Water-based resins are the prime constituent of latex-based paints or any water-reducible coatings or paints as they completely dissolve in water and other solvents. These resins are gaining traction in the coating industry as compared with their solvent-based counterparts due to continued technological advancement. Globally increasing awareness regarding the environment has increased the propensity towards eco-friendly products is increasing the water-based resins market size. The market of water-based resins is segmented by type, application, and geography. By type, the market is segmented into the acrylic resin, alkyd resin, epoxy resin, polyurethanes, and others. By application, the market is segmented into adhesives and sealants, inks, paints & coatings, and others.
Drivers of Water-Based Resins Market
Various government regulations such as VOC (Volatile Organic Compounds) regulations, regulations related to worker safety/exposure, and other environmental concerns are driving the demand for water-based resins. Stringent government regulations to control air pollution and improve the quality of air are increasing the demand for high-solid, solvent-less and waterborne technologies boosting the water-based resins market growth.
According to industry research, the acrylic resins segment of type is expected to have a significant market share and also projected to witness rapid growth due to its versatile applications. However, the market of adhesives and sealants is expected to grow on account of growth in the construction industry. Growth in the furniture and fitting sector is also boosting the growth of the segment. The paint and coating segment is expected to have a significant share of the application segment. Increasing construction activities in emerging economies are expected to augment the growth of the paint and coatings segment. The water-based resins market trend is expected to be positive owing to the surging automobile industry coupled with the usage of paint and coatings in the automobile sector. However, the market of the ink segment is also expected to grow due to its increasing applications in various industries.
Geographically, Asia Pacific region is expected to have a significant market share of the global water-based resins market share and the market is also expected to witness growth in coming years owing to the rising environmental concerns coupled with stringent regulations, increasing preference for environment-friendly methods, and the growing number of end-users in the region. China holds a significant market share of water-based resins in the Asia Pacific region on account of stringent government regulations and the presence of key players in the region.
According to competitive intelligence done by Knowledge Sourcing Intelligence, water-based resins market is fragmented with hundreds of manufacturers. The players are expanding globally to mirror their customers’ requirement. As a result, they are increasingly integrating with other players. The key players include BASF SE, DIC Corporation, allnex Group, Aditya Birla Chemicals, ADEKA CORPORATION, Huntsman International LLC, Arkema, Hexion, Lubrizol Corporation, and DSM among others.
Key Questions Answered in This Report:
- What are the key regions having a significant share of the market?
- What are the drivers of the market?
- Who are the key market players in the market?
- What is the market segmentation of the water-based resins market?
- What are the applications of water-based resins?