Water-based resins are viscous liquids that provide fast drying, gloss, and corrosion resistance in paints and coatings. These resins are mainly used in the building and construction industry for floor, wood, and roof coatings. Moreover, water-based resins find application in the manufacturing of ink, leather, and vehicle coatings, among others.
Based on type, the global water-based resins market has been segmented into acrylic resin, epoxy ester resin, saturated polyester resin, epoxy resin, polyurethane resin, alkyd resin, and others.
The acrylic resin segment is expected to be the leading segment.
These resins provide resistance to chemicals, weather, heat, and water. Also, hardness, adhesion, and gloss are some of the desirable characteristics of acrylic resins, leading to their widespread use in the paints and coatings industry.
Due to their durability and weatherability as a coating material, acrylic resins are widely used in architectural, automotive, and plastic coatings as well.
Owing to the aforementioned applications, the demand for water-based acrylic resins is increasing and is expected to propel market growth during the forecast period.
By application, the global water-based resins market has been categorized as paints and coatings, adhesives and sealants, inks, leather, and others.
The paints and coatings segment accounted for the largest share of the global water-based resins market in 2017. Rapid urbanization and robust growth in the building and construction industry is driving the growth of this segment.
Paints and coatings are an integral part of construction and the demand for water-based resins in these applications is expected to increase in the years to follow.
The leading players in the global water-based resins market are 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).
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The global water-based resins market has been segmented on the basis of type, application, and region.
On the basis of type, the global water-based resins market is categorized as acrylic resin, epoxy ester resin, saturated polyester resin, epoxy resin, polyurethane resin, alkyd resin, and others.
By application, the global water-based resins market has been divided into paints and coatings, adhesives and sealants, inks, leather, and others.
The global water-based resins market has been studied with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
In 2017, the largest share of global water-based resins market was captured by Asia-Pacific. Increasing construction activities and rapid industrialization are expected to be the key factors boosting product demand in the region during the forecast period.
North America and Europe are the other significant markets for water-based resins.
Increased awareness about the negative effects of VOC emissions from solvent-based coatings on health and the environment is likely to drive market growth in these regions.
Latin America and the Middle East & Africa are the other substantial regional markets for water-based resins.