PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1498351
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1498351
The water-based resins market size is projected to grow from USD 56.5 billion in 2024 and is projected to reach USD 73.7 Billion by 2029, at a CAGR of 5.5%. The market is experiencing significant growth, largely due to the surging demand for water-based resins in key sectors such as paints & coatings, adhesives, and sealants. These resins are increasingly favored over traditional VOC solvent-based options, driven by the need for more environmentally friendly alternatives. One of the major factors fueling this shift is the booming building & construction industry in emerging economies, where there is a growing emphasis on sustainable and eco-friendly materials. However, despite these advantages, the market faces challenges. The higher cost of water-based resins compared to their solvent-based counterparts remains a key restraint, limiting their adoption. Additionally, water-based resins often exhibit comparatively lower performance in certain applications, which further hinders their widespread use.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million), and Volume (Kiloton) |
Segments | Type, Application, and Region |
Regions covered | North America, Asia Pacific, Europe, South America, Middle East & Africa |
"Among types, acrylic resin is projected to be the largest type segment of the water-based resins market."
Acrylic resins are expected to dominate and experience rapid growth within the water-based resins market. Renowned for their versatility, these resins find extensive application in paints, coatings, adhesives, and sealants. Particularly valued in architectural coatings for their ability to maintain gloss and color even in outdoor settings, water-based acrylic resins are also prominently utilized in Pressure Sensitive Adhesive (PSA) production. Consequently, the demand for water-based acrylic resin remains robust, driven by its pivotal role in the manufacturing of both architectural and industrial coatings.
"The adhesives & sealants segment is expected to hold the 2nd largest market share during the forecast period."
Water-based resins play a crucial role in the adhesives and sealants segment due to their environmentally friendly nature and versatile application properties. These resins are commonly used as binders in adhesive formulations, offering strong bonding capabilities while minimizing volatile organic compound (VOC) emissions. In the sealants segment, water-based resins provide excellent adhesion to various substrates, creating durable and flexible seals for construction, automotive, and industrial applications. The increasing focus on sustainability and stringent regulations regarding VOC emissions are driving the demand for water-based resins in adhesives and sealants. Additionally, their compatibility with a wide range of substrates, low odor, and easy cleanup make them preferred choices for manufacturers, further fueling their growth in the market.
"Asia Pacific projected as the largest and fastest growing water-based resins market during the forecast period."
Asia Pacific is the largest and fastest-growing market for water-based resins primarily propelled by their widespread utilization in the building & construction and packaging sectors. With a surge in infrastructural projects, particularly in nations like India and China, the demand for paints & coatings, reliant on water-based resins, has seen a substantial rise. Moreover, stringent environmental regulations targeting the reduction of volatile organic compounds (VOCs) emissions have further amplified the need for water-based resins. The region's growth is also spurred by a rising inclination towards eco-friendly technologies and the preference among manufacturers to adopt sustainable practices. Notably, China remains a key driver of global demand due to its burgeoning population and rapid infrastructural advancements.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and the information gathered through secondary research.
By Company Type - Tier 1 - 55%, Tier 2 - 30%, and Tier 3 - 15%
By Designation - C level - 10%, Director Level - 55%, and Others - 35%
By Region - North America - 23%, Europe - 29%, APAC - 34%, Rest of the World - 14%
Companies Covered: BASF SE (Germany), the Lubrizol Corporation (US), Dow (US), Covestro AG (Germany), Westlake Corporation (US), Arkema (France), DIC Corporation (Japan), Allnex GMBH (Germany), ADEKA CORPORATION (Japan), Olin Corporation (US) and others are covered in the water-based resins market.
Research Coverage
The market study covers the water-based resins market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on type, applications and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the water-based resins market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall water-based resins market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the water-based resins market