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Top Factors Impacting the Waterborne Coatings Market: Insights and Forecast
The global waterborne coatings market was valued at USD 57.67 billion in 2022 and is projected to experience significant growth, with an anticipated compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. This growth is primarily driven by the expansion of construction activities worldwide. The rapid industrialization and urbanization taking place across various regions are expected to spur a higher demand for waterborne coatings over the forecast period. Additionally, a shift in the coatings industry towards environmentally friendly alternatives, such as solvent-free coatings with lower emissions, is further boosting the demand for waterborne coatings. These coatings are particularly preferred for both residential and commercial applications, where they are commonly used in interior and exterior wall paint formulations.
Waterborne coatings used in these applications are typically based on acrylate/styrene dispersions. Manufacturers in the market are also working on reducing the binder content in formulations by 8–12% without compromising the overall properties of the coatings, further improving their cost-effectiveness and performance. Alkyd-based waterborne coatings are also gaining popularity, especially among interior decorators, due to their ease of application, glossy finish, and superior ability to adapt to varying climatic conditions during both application and drying.
In the automotive sector, an increase in production capacities, alongside innovations in vehicle design and aesthetics, is expected to continue driving market growth. The rising demand for automobiles, particularly in emerging economies in the Asia Pacific and Latin America regions, fueled by population growth and increasing disposable income, will also contribute to the rising adoption of waterborne coatings in vehicle manufacturing.
Gather more insights about the market drivers, restrains and growth of the Waterborne Coatings Market
Regional Insights
Europe
In 2022, Europe led the global waterborne coatings market, accounting for the largest share of over 38.1% of the total revenue. This dominance can largely be attributed to the presence of several major automobile manufacturers in the region, which contribute significantly to the demand for waterborne coatings in both OEM (original equipment manufacturer) and refinishing applications. Moreover, Europe's increasing consumer preference for luxury goods, including high-end automobiles and residential properties, is expected to further drive the need for high-quality waterborne coatings in the automotive and construction sectors.
Asia Pacific
In the Asia Pacific region, the highest growth in construction spending is anticipated, especially in emerging economies such as China, India, and Indonesia. These countries are seeing significant investments in infrastructure and urban development, which is expected to directly impact the demand for waterborne coatings. As construction activity increases, waterborne coatings are anticipated to capture a larger share of the market, especially in the residential and commercial building sectors, which constitute a major part of the construction market in this region. Countries like Indonesia, Malaysia, Thailand, and Vietnam are also expected to see growing demand for waterborne coatings due to rising construction budgets focused on residential and commercial projects.
Thus, the Asia Pacific region is poised for strong growth, driven by expanding construction activities and an increasing adoption of waterborne coatings in both new builds and renovations.
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Key Companies & Market Share Insights
As the market continues to grow, competition among global companies in the waterborne coatings sector is expected to intensify. This is largely due to rapid innovations from both established players and emerging companies entering the industry. Manufacturers are actively working on expanding and enhancing their product portfolios by innovating and launching new formulations and products. This drive for product development is likely to stimulate further competition, pushing companies to improve their offerings in order to capture a larger share of the growing market.
Some of the prominent players in the global waterborne coatings market include:
• AkzoNobel NV
• BASF SE
• Axalta Coating Systems LLC
• Berger Paints India Ltd.
• Kansai Paint Co.,
• Nippon Paint Holdings Company Ltd.
• PPG Industries Inc.
• RPM International Inc.
• The Sherwin-Williams Company
• The Valspar Corp.
• Tikkurila Oyj
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#Waterborne Coatings Market#Waterborne Coatings Market Analysis#Waterborne Coatings Market Report#Waterborne Coatings Industry
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The global Waterborne Coatings market was stood around USD 70 billion and is expected to showcase growth of around 5% during the forecast period (2021-2027).
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Key Trends Driving the Growth of the Waterborne Coatings Market
The global waterborne coatings market was valued at USD 57.67 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. This growth is primarily driven by the expanding construction sector worldwide. As industrialization and urbanization continue to accelerate, there is a notable increase in construction activities, which is expected to significantly boost the demand for waterborne coatings during the forecast period. One key factor contributing to this surge in demand is the ongoing shift in the coatings industry from using low- or high-volatility organic solvents to fully solvent-free formulations, which have lower emissions and are considered more environmentally friendly. This trend is anticipated to benefit waterborne coatings, especially in both residential and commercial applications, where they are commonly used in interior and exterior wall paint formulations.
