The water-based adhesive market size is projected to grow from $15.3 billion in 2018 to $20.2 billion by 2023, at a compound annual rate (CAGR) of 5.7%, according to a report from Research and Markets.

The water-based adhesive market has witnessed a high growth due to the demand from the paper and packaging and automotive and transportation applications. Acrylic polymer emulsion, PVA, VAE, styrene butadiene (SB) latex, and PUD are the major resin types of water-based adhesives in the market, according to the report.

Acrylic polymer emulsion adhesive is reportedly the most preferred type of adhesive, which is also expected to grow at the highest growth rate. PUD is also gaining market share with the demand growing higher than those of most adhesive types.