New product launch was the key growth strategy adopted by the leading players between 2015 and 2018 to strengthen their product portfolio and business prospects in Polymer Binders Market
The polymer binders market is projected to grow from USD 24.1 billion in 2018 to USD 35.0 billion by 2023, at a CAGR of 7.8% during the forecast period. It is segmented into various types, such as acrylic, latex, and vinyl acetate. The market is also segmented on the basis of form into liquid, powder, and high solids. Polymer binders have wide applications such as architectural coatings, adhesives & sealants, textile & carpets, paper & board, and construction additives. The demand for polymer binders is majorly driven by the architectural coatings application. Polymer binders are used in the formulation of decorative paints & coatings as a binding agent for pigments.
The key companies have adopted various inorganic and organic growth strategies, such as new product launch, acquisition, and expansion, to strengthen their foothold in the polymer binders market. BASF (Germany), DowDuPont (US), Wacker (Germany), Celanese (US), and Arkema (France) are some of the leading players operating in the polymer binders market. New product launch was the key growth strategy adopted by the leading players between 2015 and 2018 to strengthen their product portfolio and business prospects.
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BASF majorly adopted the strategy of new product launch to increase its product offerings and revenue by catering to major applications effectively. In 2017, the company launched three new polymer binders for the architectural coatings, paper & board, and nonwoven applications. Through continuous innovation in the field of polymer binders to cater to more applications, the company has generated significant revenue in the polymer binders market. In 2018, the company has extended the production of its JONCRYL brand of emulsions from the Netherlands production site to cater to the increasing demand for polymer binders from the inks and paper & board applications in Europe. Currently, BASF holds the number one position in the polymer binders market with a wide product portfolio, global presence, and strong sales & distribution network.
DowDuPont (US) is one of the leading polymer binder manufacturers that operate globally. It is ranked second in the polymer binders market. In 2017, the company launched a new polymer binder for the paper & board. The company caters to all major applications and operates globally in this market. Its wide range of product offering for wide applications areas has helped the company to capture a major share of the polymer binders market.
Wacker (Germany) is another leading player in the polymer binders market. It specializes in vinyl acetate-based polymer binders, leading in this segment with the largest global production capacity. The company adopted the strategy of new product launch to maintain its competitive position in the polymer binders market. In 2017, the company launched six new polymer binders for applications such as architectural coatings, adhesives & sealants, paper & board, and textile & carpets.
Related Reports:
Polymer Binders Market by Type (Acrylic, Vinyl Acetate, and Latex), Form (Liquid, Powder, and High Solids), Application (Architectural Coatings, Adhesives & Sealants, Textile & Carpets, Paper & Board, and Construction Additives), and Region - Global Forecast to 2023
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