New Delhi, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The wet strength resin market is large and growing, with revenues totaling $1.43 billion in 2022. The industry is highly profitable, with an average EBITDA margin of 17%. The market growth is primarily driven by continued demand from the tissue and towel market. The Asia-Pacific region accounted for 36% of global consumption in 2022. China is the largest country market, followed by Japan, India, and South Korea.
We expect the global wet strength resin market to grow at a healthy CAGR due to increasing demand for durable and high-strength paper products, such as tissues, towels, and napkins. Moreover, growing demand for these products in the consumer and industrial sectors is expected to drive market growth to some extent in the years to come. In addition, the increasing use of wet strength resins in producing specialty paper products, such as filter paper and release paper, is also expected to contribute to market growth. Furthermore, the rising demand for sustainable paper products and the shift towards renewable resources will drive the market.
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Astute Analytica's analysis shows that the market is not highly fragmented but moving towards consolidation, with the top five players accounting for only 42.9% of total market revenues. Our analysis shows that the key success factors for companies in the wet strength resin market are product innovation, scale economies, efficient customer service, and a strong sales force.
However, the market may be hindered by the high cost of raw materials and the stringent regulations on the use of certain types of wet strength resins, such as those containing formaldehyde.
Top Trends in Global Wet Strength Resin Market
- Increasing demand for sustainable and eco-friendly products: As consumers become more environmentally conscious, there is a growing demand for sustainable and eco-friendly paper products, which is expected to drive the market for wet strength resins.
- Development of bio-based wet strength resins: Companies are focusing on the development of bio-based wet strength resins, made from renewable resources such as starch or cellulose, to reduce the environmental impact and improve the sustainability of paper products.
- Advancements in technology: The wet strength resin market is witnessing advancements in technology to improve the performance and efficiency of wet strength resins. New technologies such as nano-technology and biotechnology are being developed to improve the properties of wet strength resins, such as wet tensile strength and resistance to water.
- Growing use of wet strength resins in specialty papers: Wet strength resins are being increasingly used in the production of specialty papers, such as filter papers, release papers, and labels, due to their ability to improve the strength and water resistance of these products.
Asia Pacific to Generate Over 40% Revenue of Global Wet Strength Resin Market
Astute Analytica’s analysis of the Asia Pacific region shows that it will generate more than 40% of the revenue for the wet strength resins industry by 2031. This is due to the rapid economic growth in the region, as well as the expanding middle class and their rising disposable incomes. The regional market is primarily driven by increased demand from the packaging sector. Our study forecasts that China will account for around half of this growth, followed by India and Southeast Asia.
Following are some of the top 6 factors driving the growth of the Asia Pacific wet strength resin market
- Growing demand for paper products: The Asia Pacific region has a large and rapidly growing population, which leads to increasing demand for paper products such as tissues, towels, and napkins. This drives the demand for wet strength resins in the region.
- Developing pulp and paper industry: The pulp and paper industry in the Asia Pacific region is developing rapidly and is projected to continue growing in the future. This growth is driven by increasing demand for paper products and the expansion of paper mills in the region.
- Growing use of wet strength resins in specialty papers: The Asia Pacific region is a major producer of specialty papers such as filter papers, release papers, and labels. The use of wet strength resins in these specialty papers is expected to drive the wet strength resin market in the region.
- Presence of major players: The Asia Pacific region is home to some of the major players in the wet strength resin industry, such as Ashland, Nippon Paper Industries, and Kemira. This contributes to the high revenue generated by the region.
- Government initiatives: Government initiatives in the region to promote sustainable and eco-friendly paper products are expected to drive the demand for wet strength resins.
- Favorable economic conditions: The region's favorable economic conditions and increasing disposable income of consumers also contribute to the high revenue generated by the wet strength resin market in the Asia-Pacific region.
Solenis, Ecolab, Kemira, Kurita, and Chang Chun Group to Generate around 43% of Wet strength resin market Revenue in 2022
Solenis, Ecolab, Kemira, Kurita, and Chang Chun Group are major players in the market. Together, these companies generated around 43% of the market revenue in 2022.
Solenis is a global specialty chemical company that offers a wide range of products and services, including wet strength resins. The company's wet strength resins are used in a variety of paper products, such as tissues, towels, and napkins. Solenis has a strong reputation for producing high-quality wet strength resins and has a global presence, allowing it to serve customers in various regions.
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Following are some of the key factors responsible for making solenis a global leader in wet strength resin market
- Wide product range: Solenis offers a wide range of wet strength resins, including polyamide-epichlorohydrin (PAE) resins, urea-formaldehyde (UF) resins, and modified polyamide resins. This allows the company to cater to the diverse needs of customers in different industries.
- Strong research and development capabilities: Solenis has a strong research and development department that is constantly working to improve the performance and efficiency of its wet strength resins. The company's R&D efforts have led to the development of new and improved wet strength resins, which has helped the company to stay ahead of the competition.
- Global presence: Solenis has a global presence and a wide distribution network, which allows the company to serve customers in various regions. This has helped the company to tap into new markets and increase its market share.
- Strong reputation: Solenis has a strong reputation for producing high-quality wet strength resins. The company's commitment to quality has helped it to build a loyal customer base and gain a competitive edge in the market.
- Sustainable solutions: Solenis has been focusing on sustainable solutions, such as bio-based resins and formaldehyde-free resins, in order to cater to the growing demand for sustainable products across the global wet strength resin market. This has helped the company to stay ahead of its competitors in the industry.
- Strong financial position: Solenis has a strong financial position which allows the company to invest in R&D, expansion, and marketing efforts to maintain its leading position in the market.
Some of the Top Market Players Are:
- Buckman
- Chang Chun Group
- CHT Group
- Delamine
- Ecolab
- Kemira
- Korfez Kimya
- Kothari Group Of Industries
- Kurita
- Melaminska Kemija
- Seiko PMC Corporation
- Solenis
- Other Prominent Players
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About Astute Analytica
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