Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Water-Based Resins Market.
The Water-Based Resins Market is predicted to grow at a healthy CAGR over the forecast period (2022-2028), 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.
The Market Research Future report provides a wide segmental analysis of the water-based resins market based on application and type.
Based on type, the water-based resins market is segmented into alkyd resin, polyurethane resin, epoxy resin, saturated polyester resin, epoxy ester resin, acrylic resin, and others. Of these, the acrylic resins segment will have the largest share in the market over the forecast period and is predicted to grow at the highest CAGR. Water-based acrylic resins are in great demand as they offer better physical and chemical resistance, thereby ensuring a longer lifespan.
Based on application, the water-based resins market is segmented into leather, inks, adhesives and sealants, paints and coatings, and others. Of these, the paints and coatings segment will dominate the market over the forecast period. This is owing to the growing construction industry. The paints and coatings segment will be followed by adhesives and sealants.
Based on the region, the water-based resins market report covers the latest trends and growth opportunities across Europe, Asia Pacific (APAC), North America, the Middle East and Africa (MEA), and Latin America. Of these, the APAC region will command the market over the forecast period. This is owing to the rapidly growing automotive and construction industries. The construction industry in this region is a leading end user of water-based resins. Moreover, the burgeoning need for water-based resins for infrastructure and commercial construction and rapid industrialization are also boosting the market growth.
The water-based resins market in Europe and North America will both have a significant share in the market over the forecast period. This is owing to increased awareness regarding the negative impacts of VOC emissions on the health and environment resulting from solvent-based coatings.
The water-based resins market in the Middle East and Africa and Latin America is predicted to have substantial growth over the forecast period.
Leading players profiled in the water-based resins market report KITO Chemical Co. Ltd (China), Arakawa Chemical Industries Ltd (Japan), Vil Resins (UK), BELIKE Chemical (China), Arkema (France), DIC Corporation (Japan), Royal DSM NV (Netherlands), Hexion (US), the Lubrizol Corporation (US), Allnex Group (Germany), DowDuPont (US), Lawter Inc. (US), and BASF SE (Germany), among others. Key players have acquired various strategies to strengthen their position and create a niche in the market. These include mergers and acquisitions, agreements, expansions, and new product developments.
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