(MENAFN- GlobeNewsWire - Nasdaq) WASHINGTON, May 26, 2023 (GLOBE NEWSWIRE) -- Global waterborne coatings market is valued at USD 101.04 Billion in 2022 and is projected to reach a value of USD 128.99 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 3.10% over the forecast period 2023-2030.
One of the most significant economic areas is the Waterborne Coatings business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Waterborne Coatings, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Waterborne Coatings market growth over the forecast period. One of the main factors that favorably affect the demand for Waterborne Coatings is the increasing demand for eco-friendly and sustainable materials across various industries. In addition, waterborne coatings have lower volatile organic compounds (VOCs) content than solvent-based coatings, making them an attractive option for companies looking to reduce their environmental impact.
Additionally, stringent regulations regarding VOC emissions have accelerated the adoption of waterborne coatings in various regions, further driving the market growth. The booming construction industry and increasing infrastructure development activities also provide significant growth opportunities for the waterborne coatings market, as these coatings are extensively used for protective and decorative coating applications.
Europe's Waterborne Coatings market is expected to grow significantly during the forecast period. The market growth can be attributed to the increasing demand for eco-friendly coatings and rising environmental concerns. The need for waterborne coatings is also being driven by the growing construction industry, particularly in countries like Germany and the U.K., which have a high demand for coating materials for various applications in infrastructure development. In addition, the automotive industry is also expected to fuel the demand for waterborne coatings in Europe in the coming years.
Top Players in the Global Waterborne Coatings Market
Akzo Nobel N.V. PPG Industries Inc. BASF SE The Sherwin-Williams Company Kansai Paint Co. Ltd. AXALTA Hempel Group Jotun Berger Paints India Limited Arkema
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Market Dynamics
Increasing Demand for Eco-Friendly Coatings to Drive Market:
The increasing focus on sustainable processes and products has been a leading factor driving the demand for eco-friendly coatings. Waterborne coatings are eco-friendly, replacing solvent-based coatings, which are harmful to the environment. This shift is creating more opportunities for the waterborne coatings market, and the trend will likely continue.
Regulatory Standards and Compliance to Impact the Market:
Environmental regulations and standards play a significant role in developing the waterborne coatings market. For example, governments worldwide are imposing strict regulations on the use of solvent-based coatings. This has compelled the manufacturers to focus on waterborne coatings to meet the regulatory requirements, which, in turn, has led to increased demand for waterborne coatings.
Increasing Demand from Construction and Automotive Industry to Fuel Market:
The growth in demand for eco-friendly and sustainable products in the construction and automotive industry is critical to boosting the demand for waterborne coatings. These coatings offer better durability, corrosion resistance, and sustainability attributes, making them ideal for construction and automotive applications.
Top Trends in Global Waterborne Coatings Market
One trend that Vantage Market Research (VMR) expects to see in the Waterborne Coatings industry is the rise in demand for architectural coatings. The increase in urbanization and construction activities in developing countries is boosting the demand for architectural coatings such as paint and varnish. Waterborne coatings are widely used in architectural coatings due to their low VOC content, non-toxic nature, and ease of application. Another trend that VMR predicts will continue in the waterborne coatings industry is the advancements in coating technologies. The waterborne coatings industry is witnessing significant advances in coating technologies, such as self-healing, self-cleaning, and anti-fouling coatings. These coatings can potentially revolutionize various sectors, including automotive, aerospace, marine, and building and construction.
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Top Report Findings
Based on the Types, the Acrylic resin segment in the global waterborne coatings market is expected to witness major growth over the forecast period. The demand for acrylic resin-based waterborne coatings is driven by their superior properties, such as high gloss, excellent durability, and resistance to abrasion, chemicals, and weather. Moreover, increasing environmental regulations and consumer preference for eco-friendly coatings are also boosting the demand for waterborne acrylic resin-based coatings, particularly in Asia. Based on the Applications, the Architecture resin segment in the global waterborne coatings market is experiencing significant growth for various reasons, such as the increasing demand for eco-friendly coatings and the rising awareness among consumers regarding environmental concerns. These waterborne coatings made from architecture resin are highly durable and provide excellent stain resistance and resistance to aging and weathering. Moreover, using architecture resin-based waterborne coatings is also cost-effective in terms of maintenance and repair, resulting in the segment's growing popularity.
Top 10 Players Generates Majority of the Revenue of Global Waterborne Coatings Market
The report found that the most prominent players in the Waterborne Coatings market include Akzo Nobel N.V., PPG Industries Inc., BASF SE, The Sherwin-Williams Company, Kansai Paint Co. Ltd., AXALTA, Hempel Group, Jotun, Berger Paints India Limited, and Arkema. These companies constantly invest in research and development activities to improve their product offerings and cater to the increasing demand for waterborne coatings in various end-use industries such as construction, automotive, and marine. As per latest report published by Vantage Market Research, the top 10 companies are responsible for generating the majority of the revenue of the global market.
Industrial Category in Waterborne Coatings Market to Generate Over Major Revenue
The industrial segment in the global waterborne coatings market is a significant contributor to the growth of the market. The demand for waterborne coatings in the industrial segment is increasing as the protective coating solutions it provides for industrial equipment, machinery, and structures are versatile, long-lasting, and well-suited for various harsh environments.
The industrial segment mostly demands waterborne coatings with high durability, corrosion resistance, and excellent adhesion properties. The coatings are formulated to meet the specific needs of the industrial segment and are applied on substrates such as concrete, metal, and wood, among others. The Industrial segment is further sub-segmented into automotive, aerospace, electronics, heavy equipment, and transportation.
The automotive industry is a significant contributor to the industrial segment of the waterborne coatings market. The increasing demand for eco-friendly and high-quality products in the automobile industry is driving the growth of the waterborne coatings market. In addition, using water-based coatings instead of solvent-based coatings in the automotive industry helps protect the environment, reduces VOC (volatile organic compound) emissions, and provides a safer working environment for workers.
The aerospace and electronics industries also have a substantial demand for waterborne coatings. These industries require coatings that provide excellent insulation, low friction, and resistance to abrasion, corrosion, and chemicals. As a result, using waterborne coatings in these industries helps reduce costs and improve durability.
The heavy equipment and transportation industries also have significant demand for waterborne coatings as they require high-performance coatings to protect their equipment from weather and other harsh environmental conditions. In addition, using waterborne coatings in these industries, particularly in railway and shipping, helps reduce fuel consumption and enhances the performance of vehicles.
Overall, the industrial segment is essential to the global waterborne coatings market. With its versatile, long-lasting, and eco-friendly properties, waterborne coatings are gaining popularity in various industrial applications. Therefore, they are expected to continue driving the market's growth in the coming years.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on waterborne coatings Market Forecast Report (2023-2030).
Global Waterborne Coatings Market Segmentation
By Types
Acrylic Polyestic Alkyd Epoxy Polyurethane Polytetrafluoroethylene Polyvinylidene Fluoride Polyvinylidene Chloride Other Types
By Application
By Region
North America Europe Asia Pacific Latin America Middle East & Africa
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Scope of the Report:
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