Additionally, waterborne coatings are gaining traction in the automotive sector, driven by increasing demand from automobile applications. To meet this demand, coating manufacturers are investing in research and development to reduce manufacturing costs, which in turn is expected to lower the price of waterborne coatings. This shift is also being encouraged by regulations that require automobile manufacturers and refinishing companies to move from solvent-borne coatings to waterborne systems, which contain significantly fewer volatile organic compounds (VOCs). While conventional solvent-borne coatings typically contain about 84% VOC content and 16% solids, waterborne coatings consist of about 70% water, 20% solids, and 10% solvent, making them less harmful to human health. The adoption of waterborne coatings in the automotive sector is expected to be a significant driver of market demand over the next several years.
Gather more insights about the market drivers, restrains and growth of the Waterborne Coatings Market
Application Insights
In 2022, the architectural application segment dominated the market, accounting for 87.1% of total revenue. Waterborne coatings play a crucial role in architectural coatings, with their share expected to grow substantially over the next 7 to 10 years, largely driven by stricter regulations on VOC emissions. Increased construction spending in emerging economies, particularly in the Asia Pacific, Latin America, and Middle East regions, is likely to fuel further growth in this segment. As income levels rise in these regions, the demand for waterborne coatings in architectural applications, including residential, commercial, and institutional buildings, will continue to rise.
Additionally, the increasing use of acrylic-based coatings in industrial applications is expected to further propel market growth. The development of new products, such as insulation and sound-damping coatings, is also likely to create lucrative opportunities for industry players in the architectural and industrial segments.
In general industries, waterborne coatings are gaining popularity due to their beneficial properties, such as excellent resistance to ultraviolet (UV) light, toughness, flexibility, and overall durability. These attributes are expected to drive further market expansion in the coming years. Waterborne coatings are also in demand in the food and beverage industry, particularly for metal packaging applications such as beverage cans and canned food products. Changing consumer habits, coupled with a busier lifestyle, are increasing the demand for packaged foods, which in turn is expected to drive the need for waterborne coatings in food and beverage packaging over the next seven years.
Overall, the growing focus on environmental sustainability, along with the expanding applications of waterborne coatings across multiple sectors—including construction, automotive, and food & beverage packaging—is expected to support significant market growth through 2030.
Order a free sample PDF of the Waterborne Coatings Market Intelligence Study, published by Grand View Research.
#Waterborne Coatings Market#Waterborne Coatings Market Analysis#Waterborne Coatings Market Report#Waterborne Coatings Industry
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Key Drivers Behind the Growth of the Waterborne Coatings Market
The global waterborne coatings market was valued at USD 57.67 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. This growth is primarily driven by an increase in construction activities worldwide. The surge in construction, fueled by rapid industrialization and urbanization, is expected to elevate the demand for waterborne coatings during the forecast period. There is a notable shift in coating preferences from low or high-volatility organic solvents to completely solvent-free options, which produce fewer emissions. This trend is likely to further boost the demand for waterborne coatings in both residential and commercial applications. Interior and exterior wall paint formulations predominantly use waterborne coatings, often based on acrylate/styrene dispersions. Manufacturers are concentrating on reducing the average binder requirement in these formulations by 8–12%, ensuring that the performance characteristics remain intact. Additionally, alkyd-based waterborne coatings are favored by many interior decorators due to their ease of application, glossy finish, and superior adaptability to climatic variations during application and drying.
The anticipated increase in automobile production capacities, along with innovations in design and aesthetics, is expected to be a significant driver of market growth in automotive applications. The rise in automobile production is projected to be fueled by population growth and increasing per capita disposable income, particularly in the emerging economies of the Asia Pacific and Latin America regions.
Gather more insights about the market drivers, restrains and growth of the Waterborne Coatings Market
Resin Insights
The acrylic resin segment led the market, capturing the largest revenue share of 83.4% in 2022. The rising demand from the infrastructure and automotive sectors, particularly due to the durability and glossy color retention of acrylic coatings under outdoor exposure, is expected to boost the demand for acrylic waterborne coatings. The need for acrylic resin-based coatings is anticipated to increase significantly in the foreseeable future, driven by expanding applications in radiation curing and electrodeposition.
