Water-Based Resins Have a High Potential to Resolve Today’s Challenges Regarding Environmental and Human Health Hazards
Water-based resins technology uses water as a carrier medium and diluent instead of traditionally used VOCs (Volatile Organic Compounds). Resin products manufactured by this technology are environmentally friendly and are safer to human health due to low or zero level of VOC emissions. Resins with water-based technology possess a variety of physical and chemical properties such as better resistance to fire, water, chemicals, stress, strain, and radiation. Water-based resins have a high potential to resolve a wide number of today’s challenges regarding environmental and human health hazards.
The water-based resins market has witnessed a significant growth in the recent years and this growth is projected to persist in the coming years. This growth can be attributed to the increasing demand for eco-friendly technology from developing economies. Also, restrictions on the level of VOC’s in some countries such as the U.S., the U.K., and Germany are increasing demand. Water-based resins performance has improved over the years such as durability, strength, thermal resistance, chemical resistance, reduction in VOC emissions and low odors. Water-based resins have a high potential to resolve a number of today’s challenges regarding environmental and human health hazards caused by organic compounds used as solvents. Owing to these benefits, water-based resins are used in a wide range of end-user industries such as automotive, construction, furniture, packaging, textiles, and others.
The water-based resins market is projected to register a size in terms of a value of USD 42.7 Billion by 2020, at a CAGR of 5.5% between 2015 and 2020.
Currently, Asia-Pacific is the biggest market of water-based resins, accounting 44.9% of the total market size in terms of value in 2014. This region is also the fastest-growing region for water-based resins as majority of customer that earlier preferred organic compounds solvent are switching to human and eco-friendly water-based technology. Among all the countries, China dominates the water-based resins market, which accounts for the 52.2% of the region’s consumption in 2014.
The major applications of water-based resins are coatings, adhesives & sealants, inks, and others. Coatings are the largest segment of water-based resins. On the basis of type, water-based resins are classified into acrylics, alkyds, epoxies, polyurethanes, and others. While acrylics are the major segment, polyurethanes are the fastest-growing segment.
Coatings industry: The largest market for water-based resins
The coating applications is one of the largest application segment of water-based resins and this trend is projected to continue in the near future. Asia-Pacific is the biggest market in the coatings industry and accounted for a share of around 44.8% of the total water-based coatings market in 2014.
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In developed economies, such as North America and Europe, the market is matured. Majority of solvent-based resins are replaced by water-based resins. In Europe, Germany, the U.K., and Italy are leading consumers of water-based resins. Germany is the biggest market in Europe with a market share of 25.9% in 2014 in terms of value. Similarly, in North America, the U.S. is the major consumer of water-based resins with a market share of 71.5% in 2014.
The major players of water-based resins BASF SE (Germany), The Dow Chemicals Company (U.S.), Henkel AG & Co. KGaA (Germany), 3M Company (U.S.), Royal DSM N.V. (The Netherlands), Allcoat Technology Inc. (U.S.), Cytec Industries Inc. (U.S.), Momentive Performance Materials Holdings LLC Inc. (U.S.), Huntsman Corporation (U.S.), Nan Ya Plastic Corporation (Taiwan), Eastman Chemical Company (U.S.), Allnex Belgium S.A. (Belgium), and Akzonobel N.V. (The Netherlands).