Water-Based Resins Market Projected to Grow at a CAGR of 7.03% Over The Forecast Period of 2017-2023
Introduction
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 through continued technological advancement. According to supply chain studies done by Knowledge
Sourcing Intelligence, a market research
company 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, saturated polyester resin, and others. By application, the
market is segmented into adhesives and sealants, inks, paints & coatings,
and others. Geographically, market is segmented into North America, Europe,
South America, Asia Pacific and Middle East and Africa.
Drivers
of Water-Based Resins Market
The increasing propensity towards
eco-friendly products and 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.
Market
Segmentation
Geographically, Asia Pacific region is
expected to have a significant market share of the global water-based resins market share. The market share is projected
on account of growing environmental concerns along with the increasing
preference for environment-friendly methods and the rising 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.
The paint and coating segment is expected
to have a significant market share owing to increasing construction activities
in the emerging economies. The construction industry is witnessing rapid growth
across the globe which is increasing the demand for paint and coatings thereby
increasing the water-based resins market size. Growth in the automobile sector has also led to increasing demand for
paint and coatings. The acrylic resins segment is expected to have a
significant market share and also projected to witness rapid growth on account
of its features like versatility. The ink segment is also expected to grow
owing to its increasing applications. The market of adhesives and sealants
segment is expected to grow in the coming years due to growth in the
construction industry. Growth in the furniture and fitting sector is also
boosting the growth of the segment.
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 market share of the market?
·
What are the drivers of the
market?
·
Who are the key market players
in the market?
·
What is market segmentation of
the water-based resins market?
·
What are the applications of
the water-based resins market?
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