demand for VP latex in the industrial applications including hoses, belts, and others is another key factor for the growth of the North America VP latex market. 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 2019 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.

Company Profiles and Competitive Intelligence

The major players operating in the Global VP Latex Market

  • Zeon Corporation,
  • Jubilant Industries,  
  • Apcotex Industries,  
  • Trinseo,  
  • Omnova Solutions,
  • Jiangsu Yatai Chemical Co. Ltd,
  • Nippon A&L Inc,
  • Shandong Boyi Chemical LLC,
  • Wuxi Yatai Synthetic Rubber Co. Ltd,
  • Exelon Biochem & Advanced Material (China) Ltd,
  • Zibo Shuanghe Chemical Technology Co., Ltd and among others.

The report also provides in-depth analysis of the Global VP Latex Market dynamics such as drivers, restraints and opportunities

Drivers

  • Rising demand for aircraft carriers in various countries
  • Increasing demand for sports utility vehicles (SUVs), crossovers, and hybrid vehicles

Restraints

  • Presence of other substitutes
  • Low tearing strength of VP latex

Opportunities

  • Increasing demand for conveyor belts

COVID-19 Impact on the Global VP Latex Market Analysis

The coronavirus pandemic has impacted the major industries and business segments across the globe. Major countries such as U.S., U.K., China, and India, among others were heavily impacted by the COVID-19 pandemic.  The auto industry has witnessed significant growth in the past few years. Moreover, the global automotive industry has witnessed a sudden downfall which has severely impacted the global VP latex market.  

The report also provides in-depth analysis of key trends in the Global VP Latex Market

  • The budget constraints of the end-use industries due to the hampering of business operations during the pandemic impacted the revenue generation for VP Latex companies
  • Suppliers are at continued risk for disruption amid ongoing volatility in costs and policy decisions due to COVID-19 pandemic
  • The entire value chain of the VP latex market was impacted as there were restrictions on the cross-border trade that led to shortages of raw material supply, shortage of labor supply as they migrated to their home towns, etc.

The report also provides in-depth analysis of recent news developments and investments

  • In May 2020, Trinseo Acquired Vinyl Pyridine Latex Business from Synthomer plc. Trinseo is a leader in latex binder market, and a prominent supplier of synthetic rubber to the tire industry. This acquisition helps company to expand its product portfolio.
  • In April 2020, Synthomer Acquired Omnova Solutions Inc. which would strengthen Synthomer position as a global player in water-based polymer solutions, strong R&D platform and best-in-class process technology, a significant global geographic coverage.

Frequently Asked Questions (FAQs)

How big the Global VP Latex Market?

The Global VP Latex Market was valued at US$ 343.0 Mn in 2020 and is anticipated to reach US$ 500.1 Mn by 2027

What is the estimated market growth rate of the Global VP Latex industry?

The Global VP Latex Market is estimated to grow at a compound annual growth rate (CAGR) of 5.6% during 2020-2027

What is the share of Europe in VP Latex Market?

In the base year 2020, Europe accounted for 36% share in the VP Latex Market

Who are the key players in the VP Latex industry?

A few key players include, but not limited to: Zeon Corporation, Jubilant Industries, Apcotex Industries, Trinseo, Omnova Solutions, Jiangsu Yatai Chemical Co. Ltd, Nippon A&L Inc, Shandong Boyi Chemical LLC, Wuxi Yatai Synthetic Rubber Co. Ltd, Exelon Biochem & Advanced Material (China) Ltd, Zibo Shuanghe Chemical Technology Co., Ltd and among others.

What are the opportunities for the VP Latex industry?

The increasing demand for sports utility vehicles (SUVs), crossovers, and hybrid vehicles across the globe is one of the influencing factors for the development of the market.

How big the Global VP Latex Market?

The Global VP Latex Market was valued at US$ 343.0 Mn in 2020 and is anticipated to reach US$ 500.1 Mn by 2027

What is the estimated market growth rate of the Global VP Latex industry?

The Global VP Latex Market is estimated to grow at a compound annual growth rate (CAGR) of 5.6% during 2020-2027

What is the share of Europe in VP Latex Market?

In the base year 2020, Europe accounted for 36% share in the VP Latex Market

Who are the key players in the VP Latex industry?

A few key players include, but not limited to: Zeon Corporation, Jubilant Industries, Apcotex Industries, Trinseo, Omnova Solutions, Jiangsu Yatai Chemical Co. Ltd, Nippon A&L Inc, Shandong Boyi Chemical LLC, Wuxi Yatai Synthetic Rubber Co. Ltd, Exelon Biochem & Advanced Material (China) Ltd, Zibo Shuanghe Chemical Technology Co., Ltd and among others.

Author Credentials

Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.

  1. Market Introduction
    1. Definition
    2. Scope Of the Study
    3. List Of Assumptions
    4. Market Structure
    5. Scope of the Study: Segmentation  
    6. Timeframe, Currency and Limitations
  2. Research Methodology
    1. 3P Research Approach
    2. Market Sizing Approach
    3. Data Sources
    4. Primary Research Coverage
  3. Executive Summary
    1. Market Summary
    2. Market Snapshot
    3. Regional Snapshot
    4. Country Snapshot
  4. Premium Insights
    1. Key Trend Analysis
    2. New revenue Pockets
    3. Pain Point Analysis
    4. Company Market Share Analysis, by Region
    5. Strategies Adopted-Benchmarking Heat Map
    6. Regulatory Landscape
    7. PESTEL Analysis
    8. Regional Lifecycle
    9. Competitive Benchmarking
  5. Market Overview & Competitive Landscape
    1. Competitive Landscape
    2. Investment Scenario by key Players
    3. Key Player Overview
    4. Product comparison
    5. Player Wise Geographic Presence
    6. Player Wise Target Customer Segment
    7. Recent News
      1. Product Launches & upgrades
      1. R&D / Innovation
      2. Merger & Acquisition
      3. JV & Partnership
      4. Recognition and others
  1. Market Segmentation (Market Size and Share Analysis)
    1. Global Market Size & Historic Growth
    2. Market Size by Application
      1. Tires
      1. Belts
      2. Others
  1. Market Dynamics
    1. Market Drivers
    2. Opportunities
    3. Value Chain Analysis
    4. Pricing Analysis
  2. COVID – 19 Opportunity Mapping
    1. Key Drivers & Anticipated Revival Period
    2. Key Trends Analysis
    3. Impact on Application
    4. Opportunity Analysis
  3. Regional Market Analysis
    1. North America
      1. US
      1. Canada
    1. Europe
      1. UK
      1. Germany
      2. France
      3. Italy
      4. Spain
      5. Rest of Europe
    1. APAC
      1. China
      1. India
      2. Japan
      3. South Korea
      4. Rest of APAC
    1. Latin America
      1. Mexico
      1. Brazil
      2. Argentina
      3. Rest of LATAM
    1. Middle East & Africa
      1. GCC
      1. Rest of MEA
  1. Company Profiles
    1. Zeon Corporation
      1. Company Fundamentals
      2. Financial Analysis (Subject to Availability)
      3. Product Portfolio
      4. SWOT Analysis
    2. Jubilant Industries
    3. Apcotex Industries
    4. Trinseo
    5. Omnova Solutions
    6. Jiangsu Yatai Chemical Co. Ltd
    7.  Nippon A&L Inc
    8.  Shandong Boyi Chemical LLC
    9.  Wuxi Yatai Synthetic Rubber Co. Ltd
    10.  Exelon Biochem  
    11. Other Notable Players
      1. Advanced Material (China) Ltd,
      2. Zibo Shuanghe Chemical Technology Co., Ltd
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