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The market dynamics of water-based resins are influenced by various factors that drive the demand, supply, and overall growth of this segment. Water-based resins have gained prominence due to their eco-friendly nature, low VOC emissions, and versatility across industries such as paints and coatings, adhesives, construction, and automotive sectors.
Firstly, the increasing awareness and regulations regarding environmental conservation and VOC emissions play a pivotal role in shaping the market dynamics. Governments worldwide are enforcing stringent regulations to curb volatile organic compound emissions, compelling industries to shift towards more sustainable alternatives like water-based resins. This has resulted in a surge in demand for these resins across different application areas.
Secondly, the growing emphasis on sustainable practices and the shift towards green technologies have significantly boosted the market for water-based resins. Manufacturers are investing in research and development to innovate and enhance the performance characteristics of these resins, making them more competitive against solvent-based counterparts. This ongoing technological advancement augments their demand in various end-user industries.
Moreover, the construction and automotive sectors, among others, are witnessing substantial growth, further fueling the demand for water-based resins. These resins find extensive usage in architectural coatings, automotive refinishing, adhesives, and sealants due to their superior properties like durability, flexibility, and resistance to chemicals. As these industries expand globally, the market for water-based resins experiences a proportional increase in demand.
Furthermore, the fluctuation in raw material prices significantly impacts the market dynamics of water-based resins. Key raw materials, such as acrylics, epoxies, and polyurethanes, influence the production costs, subsequently affecting the pricing of water-based resins. Market players often strategize to mitigate these price fluctuations by seeking alternative sources or investing in backward integration.
Additionally, competitive rivalry among market players also shapes the dynamics of the water-based resins market. Companies engage in strategies such as mergers, acquisitions, collaborations, and product innovations to gain a competitive edge. The market is characterized by the presence of both established players and new entrants striving to capture a larger market share, fostering intense competition.
Furthermore, geographical factors and economic conditions of regions play a crucial role in market dynamics. Emerging economies witnessing rapid industrialization and infrastructural development contribute significantly to the demand for water-based resins. Meanwhile, developed regions with stringent environmental regulations also drive the market, albeit with a different focus on sustainability and compliance.
Water-Based Resins Market Highlights:
Global Water-Based Resins Market Overview
The water-based resins market is estimated at USD 38.89 billion in 2021 and is projected to reach USD 52.69 billion by 2028, at a CAGR of 6.9% from 2022 to 2028. Water-based resins are viscous liquids with low volatility that are used in coatings to prevent corrosion and extend product life. When used in exterior and interior walls, wood, or industrial paints, these resins give quick-drying, outstanding pigmentation, and superb sheen. Water-based acrylic resin, epoxy ester resin, saturated polyester resin, epoxy resin, and polyurethane resin are all examples of water-based resins. These are employed in stain-blocking primers, corrosion-prevention coatings, construction sealants, and impact-resistant wood and concrete flooring coatings, among other things. Water-based resins are also used as binders in texture and paper coatings, as well as cement mortar and paints. The water-Based Resins Market Increase is predicted to be fueled by significant growth in the building industry as a result of rising population and increasing industrialization. In the years ahead, rapid urbanization and strong environmental limitations on the use of volatile organic compounds are likely to enhance the demand for water-based resins. When opposed to solvent-based resins, water-based resins contain far fewer volatile chemicals, making them more environmentally friendly. During the study period, the usage of these resins as coatings in wood finishes, cement, pavements and infrastructure, paper, and textiles and fibers, among other applications, is expected to drive market expansion. Water-Based Resins Market Expansion is predicted to be driven by significant growth in the building industry due to expanding population and rapid industrialization in the future years. Furthermore, the usage of these resins in paint applications gives the paint a better sheen, color retention, and long life, enhancing demand for the product.
Water-Based Resins Market Share, by Application, 2017 (%)
Source: MRFR analysis
Regional Analysis
The Water-Based Resins Market has been segmented into five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the largest share of the Water-Based Resins Market in 2017 owing to rapid urbanization and expanding population in the region. Increasing construction activities and major companies shifting their production centers to Asia-Pacific are also likely to fuel market growth in the region.
North America is another significant for Water-Based Resins Market due to the technological advancements in the paints and coatings industry and stringent environmental regulations for the use of zero-emission coatings in the region. The increasing demand for the product in architectural coatings is expected to drive the growth of the regional market.
The renovation of existing infrastructure in major economies such as Russia, France, and Germany is projected to provide lucrative opportunities to players in the European market during the review period. The Water-Based Resins Market in the Middle East & Africa is expected to witness significant growth owing to infrastructure development in the region.
Market Segmentation
The Water-Based Resins Market has been categorized by Type, Application, and Region.
By Type, the 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 Water-Based Resins Market has been segregated into paints and coatings, adhesives and sealants, inks, leather, and others.
The Water-Based Resins Market has been studied with respect to five key regions - Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Key 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.
Recent Development
BASF SE extended its water-based resins production facility in Heerenveen, the Netherlands, in March 2018. The company hopes to strengthen its position as a leading manufacturer of water-based resins with this investment. The market's largest player is Covestro AG (Germany), and players are using strategies such as new product development, expansions, agreements, and mergers and acquisitions to stay ahead of the competition.
Intended Audience
- Water-based resins manufacturers
- Traders and distributors of water-based resins
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratories
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