International. The water-based resin market is projected to reach US$52.65 billion by 2023, at a CAGR of 6.3% versus US$38.86 billion in 2018. The growth of the water-based resins market can be attributed to the increasing demand for paints and coatings and applications of adhesives and sealants.
Governments of various economies have established strict regulations for the permissible amount of VOCs. This has caused a reduction in the use of solvent-based technology and promoted the use of water-based technology.
Among the types, the acrylic resins market is anticipated 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 portion of the water-based resins market in 2017 and is projected to grow at the highest CAGR during the forecast period.
The application of adhesives and sealants 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 application demand for adhesives and sealants is expected to grow in the future, due to the increasing demand for water-based adhesives in the 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 mainly used in the construction industry as a waterproof coating on concrete surfaces.
