Global Waterbased Coatings Market Report

Global Water-Based Coating Market Report, By Resin Type (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, PTFE, PVDC, PVDF and Others), Application (Architectural & Decorative, Automotive, Industrial, Marine, Wood and Others (Packaging & Transportation)) and Geography – Global Water-Based Coating Market Share, Trend Analysis & Forecast , 2019 - 2028

Report Code : cm1779 | Publish Date : August 2022 | Industry : Chemicals_Materials | Geography : Global


COVID-19 IMPACT ANALYSIS OF THE N GLOBAL WATER-BASED COATING MARKET

The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the global water-based coating market. In addition, companies are restricting their operations and recovering from the effect of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote work, and the closure of commercial activities, which resulted in operational challenges, and are largely responsible for the market’s growth.

MARKET OVERVIEW - GLOBAL WATER-BASED COATING MARKET

Water-based coatings, also identified as dispersion coatings have become a leading technology in the industry, as they are ecologically friendly, odorless, and tasteless. These coatings dry physically using the absorption into the substrate and evaporation of water, which is attained through hot air and infrared. Moreover, they also offer numerous advantages such as reduction of solvent emissions into the atmosphere, short processing times, outstanding elasticity, and resistance of the coating film to temperature shifts & atmospheric agents. Furthermore, the water-based coatings also provide ease of overcoating’s. The global market is estimated and forecasted in terms of revenue (USD million) generated by the water-based coatings market. The global water-based coatings market is witnessing sustainable growth owing to increasing demand for building & construction and growth in automotive production in Asia-Pacific & Europe. Moreover, the overall market is also being propelled by growth in the application areas of water-based coatings such as architectural & decorative, marine, wood, packaging & transportation, etc. Moreover, growth prospects in highly regulated regions would further provide significant growth opportunities to this market. However, the global water-based coatings market is hampered by uneven enforcement and the availability of cost-effective substitutes for water-based coatings.

MARKET DRIVERS 

One of the most significant trends in the coating industry over the past few years has been the rise in demand for environmentally friendly characteristics. This trend has been greatly influenced by the strict European regulations governing the reduction of volatile organic compound (VOC) emissions from coatings. The European Commission and other federal government organizations are implementing new laws and regulations including the Eco-product Certification Scheme (ECS). A green and sustainable environment is guaranteed by these standards or zero harmful volatile organic compounds (VOC) emissions. Moreover, it is anticipated that government laws in the US and Western Europe, particularly those concerning air pollution, are expected to continue to drive the adoption of new, low-polluting coating technologies. The popularity of waterborne coatings, which contain fewer solvents that evaporate during the curing process than solvent-borne coatings, has gradually increased as a result of growing awareness of the negative impacts of VOC emissions. For instance, Asia Pacific is projected to be the largest as well as the fastest-growing market for waterborne coating due to the rapidly growing automotive and construction industries in the region.

MARKET OPPORTUNITIES

Emerging economies are investing large investments in long-term initiatives and infrastructure development. As a result of major investments done by top corporations to take advantage of the prospects in these economies, markets in these nations are growing faster than those in North America and Western Europe. Manufacturers of resin and aqueous coatings have a lot of opportunities in the Asia Pacific region, particularly in China and India. Investments in the building, automotive, electrical & electronics, consumer goods, and appliances industries are rising as a result of the increasing income and purchasing power of the populace in the emerging regions. Companies that produce waterborne coated resin have the opportunity to benefit from the economic expansion of developing nations like China, India, Russia, and Brazil, which are investing significantly in the construction, automotive, electrical, and other industrial sectors.

MARKET RESTRAINTS

Waterborne coatings require more drying and curing time than solvent-borne coatings do. Excellent flow characteristics of waterborne coatings fluctuate with humidity, affecting the coating application. Water does not readily evaporate in high humidity environments, which leads to poor cure and decreased effectiveness. Additionally, susceptible to cold conditions, waterborne coatings frequently become unusable after freezing.

MARKET GROWTH CHALLENGES

Coatings producers are obliged to continuously enhance their processes to comply with the new laws as a result of the increasing number of regulatory policies being enacted by the various governments. In nations that have severe environmental rules, particularly in Western Europe and North America, products that fail to meet the legal requirements are not permitted for use in countries. The reduced atmospheric emissions that result from the use of low-VOC coatings are likewise disregarded by the concentration approach. 

CUMULATIVE GROWTH ANALYSIS

The report provides an in-depth analysis of the global water treatments chemical market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With the increasing demand for construction activities and technological advancement has led to the increasing market demand and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.

WATER-BASED COATING MARKET SEGMENTAL OVERVIEW

The global water treatment chemical market comprises different market segments like type, end users and geography. 

WATER-BASED COATING MARKET BY RESIN TYPE

By resin type, the water-based coating market includes a key segment of 

  • Acrylic
  • Alkyd
  • Epoxy
  • Polyester
  • Polyurethane
  • PTFE
  • PVDC
  • PVDF
  • Others

Based on resin type, the water-based coating market is segmented into Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, PTFE, PVDC, PVDF, and Others. Waterborne Alkyd coating is in demand due to its improved characteristics, environmentally friendly chemistry, and low VOCs. But to perform at their best, aqueous alkyd coatings, like the majority of resins, need more deformers. A novel waterborne alkyd resin technology is being introduced by several businesses that use cutting-edge processing techniques to create a solvent-free alkyd formulation in an aqueous emulsion stabilized by surfactants. It is an alkyd latex and soy-based resin that offers the advantages of a waterborne carrier with very little volatile organic compound (VOC) concentration.

