Global Water-based Resin Market – Overview
Water-based resins or waterborne resins are additives used in coatings to increase its corrosion resistance power and shelf life. These resins contain properties of good pigmentation, fast drying, and excellent shine when used in industrial or interior and exterior paints. Different types of water resins are polyurethane resin, epoxy resin, epoxy ester resin, saturated resin, and water-based acrylic resin. Market Research Future (MRFR) has compiled a report on the global water-based resins market report with predictions for the period from 2021 to 2030 (forecast period).
Water-based resins are widely gaining popularity as an alternative to solvent-based resins due to their lower environmental footprint. Water-based resins contain low amounts of volatile substances, which makes them more environmentally viable than traditional solvent-based resins. The increasing demand to make industrial processes more environment-friendly is likely to be a major driver for the global water-based resins market over the forecast period. The growing construction industry is likely to be a major driver for the global water-based resin market value over the forecast period. The construction industry uses water-based resins in large quantities due to their use in paints and coatings, which are essential in the construction industry.
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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.
Market Boosters and Barriers
The global water-based resins market is poised to touch a high valuation by the end of 2023. The use of these resins in stain blocking primers, materials used in blocking stains, for prevention and corrosion and its application in sealants, concrete floor coatings, and impact resistant wood can drive the market demand exponentially. Additional factors include environmental restrictions on volatile organic compounds and rapid urbanization are bound to fuel market growth. Water-based resins are comparably environmentally friendly due to the low content of VOCs.
The growth of the construction industry will be a boon for the market and drive the demand for water-based resins. The boom in the population and industrialization are other growth drivers which can trigger the demand in the global water-based resins market. The painting industry uses these resins to improve shelf life, color retention, and gloss of paints.
Acrylic resins are in high demand due to better chemical and physical resistance levels. They can replace solvent resins due to environmental regulations. Countries such as China and the U.S. have increased the number of regulations to keep VOC levels in check. The Air Pollution Prevention and Control Action Plan rolled out by the Chinese government in 2015 can regulate VOC level across packaging, printing, coating, and chemical industries. Efforts by governments to build additional houses for the poor is likely to augur favorably for the global water-based resins market.
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Water-based Resin Market – Segments:
The global water-based resins market has been categorized by type, application, and region.
By type, the global water-based resins market 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 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, 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 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 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 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.
Latest Industry News
Oilfield chemical provider Innospec Inc. has announced a series of investments designed to further expand its capabilities in research, development and technical service for its performance chemicals business. 21 JAN 2019
Halliburton, one of the world’s largest oil field service firm, has acquired Houston based Athlon Solutions. Athlon is a now a part of Halliburton’s Water-based Resin business division, Multi-Chem. 22 AUG 2019
Versalis, Mazrui Energy Services (a Mazrui International Company), a leading service company in the Oil & Gas industry in the Middle East, and Petrochem (a Mazrui Energy Services Company), a leading manufacturer of drilling fluids, have signed an agreement to establish Versalis Petrochem Mazrui (VPM), a joint venture for the commercialization of innovative chemicals for the Oil & Gas industry in the Abu Dhabi. 15 NOV 2018
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