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.
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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.
The major players operating in the Global VP Latex Market
The report also provides in-depth analysis of the Global VP Latex Market dynamics such as drivers, restraints and opportunities
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 report also provides in-depth analysis of recent news developments and investments
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.