A key factor driving the growth of the market is the increasing use of polymer binders in the coating formulation. Polymer binders are used in the formulation of coatings that hold pigments together for adhesion, stability, and chemical resistance. These binders improve the performance and durability of coatings such as waterborne and solvent-borne coatings. The demand for polymer binders by end-user industries, such as the construction and automobile industries, is increasing as these binders are widely used in the formulation of coatings. For instance, the massive residential and infrastructural development in APAC is expected to drive the consumption of coatings and have a positive impact on the global polymer binder market in the coming years.
As per Technavio, the growing demand for lithium polymer batteries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global polymer binder market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global polymer binder market: Growing demand for lithium polymer batteries
Lithium polymer (LiPo) battery is a rechargeable battery placed in a pouch. It uses polymer electrolyte instead of liquid electrolyte. The design flexibility, high energy density, and electrical performance make them preferred to lithium-ion batteries. Polymer binders are used in the formulation of anode coatings because of their excellent adhesion, water absorption capacity, and ionic conductivity. They exhibit superior recharging and chemical resistance as well. These batteries have tremendous potential for use in gadgets, smart watches, and navigation and tracking devices. Product line expansion for lithium polymer batteries from e-bikes, solar vehicles, and hoverboards are likely to be a positive trend in the global polymer binder market during the forecast period.
Polymer binders are being used in the formulation of textile coatings, nonwoven waddings, glass fibers, and leather as it exhibits excellent adhesion, strength, and durability. It imparts excellent abrasion resistance, tensile strength, dimensional stability, and chemical resistance to textile fibers as well. These factors are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global polymer binder market: Segmentation analysis
This market research report segments the global polymer binder market by application (architectural coatings, adhesives and sealants, textile and carpets, paper and board, others) and geographical regions (APAC, Europe, North America, MEA, and South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the growing demand for paper-based packaging in the region.
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