Global Waterborne Coatings Market

Global Waterborne Coatings Market Size, Share, Growth Analysis, By Resin Type(Acrylic Coatings, Polyester Coatings), By Application(Architectural, Automotive) - Industry Forecast 2023-2030


Report ID: SQMIG15E2123 | Region: Global | Published Date: January, 2023 | Pages: 242 | Tables: 73 | Figures: 75

Global Waterborne Coatings Market Insights

Waterborne Coatings Market size was valued at USD 99.2 billion in 2021 and is poised to grow from USD 102.97 billion in 2022 to USD 144.04 billion by 2030, growing at a CAGR of 3.8% in the forecast period (2023-2030).

Waterborne coatings, which are used to apply a resin to a surface and disperse it, are coatings that include around 80% water and a minor amount of other solvents, such as glycol ethers. These coatings are water-based as a result of their Low VOC, extremely low odour, non-flammability, and a high-water content are just a few of the characteristics of waterborne coatings, which make them simple to use and environmentally beneficial. These have a quick drying time and allow for subsequent coats. In addition to having great adhesion, strong resistance to heat and abrasion, and low toxicity and flammability because of low VOC levels and HAP emissions, waterborne coatings are employed in a wide range of applications. These qualities make them the ideal primer.

The main basic components used to create waterborne coatings include synthetic resins, pigments, surfactants, and additives. These raw materials are used to create different waterborne coating types that are then applied to a variety of surfaces for use in architectural, general industrial, automotive OEM, metal packaging, protective coatings, automotive refinish, industrial wood, marine, wood, coil, and other applications. Over the course of the projection period, the rising construction sector is anticipated to positively impact the expansion of the product market. Demand for the product is anticipated to be driven by a recent trend away from coatings with low or high volatility organic solvents and toward solvent-free coatings with lower emissions in residential and commercial coating applications.

US Waterborne Coatings Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 99.2 billion

Largest Segment

Acrylic Coatings

Fastest Growth

Acrylic Coatings

Growth Rate

3.8% CAGR

Global Waterborne Coatings Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Waterborne Coatings Market By Resin Type ($ Bn)
Global Waterborne Coatings Market By Resin Type (%)

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Global Waterborne Coatings Market Segmental Analysis

Global Waterborne Coatings Market is segmented based on the resin type, application, and region. Based on resin type, the Waterborne Coatings Market is segmented into Acrylic Coatings, Polyester Coatings, ALKYD Coatings, EPOXY Coatings, Polyurethane Coatings, PTFE Coatings, PVDF Coatings, PVDC Coatings and others. According to application, the Waterborne Coatings Market is sub segmented into Architectural, Automotive, General Industrial, Protective, Wood, Marine, Packaging, Coil and others. Based on Region Waterborne Coatings Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Waterborne Coatings Market Analysis by Resin Type

The Acrylic coatings segment held largest Global Waterborne Coatings Market share in 2021. It is expected to maintain its dominance over the forecast period. The demand for acrylic coatings is anticipated to increase due to better colour and gloss retention in outdoor exposure in the automotive and infrastructure sectors. Due to their outstanding external durability, acrylic modified polyurethane coatings are frequently utilised in vehicle refinishes. Waterborne acrylic coating is the largest and fastest-growing segment in Asia Pacific. In Southeast Asia, demand for acrylic resins is anticipated to be quite strong due to the construction industry. The aqueous acrylic basecoats for automobiles, on the other hand, has been steadily rising in China as some automakers have begun using these coatings in their new product lines.

Alkyd coatings segment is expected to register a high growth rate during the forecast period. Over the projected period, demand is expected to be driven by rising demand in a number of end-use sectors, including industrial wood and metal packaging. Because they may be made in a variety of ways, alkyd-based coatings are frequently utilised in caulks, fillers, and sealants for wood finishing.

Waterborne Coatings Market Analysis by Application

Architectural segment dominated the market in terms of both market share and revenue in 2021. Construction activity is increasing as a result of the increased focus on infrastructure, which fosters economic expansion and improves people's quality of life. Developed nations like the United States, Canada, and the EU member states desire to improve their present infrastructure. It is anticipated that the developed economies' repair needs for bridges, dams, buildings, and roads would drive the growth of the global waterborne coatings market. Additionally, the growing population is another reason causing more residential and commercial structures to be built. The market is being driven by the architectural segment since expanding population and rising demand are the foundation of every market.

Automotive OEM segment is anticipated to witness substantial growth during the forecast. The main factor projected to have an influence on demand in the automobile industry is the relocation of automotive production facilities to growing economies in Asia Pacific, such as China, Japan, India, and Thailand. Government restrictions on VOC emissions and solvent content, particularly in Europe and North America, are anticipated to boost market growth. Demand is anticipated to expand even more due to the growing trend in the automobile sector to utilise aqueous coatings for all repair operations.