WATER-BASED COATING MARKET BY APPLICATION

The WATER-BASED COATING MARKET has major end-user in 

  • Architectural & Decorative
  • Automotive
  • Industrial
  • Marine
  • Wood
  • Others (Packaging & Transportation)

Based on application, the water-based coating market is segmented into architectural & decorative, automotive, industrial, marine, wood, and others (packaging & transportation). The Architectural & Decorative segment accounted for the largest share during the forecast year. As material’s surfaces are coated with water-borne protective coatings to shield them from things like severe temperature swings, light, water, chemicals, oil, and more. These coatings have advantages like thermal insulation, waterproofing, and resistance to corrosion, fire, and chemical abrasion. In the oil and gas, petrochemical, infrastructure, power generation, and water and sewerage industries, they are used in consumer goods and heavy machinery. The market for water-borne coatings is anticipated to grow as a result of increased investments in China and India’s building, energy, and marine sectors.

WATER-BASED COATING MARKET BY GEOGRAPHY

The global water-based coatings market is studied for the following region 

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the world (RoW)

The Asia Pacific is anticipated to witness increasing demand for water-based coatings owing to the presence of well-established market players and strong economic growth. Besides, the increase in automotive and packaging & coating industries is expected to flourish the demand for the market over the forecast period. Also, the presence of developed economies like China, India, and Japan are further contributing to healthy growth in the market. The high demand for water-based coatings from the construction and automotive sector are the key growth drivers for this region. Countries such as China, India, and Japan are witnessing high growth in the water-based coatings market. A growing number of packaging & transportation and marine industries is likely to boost the market over the coming years.

COMPETITIVE LANDSCAPE ANALYSIS

The competitive landscape analysis of the water-based coating market is majorly focused on expanding the global growth of water-based coating with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the coating market has led to the growing demand for the market.  Besides, the market offers a range of products in different applications to fulfill the required demand of consumers which is further contributing to healthy growth in the market. Collaborations and endorsements are the key growth strategies adopted by the major players to reinforce their positions in the international market. For instance, in June 2017, Hempel A/S opened a new research and development facility for passive fire protection (PFP) coatings near Barcelona, Spain.

The key players studied in the market are 

  • AkzoNobel
  • Arkema SA
  • Asian Paints Limited
  • Axalta Coating Systems
  • BASF SE
  • Benjamin Moore & Co
  • DowDuPont
  • Hempel A/S
  • Jotun
  • Kansai Paint Co. Ltd.
  • KCC Corporation
  • Masco Corporation
  • Nippon Paint Holdings Co., Ltd.
  • PPG Industries
  • RPM International Inc.
  • Shawcor
  • Sika
  • The Sherwin-Williams Company
  • Tikkurila

RECENT DEVELOPMENT:

June 2021: PPG said that it will increase the number of coatings it can produce for packaging applications in Europe. The investment is anticipated to address the region’s growing demand from consumers for the latest generation coatings for steel and aluminum cans used to package beverages, foods, and personal care products. 

October 2020: Pro Industrial Pre-catalysed Water-based Urethane, a single-component product with performance characteristics similar to those of a two-part coating, was introduced by Sherwin-Williams to assist professionals in meeting the aesthetic and functional requirements of light industrial or commercial environments.

WATER-BASED COATING MARKET SUMMARY

Based on resin type, the market is segmented into acrylic, alkyd, epoxy, polyester, polyurethane, PTFE, PVDC, PVDF, and others. Among all resins, acrylic accounted for the largest market share of the water-based coatings market. This growth is attributed to outstanding properties offered them such as weather stability and durability. In addition to this, based on various applications, this market is categorized as architectural & decorative, automotive, industrial, marine, wood, and others (packaging & transportation). Among these, the architectural & decorative segment accounted for the largest share in 2017, due to rising urbanization worldwide, causing augmented demand for residential, commercial, and industrial infrastructure. Whereas, the automotive segment is projected to grow at the highest CAGR during the forecast period, due to the surging use of water-based coatings in automotive applications across APAC and the European region. By geography, the global water-based coatings market is studied across the countries of key regions such as North America, Europe, Asia Pacific, and the rest of the world regions which include Latin America, and Middle East & Africa. Asia Pacific accounted for the largest share and is also expected to grow at the highest CAGR during the forecast period. The high demand for water-based coatings from the construction and automotive sector are the key growth drivers for this region. Countries such as China, India, and Japan are witnessing high growth in the water-based coatings market. A growing number of packaging & transportation and marine industries is likely to boost the market over the coming years.

SCOPE OF THE REPORT:

Market Sizing for Year:
2019-2028
Market Sizing for Year:
2021
Base Year:
2022-2028
Forecast Period:
USD Million
Market Segment studied:

Resin Type

Application

Geography
Market Players and its Competitors:

AkzoNobel

Arkema SA

Asian Paints Limited

Axalta Coating Systems

BASF SE

Benjamin Moore & Co

DowDuPont

Hempel A/S

Jotun

Kansai Paint Co. Ltd.

KCC Corporation

Masco Corporation

Nippon Paint Holdings Co., Ltd.

PPG Industries

RPM International Inc.

Shawcor

Sika

The Sherwin-Williams Company

Tikkurila

FREQUENTLY ASKED QUESTIONS

What Are The Drivers For The Water-Based Coating Market?

The Key Driving Factors of the Market Are In Rising Demand For Automotive Fuels And An Increase In Demand For Construction Application.

Which Is The Leading Application Segment For The Water-Based Coating Market?

The Architectural & Decorative Segment Accounted For the Largest Share, Due To Rising Urbanization Worldwide, Causing Augmented Demand For Residential, Commercial, And Industrial Infrastructure.

Which Region Is Gaining The Majority Of Market Share During The Forecast Period (2021-2028)?

The Asia Pacific Is Expected To Gain Major Market Share During The Forecast Period (2021-2028).