The growth of the water-based resins market can be attributed to the increasing demand from the paints and coatings and adhesives and sealants applications. Governments of various economies have established stringent regulations for permissible amounts of VOCs. This has caused a reduction in the use of solvent-based technology and promoted the use of water-based technology.
Among types, the acrylic resins market is projected to grow at the highest CAGR during the forecast period from 2018 to 2023
Based on type, the water-based resins market has been segmented into acrylic, epoxy, alkyd, polyurethane, and others. The acrylic resins segment accounted for the largest share of the water-based resins market in 2017 and is projected to grow at the highest CAGR during the forecast period. These resins are mainly used in the paints and coatings application.
The adhesives and 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 and coatings, adhesives and sealants, and inks. The demand for adhesive and sealants application is expected to grow in the future, due to increasing demand for water-based adhesives in building and construction and paper and 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.
The growth of the water-based resins market in APAC can be attributed to the increasing demand from the building and 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.