Global Waterborne Coatings Market By Resin Type, 2021 (%)

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Global Waterborne Coatings Market Regional Insights

Asia Pacific dominated the Global Waterborne Coatings Market share in 2021. As major automakers move to countries in the Asia Pacific region, including China, India, and Indonesia, demand is expected to increase. The establishment of new industries in the region as a result of the region's cheap labour costs and government tax incentives is projected to fuel the boom in the region. The automobile and furniture industries have had rapid growth rates and significant investment, which is substantially to blame for economic expansion. It is one of the regions with the fastest growing populations based on the production and demand for waterborne coatings.

Asia Pacific is also expected to grow the fastest during the forecast period. This region includes several economies at various stages of development and across a wide variety of sectors. High growth rates and huge investments throughout the automobile, consumer goods & appliances, building & construction, and furniture industries are largely responsible for economic development. The top market participants for waterborne coatings are well-established in the Asia Pacific region and are investing in organic expansion tactics including joint ventures and licencing agreements.

Global Waterborne Coatings Market By Region, 2023-2030
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  • Fastest

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Global Waterborne Coatings Market Dynamics

Waterborne Coatings Market Driver

  • Several end-use industries, including the automotive, industrial, and infrastructure sectors, are anticipated to boost their need for waterborne coatings in the future years. Due to their near to 80% water content, which makes them ideal solvents with minimal VOC emissions, these coatings are frequently selected over other conventional ones. The most frequently used raw materials in the manufacture of aqueous coatings are synthetic resins, surfactants, additives, and pigments. The aforementioned basic ingredients help produce different aqueous coating types, which are subsequently utilised in a range of applications, including general industrial, architectural, wood, automotive OEM, coil, protective coatings, marine, industrial wood, metal packaging, and automobile refinishing.
  • The waterborne coatings market is expanding as a result of rising vehicle manufacturing in nations like Mexico, China, Malaysia, Germany, and Indonesia. The Middle East and Asia Pacific emerging countries' increased building activity should aid the market growth even more.

Waterborne Coatings Market Restraint

  • Waterborne coatings require more drying and cure time than solvent borne coatings do. Excellent flow characteristics of these coatings fluctuate with humidity and have an impact on how the coating is applied. Water does not readily evaporate in high humidity environments, which leads to poor cure and decreased effectiveness. Additionally susceptible to cold temperatures, these frequently become unusable after freezing.
  • Coatings manufacturers are obliged to continuously enhance their processes to comply with the new laws as a result of the rising number of regulatory policies being enacted by various governments. Products that do not adhere to the rules are prohibited from usage in nations with severe environmental legislation.

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Global Waterborne Coatings Market Competitive Landscape

Global Waterborne Coatings Market is competitive and fragmented due to the presence of several prominent players. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Major players include AkzoNobel N.V., BASF SE, and Axalta Coating Systems LLC among others. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.

Waterborne Coatings Market Top Player's Company Profiles

  • PPG Industries Inc.
  • AkzoNobel NV
  • The Sherwin-Williams Company
  • BASF SE
  • Axalta Coating Systems LLC
  • RPM International Inc.
  • Jotun A/S
  • Kansai Paint Co. Ltd.
  • Nippon Paint Holdings Co. Ltd.
  • Asian Paints Ltd.
  • Tikkurila Oyj
  • Hempel A/S
  • Berger Paints India Ltd.
  • DAW SE
  • Sika AG
  • Benjamin Moore & Co.
  • DuluxGroup Ltd.
  • Dyrup A/S
  • J.W. Ostendorf GmbH & Co. KG
  • Brillux GmbH & Co. KG

Waterborne Coatings Market Recent Developments

  • In August 2022, Polimeros Especiales, a market leader in solvent-free waterborne acrylic resins, will be acquired by Arkema. A reputable privately held Mexican firm called Polimeros Especiales makes high performance waterborne resins for a variety of areas, including pressure sensitive adhesives, textiles, architectural and decorative paints, and construction. The anticipated purchase, according to Arkema, is entirely consistent with the business's objective to build its Coating Solutions division in developing markets and in low-volatile organic compound solutions.
  • In May 2022, a new coating resins production facility is being built by DIC Corporation's fully owned subsidiary Ideal Chemi Plast, which is situated in the Indian state of Maharashtra. The plant is being built in the state's Supa industrial region.

Global Waterborne Coatings Key Market Trends

  • Anticorrosive polymeric coatings now have greater flexibility and potential against protecting metals compared to non-polymeric ones, polymeric ones are better because they can be developed and formed to accomplish many protective mechanisms. Anticorrosive polymeric coatings have the potential to be cost-effective, technically effective, and ecologically responsible solutions. Therefore, the necessity to combat the financial losses brought on by the corrosion phenomenon has led to the creation of a number of coating technologies. By utilising various and concurrent modes of corrosion inhibition, anticorrosive polymeric coatings provide a versatile and efficient solution against corrosion.

