Knowledge Sourcing Intelligence announces the publication of a new report on “Water-Based Resins Market - Forecasts from 2019 to 2024" to their offering.
The Water-Based Resins market is estimated to be valued at US$26,339.723 billion in 2018 and is projected to expand at a CAGR of 6.88% to reach a market size of US$39,261 billion in 2024. Water-based resins have various applications in paints, coatings, or latex-based paints as they completely dissolve in water. Due to increased emphasis on environment-friendly products and stringent government regulations to curb air pollution and make air breathable, this market is expected to witness a high surge in demand throughout the forecast period. Regulations related to VOC (Volatile Organic Compounds), and workers’ safety are also augmenting the growth of this market. With technological advancements, water-based resins are improving their efficiency and hence, increasing their market share as compared to their solvent-based counterparts. On the flip side, water-based resins are comparatively costlier and have low performance, which is restraining the growth of this market. A high initial investment of switching from traditional solvent-based resins to water-based resins resists the manufacturer to use this product. However, increased consumer awareness with regards to the quality of air is expected to raise the demand for this market.
Geographically, Asia-Pacific holds a substantial share of the market, mainly because of the rising demand from China due to stringent regulations to prevent air pollution. China’s Ministry of Environment and Ecology has established a comprehensive three-year plan to minimize the impact of VOCs, which add to the ground-level ozone and particulate matter, two of the predominant factors of smog formation. The aim is to reduce VOC emissions by 10% by the end of the year 2020. Such regulations drive the industries, especially chemicals, petrochemicals, transportation, etc., to adopt eco-friendly technological solutions. Also, rising construction activities and manufacturing setups are also fueling the demand for water-based resin in this region, The American region is also expected to grow at a high CAGR due to increased regulations on VOCs, which degrade the quality of air. Besides, technological developments in this region are also expected to drive the growth of this market in the American Region.
View a sample report or purchase the complete study at https://www.knowledge-sourcing.com/report/water-based-resins-market
Some of the major players covered as part of the report are BASF SE, DIC Corporation, ALLNEX NETHERLANDS B.V., Aditya Birla Group, and Hexicon Inc., among others.
The Water-Based Resins market has been analyzed through the following segments: