Water-Based Resins Market Projected to Grow at a CAGR of 7.03% Over The Forecast Period of 2017-2023
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.
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?