The water-based resins market is estimated at USD 38.86 Billion in 2018 and is projected to reach USD 52.65 Billion by 2023, at a CAGR of 6.3% between 2018 and 2023. The growth can be attributed to the increased use of water-based resins in adhesive & sealants and paints & coatings applications as they have negligible-to-low VOC content.
New product developments and expansions are key strategies adopted by major players to strengthen their foothold in the water-based resins market. The APAC region, followed by the North American and European regions witnessed the maximum number of strategic developments undertaken by various players between 2013 and 2018.
Key players operating in the water-based resins market are 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).
BASF (Germany) is one of the leading manufacturers of water-based resins. The company has been focusing on new product developments and expansions to maintain its leading position in the water-based resins market. For instance, in March 2018, the company expanded its production facilities for Joncryl water-based emulsions at its Ludwigshafen site. The company also introduced new products in 2015 and 2016, to compete in the water-based resins market and offer friendly products for its customers.
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DowDuPont (US) and The Lubrizol Corporation (US) are other major players in the water-based resins market. For instance, in February 2014, DowDuPont introduced two new resin technologies for low and ultra-low VOC coatings, whereas The Lubrizol Corporation was involved in merger & acquisition and expansion strategy to improve their presence in Europe, a major market of water-based resins.
Water-based Resins Market by Type (Acrylic, Epoxy, Polyurethane, Alkyd), Application (Paints & Coatings, Adhesives & Sealants, Inks), and Region (Asia-Pacific, Europe, North America, South America, and Middle East & Africa) - Global forecast to 2023
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