In the transportation sector, there is a growing need for refinishing coatings for aircraft, automobiles, ships, railroads, and trucks, which is likely to enhance the demand for polyurethane (PU) coatings. These coatings are popular due to their properties such as abrasion resistance, toughness, and chemical and weather resistance. Stricter government regulations aimed at reducing volatile organic compound (VOC) emissions, combined with a shift in consumer preferences towards waterborne coatings over solvent-based alternatives, are significant factors propelling product demand. PU coatings are available in various forms, including oil-modified, two-component, moisture-curing, and lacquers. The rising demand for PU coatings across diverse end-use industries, such as electrical coils and automotive manufacturing, is expected to positively impact segment growth.
Furthermore, the increasing demand for ultra-low VOC, low-odor epoxy resin-based coatings in the transportation sector and DIY flooring applications is projected to drive segment growth during the forecast period. Epoxy coatings are known for their strong adhesion and anti-corrosion properties, making them suitable for metal surface primers. These coatings are also extensively used in electrical insulation applications due to their high heat resistance. The rapidly expanding electrical insulation industry is likely to support the growth of the epoxy coatings segment in the coming years.
Order a free sample PDF of the Waterborne Coatings Market Intelligence Study, published by Grand View Research.
#Waterborne Coatings Market#Waterborne Coatings Market Analysis#Waterborne Coatings Market Report#Waterborne Coatings Industry
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Waterborne Coatings or paints that are waterborne are easy to apply and environmentally friendly
The popularity of water-based coating technologies is steadily rising, and their market share is rising as well. However, there are other areas of use where the proportion is quite low, such as industrial maintenance and corrosion protection. However, participants anticipate continued expansion for Waterborne Coatings Market.
Over the past few decades, there has been a steady rise in demand for water-based paint systems. Due to governmental regulations and consumer demand, environmentally friendly solutions have grown in importance. More specifically, the architectural coatings segment has a comparatively large percentage of water-based systems at over 85%. Water-based paints and coatings make up less than 10% of the industrial coatings market.
Read more @ https://influentialblogging.blogspot.com/2022/08/waterborne-coatings-used-to-make.html
#Waterborne Coatings#Waterborne Coatings Market#Waterborne Coatings Demand#Advanced Materials#Coherent Market Insights
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Waterborne Coatings Market
Waterborne coatings have a high water content. As a result, these coatings are simple to apply and environmentally friendly. Excellent surface qualities like anti-sealing effects, high gloss, and rub resistance are provided by waterborne coatings.
Read more @ https://creativeedge16.blogspot.com/2022/07/waterborne-coatings-market-elaborate.html
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Waterborne Coatings Market Size, Share Report To 2022 With Players : DAW Caparol & Tikkurila Oyj
Market Insight:
The global Waterborne Coatings Market size is estimated to reach USD 146.11 billion by 2022 and is anticipated to grow substantially owing to infrastructure development in commercial and residential sector. Demand for waterborne coatings was the highest from the global architectural industry for various applications such as floor finishes, wood vanishes, and facade paints.
Growing demand for eco-friendly, non-hazardous and low Volatile Organic Compounds (VOC) are expected to drive demand for these products. Owing to presence of stringent regulations in the U.S. and European region for these products, VOC content is one of the major issue for the manufacturers.
Also, owing to the increasing disposable income in Latin-America, Middle East & Africa, and Asia-Pacific, demand has grown for decorative paints, renovation activities, and construction sector, projecting to drive the market over the forecast period.
These coatings contain 80% of water with solvents and glycol ether. The market is expected to upsurge moderately owing to its remarkable Superior properties such as non-corrosive, hardness, stain resistant, adhesion, and flexibility of these products compared to its substitutes are an added advantage. Growing market for copiers, fax machines, computers, and printers are also some of the major drivers for the industrial sector.
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In cold climatic condition, adhesive properties of the coatings minimize which a major drawback where its substitutes have an advantage. However, the industry players have been focusing in research and development activities to find solution for these. Another factor hampering the growth of the market is excessive foam production, which occurs mainly in manufacturing and transportation of the coatings.
The gradual shift of the automotive manufacturers to shift their production facilities in owing to the availability of cheap but skilled labor towards developing economies of Thailand, China, India, and Indonesia is anticipated to steer growth of the coatings industry.
