The global water-based resins market is estimated to exhibit a modest CAGR during the forecast period. The increasing use of water-based resins such as polyurethane, epoxy, and, acrylic among others in a wide range of end-user industries including automotive, industrial machinery, medical, and others is one of the major factors to drive the growth of the global water-based resins market.
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The chemical properties of the epoxy resins including mechanical strength, adhesion to metals and heat resistance makes them suitable fit for the coating of the automotive parts. The coating of automobile parts with epoxy facilitates the protection of automobile parts from corrosion and other damages, hence, doubles the lifetime of a car. With the passing time there exist an increase in the preference of consumers for high performance and lightweight passenger cars. As per a study conducted in Europe, a total of 27,600 tons of epoxy resins are used in Europe on an annual basis during the manufacturing stage, of which 22,500 are found in passenger cars.
The footwear industry is a major application for water resin-based adhesive. The polyurethane is widely used in the footwear industry for the joining of the soles of the shoes. There is an increasing demand for footwear in countries, such as China, and India, which in turn drives the growth of the footwear industry, which in turn driving the growth of the water-based resins market. Moreover, owing to the increasing demand for fancy, trendy, and comfortable footwear among all age groups tend to increase the demand for polyurethane-based adhesive in the footwear industry and hence tend to drive the growth of the overall market across the globe.
In the electronics industry, polyurethane resins are used for the potting of the circuits that contain delicate components such as ferrites or those with fragile legs. This is due to the fact that the polyurethane systems are much easier to tailor the cure speed and the usable life and gel time of these circuits. Apart from the automotive, footwear, and electronics industry the other industries in which water-based resins have found their applications include industrial machinery, medical, home appliances, furniture and textile. In the furniture industry, adhesives and sealants manufactured from acrylic are widely adopted in the lamination of plastic films onto kitchen or bathroom furniture applications. The demand for acrylic adhesives in the furniture industry is increasing owing to the good bonding provided by it to wood and plastics, such as PVC.
Global Water-Based Resins Market Segmentation
By Type
- Acrylic
- Epoxy
- Polyurethane
- Alkyd
- Other
By Application
- Paints & Coatings
- Adhesive & Sealants
- Ink
- Others
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