Industry News

Water-based Resins Market to Reach USD 52.65 Bn by 2023

Published on 2018-06-21. Author : SpecialChem

TAGS:  Waterborne Adhesives    

Global forecast to 2023" The water-based resins market is projected to reach USD 52.65 Billion by 2023, at a CAGR of 6.3% from USD 38.86 Billion in 2018. The growth of the water-based resins market can be attributed to the increasing demand from the adhesives & sealants and paints & coatings applications.

Water Based Adhesives Market
Projected to increase

Increased Usage of Water-Based Technology

Governments of various economies have established stringent regulations for permissible amount of VOCs. This has caused a reduction in the use of solvent-based technology and promoted the use of water-based technology.

Growth in Water-based Adhesive & Sealants Market

Based on type, the water-based resins market has been segmented into:
  • Acrylic, 
  • Epoxy, 
  • Alkyd, 
  • Polyurethane, and others. 
The adhesives & sealants application is projected to grow at the highest rate during the forecast period. Water-based resins are used in various applications such as paints & coatings, adhesives & sealants, and inks. The demand for adhesive & sealants application is expected to grow in the future, due to increasing demand for water-based adhesives in building & construction and paper & packaging industries. The good bonding power of water-based adhesive with polar substrates has triggered the growth of water-based resins, and water-based sealants are used majorly in the construction industry as waterproof coating on concrete surfaces.

Water Based Resins Being Used Widely in Asia Pacific

The growth of the water-based resins market in APAC can be attributed to the increasing demand from the building & construction industry. Countries in APAC utilizing water-based technology on a large scale include China, India, Japan, South Korea, and Indonesia. The region is witnessing increased growth in industries such as automotive and textile. This factor has positively influenced the growth of the water-based resins market.

BASF (Germany), DowDuPont (US), Allnex Group (Germany), The Lubrizol Corporation (US), Royal DSM N.V. (Netherlands), Hexion (US), Arkema (France), DIC Corporation (Japan), and Covestro AG (Germany) are key players operating in the water-based resins market.

Source: Markets & Markets
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