Resin Insights:
Acrylic resins are the largest coating type consumed in 2014, owing to its wide applications in automotive refinishes, paints, medical devices, sealants, adhesives and architectural market. End-use industries prefer these resins owing to the low cost of production with excellent durability and weatherproof properties.
Polyurethane (PU) resins find a wide range of applications in high-quality finishes in indoor and outdoor coatings. These resins are anticipated to be the fastest growing resin type over the forecast period. The demand for these resins has expanded for end-use industries such as the coil and automotive markets. They are majorly used for developing prototypes for motorsports vehicles, light-weighted vehicles, and formula one cars.
Other resins include epoxy and PVC have shown their demand owing to their properties such as weather resistance, adhesion, and chemical resistance. They have found application in automotive interiors, office machines body, electrical insulations, and industrial finishes.
Application Insight:
The major application of this market includes general industries, automotive OEM, architectural, protective coatings, automotive refinish, and industrial (which includes metal furniture, automotive components, and HVAC). Architectural is the largest application segment and is expected to dominate the industry over the forecast period. Application of coatings in this segment are lacquers and vanishes, for decoration and protection of door and window frames.
Steel and aluminum industries are showing interest in coil coatings, further driving the market globally. Recently the market has been diversified for marine, wood, packaging and general industries as well.
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Regional Insights:
Europe has emerged as the largest regional market in 2014 and is anticipated to grow moderately over the forecast period. Increasing demand in this region is particularly for growing demand for the automotive finishes and architectural anticipates.
Owing to rapid constructional development in emerging countries of Asia-Pacific and The Middle East, the market is expected to create lucrative opportunities for the industry participants over the forecast period.
Competitive Market Share Insights:
The global market is highly competitive with many industrial participants in U.S., Europe, Asia-pacific and The Middle East. Key market players are BASF, Axalta, Berger Paints India Ltd, Akzo Nobel NV, The Sherwin-Williams Company, The Valspar Corporation, and Nippon Paint Holdings Company Ltd.
Asian Paints Limited, Hempel A/S, Masco Corporation, Meffert AG Farbwerke, Kansai Paint Co., Ltd., Diamond Vogel, Brillux GmbH & Co, DAW Caparol, Tikkurila Oyj are the other market participants in the industry.
BASF offers the wide range of application including household paints, coil coatings, powder coatings, road marking coatings, architectural finishes, pigment pastes, and paints for vehicles, machinery, & non-ferrous materials.
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Stringent environmental norms related to VOC emissions to drive waterborne coatings market: TRANSPARENCY MARKET RESEARCH
Waterborne Coatings Market in Europe and Africa: Introduction
The waterborne coatings market in Europe was valued at ~US$ 4 Bn in 2018 and is anticipated to expand at a CAGR of 4% from 2019 to 2027. The waterborne coatings market in Africa stood at ~US$ 200 Mn in 2018 and is anticipated to expand at a CAGR of 3% by the end of the forecast period. Rise in regulatory compliance on paints and coatings in Europe and Africa, due to their high VOC emissions, is estimated to increase the shift toward waterborne coatings in the near future.
Key Drivers of Waterborne Coatings Market
Waterborne coatings are usually thin films, which are applied to steel, concrete, and other materials in order to impart properties such as corrosion resistance, wear resistance, and conductivity. Waterborne coatings also act as ideal primers, as they provide superior resistance to heat and abrasion and offer excellent adhesion and low toxicity and flammability due to low VOC (Volatile organic compounds) levels and hazardous air pollutant (HAP) emissions. Increase in regulatory compliance on paints and coatings in Europe and Africa due to their high VOC emission has led to a shift toward waterborne coatings. Conventional basecoats possess VOC solvent content of about 84%, with about 16% solids, while waterborne basecoats comprise about 70% water, about 20% solids, and approximately 10% solvents. Waterborne coatings consist of smaller amount of solvents than solvent-borne coatings. This is expected to drive the demand for solvent-borne coatings in Europe and Africa in the near future.
The global harmonization of product quality and safety standards is another important trend in the waterborne coatings market. Internationally, consumer preference is rising for products that address problems of air and water pollution and help protect the environment.