Global Waterborne Coatings Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our Global Waterborne Coatings Market analysis, over the past decade, the building and construction coatings sector has seen a strong era of innovation. The transition from oil-based to aqueous paints, the decrease of VOCs, the elimination of compounds of concern, the development of paint-and-primer-in-one solutions, and the goal to offer better film qualities are a few of the major motivators. An increasing number of light and medium load industrial end users are using waterborne acrylics. Waterborne acrylic has experienced amazing development as a result of a number of causes, including adherence to VOC restrictions and disposal of less hazardous waste.

Report Metric Details
Market size value in 2021 USD 99.2 billion
Market size value in 2030 USD 144.04 billion
Growth Rate 3.8%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Resin Type
    • Acrylic Coatings, Polyester Coatings, ALKYD Coatings, EPOXY Coatings, Polyurethane Coatings, PTFE Coatings, PVDF Coatings, PVDC Coatings and others
  • Application
    • Architectural, Automotive, General Industrial, Protective, Wood, Marine, Packaging, Coil and others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • PPG Industries Inc.
  • AkzoNobel NV
  • The Sherwin-Williams Company
  • BASF SE
  • Axalta Coating Systems LLC
  • RPM International Inc.
  • Jotun A/S
  • Kansai Paint Co. Ltd.
  • Nippon Paint Holdings Co. Ltd.
  • Asian Paints Ltd.
  • Tikkurila Oyj
  • Hempel A/S
  • Berger Paints India Ltd.
  • DAW SE
  • Sika AG
  • Benjamin Moore & Co.
  • DuluxGroup Ltd.
  • Dyrup A/S
  • J.W. Ostendorf GmbH & Co. KG
  • Brillux GmbH & Co. KG
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Waterborne Coatings Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Waterborne Coatings Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Waterborne Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Waterborne Coatings Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Waterborne Coatings Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Waterborne Coatings Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Waterborne Coatings Market size was valued at USD 99.2 billion in 2021 and is poised to grow from USD 102.97 billion in 2022 to USD 144.04 billion by 2030, growing at a CAGR of 3.8% in the forecast period (2023-2030).

Global Waterborne Coatings Market is competitive and fragmented due to the presence of several prominent players. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Major players include AkzoNobel N.V., BASF SE, and Axalta Coating Systems LLC among others. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'PPG Industries Inc.', 'AkzoNobel NV', 'The Sherwin-Williams Company', 'BASF SE', 'Axalta Coating Systems LLC', 'RPM International Inc.', 'Jotun A/S', 'Kansai Paint Co. Ltd.', 'Nippon Paint Holdings Co. Ltd.', 'Asian Paints Ltd.', 'Tikkurila Oyj', 'Hempel A/S', 'Berger Paints India Ltd.', 'DAW SE', 'Sika AG', 'Benjamin Moore & Co.', 'DuluxGroup Ltd.', 'Dyrup A/S', 'J.W. Ostendorf GmbH & Co. KG', 'Brillux GmbH & Co. KG'

Several end-use industries, including the automotive, industrial, and infrastructure sectors, are anticipated to boost their need for waterborne coatings in the future years. Due to their near to 80% water content, which makes them ideal solvents with minimal VOC emissions, these coatings are frequently selected over other conventional ones. The most frequently used raw materials in the manufacture of aqueous coatings are synthetic resins, surfactants, additives, and pigments. The aforementioned basic ingredients help produce different aqueous coating types, which are subsequently utilised in a range of applications, including general industrial, architectural, wood, automotive OEM, coil, protective coatings, marine, industrial wood, metal packaging, and automobile refinishing.

Anticorrosive polymeric coatings now have greater flexibility and potential against protecting metals compared to non-polymeric ones, polymeric ones are better because they can be developed and formed to accomplish many protective mechanisms. Anticorrosive polymeric coatings have the potential to be cost-effective, technically effective, and ecologically responsible solutions. Therefore, the necessity to combat the financial losses brought on by the corrosion phenomenon has led to the creation of a number of coating technologies. By utilising various and concurrent modes of corrosion inhibition, anticorrosive polymeric coatings provide a versatile and efficient solution against corrosion.

Asia Pacific dominated the Global Waterborne Coatings Market share in 2021. As major automakers move to countries in the Asia Pacific region, including China, India, and Indonesia, demand is expected to increase. The establishment of new industries in the region as a result of the region's cheap labour costs and government tax incentives is projected to fuel the boom in the region. The automobile and furniture industries have had rapid growth rates and significant investment, which is substantially to blame for economic expansion. It is one of the regions with the fastest growing populations based on the production and demand for waterborne coatings.

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Global Waterborne Coatings Market

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