The water-based resins market is projected to grow at a CAGR of 6.88% to reach a market size of US$39,261.054 million in 2024 from US$26,339.723 million in 2018.
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. 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.
By type, the acrylic resins segment is expected to have a significant market share and is also projected to witness rapid growth on account of its versatility. The market of adhesives and sealants segment is expected to witness growth owing to increasing construction activities. Growth in the furniture and fitting sector is also boosting the growth of the segment.
By application, the paint and coating segment is expected to have a significant market share owing to increasing construction activities in the emerging economies. The surging automobile industry is also propelling the growth of the paint and coatings segment. The inked segment is also expected to grow owing to its increasing applications.
Geographically, the Asia Pacific region is expected to have a significant market share of the global water-based resins market share. The market share is projected owing to the growth in the environmental concerns along with the 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.
Major industry players profiled as part of the report are BASF SE, DIC Corporation, allnex Group, Aditya Birla Chemicals, ADEKA CORPORATION, Huntsman International LLC, Arkema, Hexion, Inc., Lubrizol Corporation, and DSM.
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