(EMAILWIRE.COM, December 14, 2021 ) The report "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" The water-based resins market is projected to reach USD 52.65 Billion by 2023, at a CAGR of 6.3% from USD 38.86 Billion in 2018. The growth of the water-based resins market can be attributed to the increasing demand from the paints & coatings and adhesives & sealants applications. Governments of various economies have established stringent regulations for 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 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 & coatings application.

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The adhesives & sealants application is projected to grow at the highest CAGR between 2018 and 2023

The adhesives & 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 & coatings, adhesives & sealants, and inks. The demand for adhesive & sealants application is expected to grow in the future, due to increasing demand for water-based adhesives in building & construction and paper & 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 water-based resins market in Asia Pacific is projected to grow at the highest CAGR during the forecast period

The growth of the water-based resins market in APAC can be attributed to the increasing demand from the building & 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.

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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) are key players operating in the water-based resins market.