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. "The product split in this region cannot be compared to any other region in the world," comments Nikola Matic, Industry Manager of Kline's Chemicals and Materials Practice. "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 characterized by a high degree of rivalry among existing suppliers. Moreover, the top 10 suppliers account for over 60% of the market with several production bases available in the region. This competition creates various barriers for those looking to enter the market.
Suppliers consist of two tiers of companies: multinational companies, with a diverse regional base; such as Synthomer, Dow Chemical, BASF, Archroma, and Dairen. Regional companies, such as Eternal, Dovechem, Bangkok Synthetics, and Arindo Pacific, complete the competitive landscape.
Due to its strong position in glove dipping, Synthomer is the largest supplier of synthetic latex polymers, specifically AB nitrile and high solids styrene-butadiene (HS-SB). BASF comes in second and is a leading supplier of styrene acrylics in the region, particularly in paints and coatings and construction industries. Kumho Petrochemical is the third largest supplier of synthetic latex polymers and second-largest supplier of AB nitrile and HS-SB in the region.
Due to a strong correlation to the positive GDP growth in these country markets, the Southeast Asian market for synthetic latex polymers is forecast to grow, increasing at a compound annual growth rate of 6.5% through 2018.
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