The Waterborne Coatings Market to surpass USD 23.08 billion by 2030 from USD 7.79 billion in 2020 at a CAGR of 11.48% within the coming years, i.e., 2020-30.
Waterborne Coatings Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 7.79 billion
Revenue forecast in 2030 USD 23.08 billion
Growth Rate CAGR of 11.48% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Basis, Resin Type, Application, and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Berger Paints, BASF SE, Akzo Nobel N.V, Nippon Paints, Axalta Coating Systems, RPM International, PPG Industries, Asian Paints, The Valspar Corporation, Sherwin Williams
Water-based paints are based on the emulsification of binders, pigments, and additives with water. One-component emulsion paints are used to form films through solvent evaporation. As a rule, copolymers of acrylic, vinyl, and styrene compounds are used as binders, glaze. Water-based coatings are primarily used as a cosmetic finish over other types of coatings and are not suitable for diving operations.
These coatings are typically applied at 50-100 µm DFT. Two-component emulsion coatings, which form films through solvent evaporation and continuous chemical reactions, are used to cure the coating. Water-based paints are ideal primers as they have good heat and abrasion resistance.
They offer excellent adhesion and low toxicity and flammability due to low VOC values. and HAP emissions. Water-based coatings also help reduce air emissions.
The Waterborne Coatings Market is predicted to project a notable CAGR of 11.48% in 2030.
The increase in automobile production is expected to increase the use of water-based coatings in the regional market, while the increase in construction activities will drive the demand for these coatings in emerging markets.
This affects the growth of the product and gives it high corrosion resistance and aesthetics. The demand for water-based protective coatings in the automotive industry is also growing because they can protect vehicles from acid rain, inclement weather, and ultraviolet radiation and are anticipated to propel the Waterborne Coatings Market during the forecast period.
Recent News and Developments
In June 2019, Jotun signed a letter of intent with Korea’s Hyundai Heavy Industries (HHI) stating that the company will use Jotun’s new marine paint that reduces solvent emissions by 90%. Regulations aimed at reducing solvent emissions.
With Fontefire WF Clear, Tikkurila launched a new water-based flame retardant lacquer for wooden surfaces. The product improves the beauty of the treated surfaces and allows coated wood to be used in places such as schools and hospitals where fire safety requirements are the strictest.
Waterborne Coatings Market: Segments
Acrylic segment to grow with the highest CAGR during 2020-2030
The Waterborne Coatings Market is segmented By Resin Type into Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC. The Acrylic segment seized the largest share of the Waterborne Coatings Market due to its unique chemical and aesthetic properties are common and is expected to continue its dominance during the forecast period.
The automotive, medical, automotive, general industry, and construction industries have great demand for acrylic coatings. Due to the improvement of living standards and the increase in demand for high-quality paints, acrylic resins are growing steadily in emerging countries such as China and India, and acrylic-modified polyurethane coatings are widely used in automotive refinishes.
Architectural segment to grow with the highest CAGR during 2020-2030
The Waterborne Coatings Market is segmented by application into Architectural and Industrial. The Architectural segment accounts for largest market share. The Architectural segment is designed to drive demand for these application segments in Asia Pacific and the Middle East markets. Automakers are expected to become the fastest-growing application category during the forecast period.
Trends in developing countries in the Asia-Pacific region, such as China, Japan, India, and Thailand, are likely to become the main drivers of demand in the automotive industry.
Waterborne Coatings Market: Market Dynamics
Low housing loan interest rates are driving the demand for new houses, which in turn stimulates the building exterior wall segment, especially in the Asia-Pacific region, which is believed to be due to the increase in the Asia-Pacific region and MEA Demand for infrastructure in the residential, non-residential and commercial sectors.
In addition, the advancement of urbanization is increasing the demand for residential, commercial, and industrial infrastructure, which in turn increases the demand for water-based coatings from end users in the construction industry.
Population growth and urbanization
Due to population growth and rapid urbanization, the demand for new housing continues to increase, which drives the Waterborne Coatings Market for water-based paints.
They are likely to become the main growth drivers of the Waterborne Coatings Market. Besides, increased government investment initiatives and environmental friendliness towards infrastructure and industrial sectors in India and China are likely to be the main drivers for the growth of the Waterborne Coatings Market.
Humidity and temperature
Humidity and temperature have a negative effect on film formation and the quality of water-based paints. Therefore, water-based vehicle primers are sprayed in temperature and humidity-controlled cabins. Its costly nature to most industrial paint users is hindering the growth of the Waterborne Coatings Market. In addition, the availability of cheaper substitutes is limiting the growth of the Waterborne Coatings Market.
COVID-19 Impact on the Waterborne Coatings Market
The market is expected to pick up in 2021 after falling in 2020 due to the COVID19 pandemic. The market was hit hard by the coronavirus outbreak due to fluctuations in the construction business and commodity prices, commodity production, and the introduction of lockdowns. Increased price pressure and labor shortages in many countries had an impact on construction and infrastructure development.
However, the effects are expected to be short-term in nature. The APAC market is likely to experience the strongest growth over the forecast period due to increased construction and infrastructure activity. Investments in the construction, shipping, and oil and gas industries, rapid industrialization, and foreign investment.
Global Waterborne Coatings Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Akzo Nobel N.V
Axalta Coating Systems
The Valspar Corporation
Waterborne Coatings Market: Regions
Waterborne Coatings Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. China is expected to boost the Waterborne Coatings Market due to its architectural boom.
The demand for affordable and commercial housing is the reason for the growth in recent years. China’s real estate sector has grown rapidly thanks to increased government investment. Construction growth is expected to have a positive impact on the Waterborne Coatings Market in the country.
Waterborne Coatings Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Waterborne Coatings Market report also contains analysis on:
Waterborne Coatings Market Segments:
By Resin Type
Waterborne Coatings Market Dynamics
Waterborne Coatings Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Frequently Asked Questions on the Waterborne Coatings Market
How widely can a Waterborne Coatings Market expand?
Who are the key players in the Waterborne Coatings Market?
Which segment is anticipated to hold the largest Waterborne Coatings Market share?
What could be the factors driving the growth of the Waterborne Coatings Market?
What could be the exigent factors in the growth of Waterborne Coatings Market?