(MENAFN- PR Newswire) DUBLIN, March 22, 2023 /PRNewswire/ --
The "global waterborne coatings market by resin type (acrylic, polyester, alkyd, epoxy, polyurethane, ptfe, pvdf, pvdc), application (architectural and industrial), and region (asia pacific, north america, europe, me&a, south america) - forecast to 2030" report has been added to
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The global waterborne coatings market size was USD 99.2 billion in 2021 and is projected to grow at a CAGR of 3.8% during 2022-2027 and 4.2% during 2028-2030 to reach USD 124.3 billion by 2027 and USD 140.7 billion by 2030.
The epoxy type resin is expected to register the highest CAGR of the overall waterborne coatings market during the forecast period, in terms of volume.
Epoxy resins are used in protective and floor coatings due to their favorable mechanical properties, corrosion protection, and chemical resistance.
Over the past few years, waterborne epoxy coatings have been developed to be environment-friendly with the use of waterborne technology during the manufacturing process, similar to the production of high-solid coatings, solvent-free coatings, and powder coatings.
There has been an increase in the demand for epoxy resins from the coatings industry. This growth can be attributed to the increasing demand from dairies, pharmaceuticals, food processing units, electronics, aircraft hangars, and automobile workshops. This scenario is expected to continue during the forecast period.
The architectural segment of applications is projected to register the highest CAGR during the forecast period.
Market drivers in this segment are infrastructural growth in various countries, and growth in applications, including residential, and non-residential industries.
There is strong demand for these applications from the Asia Pacific region, especially from developing countries such as China, India, Thailand, Indonesia, and Malaysia. Global waterborne coating manufacturers are establishing their manufacturing facilities or sales offices in these emerging regions to cater to the increasing demand.
Asia-Pacific waterborne coatings market is projected to register the highest CAGR during the forecast period.
Asia Pacific is an emerging economy with many rapidly developing countries. Various industry players are willing to invest in this region. Most of the leading players in North America and Europe are planning to shift their manufacturing base to Asia Pacific as it offers inexpensive raw materials, low cost of production, and the ability to serve the local emerging market in a better way.
The Asia Pacific region is experiencing increased demand for premium and high-quality products due to the increasing disposable income of the middle-class population. This has led to an increased demand for waterborne coatings in the Asia Pacific market.
Market Dynamics
Drivers
Environmental Regulations to Boost Demand for VOC-Free Coatings Development of New Technologies to Enhance Performance of Coatings Increasing Demand from Construction Industry
Restraints
Requirement of Higher Drying Time for Waterborne Coatings Expensive Waterborne Coatings to Limit Market Expansion
Opportunities
High Growth Potential in Emerging Economies
Challenges
Stringent Regulatory Policies
Companies Mentioned
Akzo Nobel N.V. Asian Paints Limited Axalta Coating Systems, Ltd. BASF Se Benjamin Moore & Co. Berger Paints India Ltd. Brillux GmbH & Co. Kg Carpoly Chemical Group Co., Ltd. Cloverdale Paint Inc. Diamond Vogel Paint Company Duluxgroup Ltd. Fujikura Kasei Co., Ltd. Hempel A/S Jotun Group Kansai Paint Co. Ltd. Kcc Corporation Lanco Paints Masco Corporation Nippon Paint Holdings Co. Ltd. Noroo Paints & Coatings Co., Ltd. Other Key Companies PPG Industries Inc. RPM International Inc. Stahl Holdings B.V. Teknos Group The Sherwin-Williams Company
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