Water-based resins are low volatile viscous liquids used in coatings to prevent corrosion and increase product life. These resins provide fast drying, good pigmentation, and excellent shine when used in exterior and interior wall, wood, or industrial paints. The different types of water-based resins include water-based acrylic resin, epoxy ester resin, saturated polyester resin, epoxy resin, and polyurethane resin. These are used in stain blocking primers, as coatings to prevent corrosion, as sealants in the construction industry, and in impact-resistant wood and concrete flooring coatings. Furthermore, water-based resins find application as binders for texture and paper coatings, cement mortar, and paints.
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Rapid urbanization and stringent environmental restrictions on the use of volatile organic compounds is expected to boost the demand for water-based resins in the years to follow. Water-based resins contain very low quantities of volatile compounds as compared to solvent-based resins, thus making them environmentally friendly. The use of these resins as coatings in wood finishes, cement, pavements and infrastructure, paper, and textiles and fibers, among others is likely to propel market growth during the review period. The significant growth of the construction industry due to expanding population and rapid industrialization is expected to drive market growth in the coming years. In addition, the use of these resins in paint applications provides superior gloss, color retention, and long life to the paint, thus increasing the demand for the product.
The prominent players operating in this market are adopting various business strategies such as R&D, product launches, expansions, and joint ventures to gain significant market shares. In March 2018, BASF SE expanded its production facilities for water-based resins in Heerenveen in the Netherlands. With this investment, the company aims at reinforcing its position as a leading manufacturer of water-based resins.
The global 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 global 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 market for water-based resins 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 market in the Middle East & Africa is expected to witness significant growth owing to infrastructure development in the region.
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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 global 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.
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 global water-based resins market.
- 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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