New York, US, April 28, 2022 (GLOBE NEWSWIRE) -- Waterborne Coatings Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), "Waterborne Coatings Market Information by Product Type, Application, and Region - Forecast till 2028", the market is estimated to grow at a CAGR of 6.7% CAGR to reach USD 83.37 Billion by 2028.
Market Scope:
The competition in the global market is quite intense, as a result of the growing application scope as well as use-cases of water-based coatings across various industries. The considerable growth of the automotive and construction industries in emerging nations of Central & South America and Asia Pacific, offer a host of lucrative opportunities to the water-based coatings manufacturers. The key raw materials suppliers also benefit in this scenario and are encouraged to bolster their product ranges to enhance their global reach.
Market Competitive Analysis:
The affluent firms in the waterborne coatings industry are:
- AkzoNobel N.V. (The Netherlands)
- BASF SE (Germany)
- Sherwin-Williams Company (US)
- PPG Industries Inc. (US)
- Asian Paints Limited (India)
- RPM International Inc. (US)
- Nippon Paint Holdings Co. Ltd (Japan)
- Jotun Group (Norway)
- Axalta Coating Systems LLC (US)
- Kansai Paint Co. Ltd (Japan)
- Tikkurila OYJ (Finland)
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Market USP Covered
Market Drivers
The waterborne coatings market is all set to gain significant grounds in the coming years, backed by factors like soaring demand from several end-use industries like automotive, industrial and infrastructure. These types of coatings are generally preferred over other conventional ones since these contain close to 80% water content, which makes it an excellent solvent and it produces low VOC emissions. Synthetic pigments, resins, additives and surfactants are some of the most commonly used raw materials during waterborne coatings' manufacturing. The mentioned raw materials help manufacture different kinds of waterborne coatings that have further use in several applications such as general industrial, architectural, wood, automotive OEM, coil, protective coatings, marine, industrial wood, metal packaging, automotive refinish, to name a few.
The waterborne coatings market growth is further bolstered by the rising automobile production across Mexico, China, Malaysia, Germany and Indonesia. Growth in the number of construction activities in developing countries in Asia Pacific and the Middle East should also foster market growth. End-users in these countries are increasingly looking for high-performance, application-specific additives and pigments, which have excellent corrosion resistance as well as aesthetic properties, presenting attractive opportunities to waterborne coatings manufacturers. The striking boom in the construction industry in the past decade has been favorable for the global waterborne coating market as well. The emerging trend of opting for solvent-free coatings that have lower emissions instead of coatings that have high or low volatility organic solvents is fostering the product demand in commercial and residential applications.
Market Restraints
The surging costs of waterborne coatings and their weaker performance compared to solvent coatings can be major drawbacks that could slow down the market growth in the future. This can be owing to raw materials' price fluctuations.
COVID-19 Analysis
The waterborne coatings market has been seeing a major decline since the outbreak of the COVID-19 pandemic. The pandemic has had an adverse effect on various businesses worldwide, particularly in regions like Europe and North America.
The automotive and packaging industries have been seriously impacted by the pandemic, given the adverse circumstances and economic crash. To prevent the virus from spreading further, companies are shutting down operations and production facilities while the government has restricted many of the manufacturing production activities. This has brought down the demand and the consumption rate of waterborne coatings across most of the major end-use industries.
However, the demand for waterborne coatings has seen a sharp surge, given the notable expansion of the e-commerce sector and the escalating preference for online shopping.
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Segment Overview
Types of waterborne coatings are Polyurethane, Alkyd, Polyester, Acrylic, Epoxy, PTFE, PVDF, and PVDC. Polyurethane generates significant demand in diverse end-use sectors, since it helps prevent corrosion and provides benefits like high durability to the surface of the material. In construction applications, polyurethane coating is utilized in concrete supports, steel supports, and floors.
Applications of waterborne coatings are architectural and industrial. The architectural segment can be further segmented with respect to residential as well as non-residential sectors. The residential section can be divided into remodeling & repaint and new construction applications. Numerous construction materials are used for meeting certain needs and to address the limitations of new construction. Steel and various metals are protected with the use of high-waterborne coatings that develop a long-lasting barrier between the metal and its environment.
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Waterborne Coatings Market Regional Analysis
APAC is on its way to taking the lead in the global market, thanks to the mounting demand for waterborne coatings in the fast-growing automotive and construction sectors. Also, the heightened demand for advanced electronics and the rapidly evolving lifestyle have bolstered the use of waterborne coatings in industries like general industrial, automotive, new construction, remodel & repaint and marine in India, China, Taiwan, Malaysia, Indonesia, Vietnam, and South Korea. China, however, exhibits the highest potential of securing the top position in the APAC market over the review period, in view of the flexible environmental norms pertaining to emissions along with reduced taxes levied for manufacturers. The surging income level in China has also induced major growth in the waterborne coatings industry.
The European market is mostly bolstered by the significant growth in the construction industry, especially following the recovery post-recession in the region. Germany's stringent regulatory framework, one of which is Technische Anleitung (TA) Luft and the UK's Environmental Protection Act state a few guidelines that aim to reduce the VOC content in coatings and paints. This is bound to work in favor of the waterborne coatings market, since these products are fast replacing the traditional solvent-borne coatings in the construction industry.
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