USD 99.2 billion
Report ID: SQMIG15E2123 | Region: Global | Published Date: January, 2023 | Pages: 242 | Tables: 73 | Figures: 75
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.
Global Market Size
USD 99.2 billion
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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.
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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.
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Waterborne Coatings Market Driver
Waterborne Coatings Market Restraint
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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
Waterborne Coatings Market Recent Developments
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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.
|Market size value in 2021
|USD 99.2 billion
|Market size value in 2030
|USD 144.04 billion
|Forecast Unit (Value)
|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)
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Parent Market Analysis
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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.
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