Non-convertible binders are binders, which are composed of organic materials such as varnishes, resins containing fatty acids from natural oils, and other synthetic polymers. The non-convertible binders do not depend on chemical reactions for formation of films. The most common process adopted for film formation is the solvent evaporation.
The non-convertible binders market is expected to witness significant growth over the forecast period, owing to growth of the global construction industry. According to the Global Construction Perspectives and Oxford Economics, the global construction industry is expected to reach US$ 17.5 trillion by 2030, which is a US$ 8 trillion rise from 2015. Non-convertible binders also have advanced features such as cost-effectiveness, environment friendliness, and lower energy consumption, which are expected to drive end-use industries such as construction, automotive, and others towards the use of such materials. There is also an upsurge in demand of non-convertible binders from automotive industry, owing to increasing preference towards lightweight components due to changing dynamics towards e-vehicles, emission regulations, and automotive light weighting. All these factors are expected to drive growth of the non-convertible binders market over the forecast period.
However, growth of this market is expected to be restrained by the limited availability of raw materials required in the manufacturing of non-convertible binders along with fluctuations in the prices of raw materials.
On the basis of application, the construction segment is expected to hold a dominant position in the global non-convertible binders market, owing to increasing construction activities for both residential and commercial buildings. For instance, as per the U.S. Department of Housing and Urban Development, in May 2019, the total number of new residential housing completions was 1,213,000, and 1,294,000 building permits were sanctioned.
On the basis of region, the market is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Among regions, Asia Pacific region is projected to witness significant growth due to increasing construction activities in the region. There are numerous new constructions along with remodeling activities in the region, which is expected to drive demand for non-convertible binders over the forecast period. The North America region is also expected to hold a significant position in the market, owing to the presence of several well-established paint and coating, and adhesives industries in the region.
Key players operating in the global non-convertible binders market include Wacker Chemie AG, BASF, OILEX GmbH, ENDURA IPNR, and Keramicalia among others.
On the basis of product type, the global non-convertible binders market is segmented into:
On the basis of form, the global non-convertible binders market is segmented into:
On the basis of application, the global non-convertible binders market is segmented into:
On the basis of region, the global non-convertible binders market is segmented into: