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The waterborne coatings market is projected to showcase strong growth in the coming years on account of the rising awareness regarding the environmental benefits of these coatings. Additionally, their advantageous properties, including quick drying time, make them suitable for a wide range of applications, which, in turn, are projected to create a robust demand for such coatings in the near future.
The waterborne coatings market has been categorized into acrylic, polyester, alkyd, epoxy, polyurethane, polyvinylidene chloride, polyvinylidene fluoride, polytetrafluoroethylene, and others, on the basis of resin. Among these, the acrylic category is expected to account for a significant market share throughout the forecast period (2021–2030). Acrylic coatings have several advantages that make them suitable for a wide range of applications. These include fast drying time and rapid adhesion. They also help in the reduction of air emissions besides demonstrating good resistance to heat and abrasion.
The waterborne coatings market has also been categorized on the basis of application, into architectural, automotive OEM, automotive refinish, general industrial, metal packaging, protective coatings, coil, marine, wood, and others. Of these, the architectural category is expected to account for a significant share in the market throughout the forecast period. This can be majorly attributed to the increasing infrastructural investments, surging construction activities, growing focus on the aesthetics of buildings, which are driving the adoption of waterborne coatings in this category.
Geographically, Asia-Pacific (APAC) is expected to hold the largest market share throughout the forecast period, primarily on account of the rapid growth in the construction sector of emerging economies, including China, India, Thailand, and Indonesia. Additionally, the rise in demand for waterborne coatings for automotive, marine, and general industrial applications is further boosting the market growth in the APAC region.
In recent years, there has been a rise in demand for waterborne coatings on account of the increasing awareness on their environmental benefits. These include low toxicity and low air pollutant (such as toluene, xylene, ethyl benzene, and methyl ethyl ketone) emissions. These coatings are less flammable and less hazardous in nature besides being compliant with the regulations implemented by several governments. Such factors are expected to drive the adoption of waterborne coatings across the world during the forecast period.
Although waterborne coatings offer numerous advantages, they cost higher than solvent-borne coatings, owing to which their adoption is low among small- and medium-scale manufacturing companies. Considering this, a significant chunk of potential customers is lost for the market. Thus, the high cost of these coatings hampers their market growth to some extent.
Some of the companies operating in the global waterborne coatings market are PPG Industries Inc., AkzoNobel N.V., The Sherwin-Williams Company, Axalta Coating Systems, The Valspar Corporation, Nippon Paint Holdings Company Ltd., and BASF SE.
The study provides the historical as well as the forecast size of the waterborne coatings market.
The waterborne coatings market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Resin
Based on Application