The water-based resins market is estimated at USD 38.89 billion in 2021 and is projected to reach USD 52.69 billion by 2028, at a CAGR of 6.9% from 2022 to 2028. as per the latest Market Research Future (MRFR) report. Water-based resins, simply put, are low volatile viscous liquids utilized in coatings for increasing product life and preventing corrosion. Such resins offer excellent shine, good pigmentation, and fast-drying when used in interior and exterior wall, industrial paints, or wood. Water-based resins are available in different types including polyurethane resin, epoxy resin, saturated polyester resin, epoxy ester resin, and water-based acrylic resin, among others.
Various factors are propelling the Water-based resins market growth. These factors, as stated by the MRFR report, include growing demand from adhesives and sealants, and paints and coatings applications, growing demand for water-based resins from the building and construction industry in emerging countries, and shift from VOC solvent-based resins to water-based resins. Additional factors pushing market growth include the presence of low quantities of volatile compounds which makes it environmentally friendly, its growing use as coatings in textiles and fibers, paper, pavements and infrastructure, cement, and wood finishes, stringent environmental restrictions on using volatile organic compounds, rapid urbanization, and expanding population. Moreover, using water-based resins in paint applications offer color retention, long life, and gloss to the paint, which is also boosting the market growth.
On the contrary, comparatively lower performance and high capital and fixed cost related to changing the technology to water-based from solvent-based are high. These are the factors that may restrict the Water-based resins market growth over the forecast period.
Water-based Resin Market – Segments:
The global Water-based resins market growth has been categorized by type, application, and region.
By type, the global Water-based resins market growth has been divided into acrylic resin, epoxy ester resin, saturated polyester resin, epoxy resin, polyurethane resin, alkyd resin, and others.
Based on application, the global Water-based resins market growth has been segregated into paints and coatings, adhesives and sealants, inks, leather, and others. The paints and coatings segment holds the largest share of 41% in the global Water-based resins market growth, followed by adhesives and sealants. The paints and coatings industry is likely to remain the leading revenue generator in the water-based resin market due to the growing demand from the construction industry.
Water-based Resin Market – Regional Analysis:
The global Water-based resins market growth has been studied with respect to five key regions—Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA).
APAC accounted for the largest share in the global Water-based resins market growth in 2017 due to the growing population and continuous rapid rate of industrialization. Investment of companies in this region for the setup of facilities or units is likely to drive the market growth. The incremental rise in construction projects can bode well for the market.
The North America Water-based resins market growth is expected to grow due to technological advances in the paints & coatings industry. Strict environment regulations and the high demand for architectural coatings are main drivers of the market in this region.
Europe can exhibit a stellar market demand due to undertaking of renovation projects in Russia, Germany, and France. On the other hand, the MEA region can experience an upheaval in demand due to infrastructural projects.
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Global Water-based Resin Market – Prominent Players
BASF SE (Germany), Lawter Inc. (US), DowDuPont (US), Allnex Group (Germany), the Lubrizol Corporation (US), Hexion (US), Royal DSM NV (Netherlands), DIC Corporation (Japan), Arkema (France), BELIKE Chemical (China), Vil Resins (UK), Arakawa Chemical Industries Ltd (Japan), and KITO Chemical Co. Ltd (China) are some of the key players in the Water-based resins market growth.