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Europe is likely to Dominate Waterborne Coatings Market
Based on volume and value, Europe accounted for the higher share of the waterborne coatings market than Africa. Rapid urbanization and increase in investments in construction and manufacturing industries in Europe are expected to drive the demand for waterborne coatings in the region in the near future. Additionally, increase in infrastructure spending and rise in demand for corrosion and fire protection coating solutions are estimated to fuel the waterborne coatings market in Europe during the forecast period. Increase in R&D spending in waterborne coatings is also projected to create immense opportunities for market participants in the industrial sector in the near future. The waterborne coatings market in Africa is projected to expand at a slower pace, owing to presence of a few manufacturers of waterborne coatings in the region. The growth of oil & gas and manufacturing sectors is also estimated to boost the market in Africa in the near future. Properties of waterborne coatings such as thermal resistance and resistance to wear & tear and corrosion are likely to augment the demand for waterborne coatings in chemical plants, oil refineries, public utility works, pulp and paper mills, and other facilities. This, in turn, is estimated to propel the demand for waterborne coatings in Africa.
Key Players Operating in Europe and Africa Waterborne Coatings Market
The waterborne coatings market is highly fragmented. Prominent producers operating in Europe and Africa are extensively engaged in new product launch and merger & acquisition activities to gain high share. For instance, on February 21, 2020, Teknos Group Oy announced it had launched two-component waterborne polyurethane coatings for uPVC windows and doors. These coatings were launched under the name HYDROPUR 2K COLOR. Players operating in the waterborne coatings market in Europe and Africa include Sherwin William Company, PPG Industries, Inc., Akzo Nobel N.V., RPM International Inc., Axalta Coating Systems Ltd., Nippon Paint Holdings Co., Ltd, Kansai Paint Co.Ltd., Rembrandtin, Rudolf Hensel GmbH, Winkelmann GmbH & Co. KG, Teknos Group Oy, Sika AG, Jotun A/S, Altana AG, Henkel AG & Company KGaA, Hempel A/S, Tikkurila Oyj, Acrymatic Coating ApS, RD Coatings, and Baril Coatings.
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Global Waterborne Coatings Market: Segmentation
Waterborne Coatings Market, by Resin
Acrylic
Formaldehyde
Polyurethane
Alkyd
Epoxy
Others (including PTFE, PVDF, PVDC, and Fluorinated Polymer)
Waterborne Coatings Market, by End User
Structural Steel
Industrial
Railways
Flooring
Marine
Others (including Packaging)
Vehicle (Refinish)
OEM
Passenger
Cargo
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Waterborne Coatings Market, by Region
Europe
Africa
Germany
U.K.
France
Italy
Spain
Greece
Turkey
Poland
Russia & CIS
Rest of Europe
Nigeria
Egypt
Morocco
Rest of Africa
Companies in the Waterborne Coatings market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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Waterborne Coatings Market Insights by 2031 & Covid-19 Analysis | BASF SE, AkzoNobel N.V.
Global Waterborne Coatings Market report from Global Insight Services is the single authoritative source of intelligence on Waterborne Coatings Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Waterborne coatings are those that are based on water as the carrier medium for the active ingredients. These coatings are typically thinner than solvent-borne coatings and have low VOCs. Waterborne coatings have a wide range of applications, including automotive, architectural, and industrial. They are typically more environmentally friendly than solvent-borne coatings and have superior durability and performance.
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Key Trends
Some of the key trends in waterborne coatings technology include the development of more environmentally friendly products, the use of nanotechnology to improve performance, and the development of new formulations to address specific needs.
One of the most important trends in waterborne coatings technology is the development of more environmentally friendly products. This is being driven by stricter regulations on the use of volatile organic compounds (VOCs) in coatings, as well as a general shift in public opinion towards more sustainable products.
Key Drivers
The major drivers of this market are the stringent environmental regulations regarding the VOC emissions, and the increasing demand for eco-friendly coatings.
The waterborne coatings are low in VOC emissions as compared to the solvent-based coatings, and are thus preferred by the end-users
Moreover, these coatings provide better corrosion resistance and have superior durability as compared to the solvent-based coatings.
Market Segments:
By resin type
Acrylic
Polyester
Alkyd
Epoxy
Others
By application
Architectural
Industrial
Key Market Players:
BASF SE
AkzoNobel N.V.
PPG Industries Inc.
RPM International Inc.
The Sherwin-Williams Company
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