Global Water Based Resins Market - Segmented by Type, Application and geography - Growth, Trends, and Forecast (2018 - 2023)
The water based resins market is expected to register a CAGR of approximately 6.12% during the forecasted period, 2018-2023. The market is driven by growing VOC regulations in coatings, along with increasing consumer awareness in ecofriendly products. However, the market is restrained by high costs accompanied by low performance compared to the substitutes.
Growing VOC Regulations Driving the Market
In coatings industry, VOCs (volatile organic compounds) are found in wide variety of everyday products such as solvent-based paints/coatings. These products release VOCs, which are the major causes of air pollution and smog. Therefore, the governments have implemented various control measures to improve the air quality. Countries like China and United States have increased the regulations on VOCs. In China, the government has implemented the Air Pollution Prevention and Control Action Plan in 2015. These policies had a significant impact in many areas especially in the comprehensive control of VOCs like chemical, packaging, printing, and coatings industries. In response these policies have pushed the companies to adopt new technologies, which includes high-solid, solvent-less and waterborne technologies at an unprecedented speed.
“Coatings” the Dominant Application
Based on application, coatings is the dominant application accounting to more than 50% of market share. Coatings demand has been mainly because of growing construction industry in Asia Pacific economies like China and India which are providing opportunities for the water resins market. In India, the government is planning to increase the residential homes to the 1.3 billion population during the period 2018 - 2024. Therefore the government has approved a USD 1.3 trillion investment for the construction of residential units.
Asia Pacific - the Largest Market Share
Asia Pacific accounts for the largest share of water based resins in 2017 with major demand from China. Factors, such as, consumer preference for ecofriendly technology along with growing end users is expected to drive the market, during the forecasted period. China’s ink industry which is estimated at USD 160 billion also drives the market as it is the largest market in the country. According to Ink World, the annual sales of ink is greater than USD 1.5 billion. In China, environment plays a significant role with issues such as pollution control and regulations on packaging inks.
Major Players: 3M, BASF, DowDuPont, Eastman, Henkel, and Huntsman, amongst others
Reason to Purchase this Report
To understand the impact of growing VOC regulations on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating type and application in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
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