The Waterborne Coatings Market was nearly USD 102.9 Billion in 2022 and it is anticipated to grow over USD 148.3 Billion by 2032, at a CAGR of over 3.7% during the forecast period.
Water is used as a solvent in waterborne coatings or finishes to disperse the resin. Waterborne coatings can include up to 80% water and just a tiny quantity of additional solvents, including glycol ethers. Its composition varies. Waterborne coatings have a high water content. As a result, these coatings are simple to apply and ecologically friendly. Excellent surface qualities including anti-sealing effects, high gloss, and rub resistance are provided by waterborne coatings. Considering that they are heat and abrasion resistant, waterborne coatings make great primers. They may be applied in thick or thin coats and produce good adherence. They also make it simple to modify and combine colours. Both internal and external surfaces can be coated using waterborne materials. These coatings offer high gloss, wetting, and stability in addition to helping to prevent corrosion on the surface.
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Market Drivers & Trends
During the past 10 years, the building and construction coatings sector has revolutionised. The coatings that are now on the market have varied environmental profiles and qualities as well as diverse raw material bases. Many factors, including synthesis chemists, paint formulators, end users, and environmental restrictions, have influenced these modifications. For the past ten years, the building and construction coatings sector has seen a strong era of innovation. The transition from oil-based to waterborne paints, the reduction of VOCs, the elimination of potentially hazardous chemicals, the emergence of paint-and-primer-in-one products, the desire to offer improved film properties like dirt pickup resistance and early rain resistance, and the desire to offer simple-to-apply new looks are a few of the major drivers. The need for residential, commercial, and industrial infrastructure is rising along with urbanization. The demand for aqueous coatings from end users in the building and construction industry is consequently increasing. The demand for new homes is rising due to low interest rates on mortgages, which is fueling the building and construction coatings market, particularly in the Asia Pacific region. Due to the rising need for infrastructure in the residential, non-residential, and commercial sectors in Asia Pacific and MEA, this market is predicted to grow quickly.
Market Restraints & Challenges
Waterborne coatings are likely to be challenging during the project’s surface preparation phase. In certain cases, water is suggested as a solvent replacement, but it is also an important factor in corrosion. The quality and film development of aqueous coatings are negatively impacted by humidity and temperature. In high humidity, waterborne films are likely to be wet and soupy, whereas at low humidity, the films are likely to be excessively dry and look unappealing. Because of this, aqueous basecoats for automobiles are sprayed in booths with controlled humidity and temperature. Most consumers of industrial paint find this to be expensive. In some areas, these coatings are unusable because they are sensitive to environmental factors like temperature and humidity during the curing period.
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Market Segments
The waterborne coatings market has been segmented into resin type, application, and region. Based on resin type, the market is segmented into acrylic, polyester, alkyd, epoxy, polyurethane (PU), polytetrafluoroethylene (PTFE), polyvinylidene chloride (PVDC), polyvinylidene fluoride (PVDF), and others. On the basis of application, it is bifurcated into architectural and industrial. Region-wise, it is studied across North America, Europe, Asia Pacific, and Rest of the World.
Key Market Players
The Waterborne Coatings Market includes players such as AkzoNobel N.V. (Netherlands), Asian Paints Limited (India), Axalta Coating Systems (US), BASF SE (Germany), Berger Paints India Limited (India), Jotun A/S (Norway), Kansai Paint Co.,Ltd. (Japan), Nippon Paint Holdings Group (Japan), PPG Industries, Inc. (US), and Sherwin-Williams Company (US).
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Reasons to buy Waterborne Coatings Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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