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On a global scale, Southeast Asia represents the fourth largest market for synthetic latex polymers, accounting for 8% of the global consumption, according to the recently published Synthetic Latex Polymers: Southeast Asia Market Analysis and Opportunities report by global consulting and research firm Kline & Company. Although it is significantly smaller than the leading global markets, such as the USA, Europe and China, it is still much larger than the developing markets of the Middle East, Brazil and India.
Within Southeast Asia, countries such as Malaysia, Thailand and Indonesia account for 82% of synthetic latex polymers consumption in the region. Acrylonitrile-butadiene (AB nitrile) is the leading product type, accounting for 44.6% of the total consumption in the region by volume, followed by styrene acrylics.
Nonetheless, product split varies from one country to another. Latex consumption in Malaysia and Thailand is dominated by AB nitrile due to the large importance of the glove dipping application in these two countries. The product mix in Indonesia is dominated by styrene acrylics. Thailand dominates in consumption of pure acrylics, which is the third-largest type of synthetic latex polymers consumed in the region. In other regions, paints and coatings or paper applications usually represent the largest consumers, while the product split in Southeast Asia is strongly affected by the importance of the glove dipping industry in the region.
The supplier landscape is also very specific in this region. Due to its fragmentation, the market is characterised by a high degree of rivalry among existing suppliers. Moreover, the top 10 suppliers account for more than 60% of the market with several production bases available in the region.