- Companies have witnessed the shift from industry to industrial application due to largely environmentally friendly nature of the formulations, coating formulators are conscious of changing environmental regulations especially with respect to VOC
- Asia Pacific held major share in waterborne coatings market, rise in use in building, construction industry drove the revenue prospects
ALBANY, N.Y., Nov. 10, 2020 /PRNewswire/ -- Waterborne coatings have seen substantial uptake in households due to their high environmentally friendliness with respect to control of volatile organic compounds (VOC) emissions. The waterborne coatings market has witnessed a robust momentum from the rise in use of these in architectural applications. Recent years have seen a veritable shift from their large-scale adoption in building and construction industry to automotive coating.
The waterborne coatings market is projected to clock CAGR of 4.9% from 2019 to 2027, as a result of which the final valuation at the end of the 2027 is expected to touch the mark of US$120.03 Bn.
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Key Findings of Waterborne Coatings Market Report
- The global waterborne coatings market was valued at US$ 77.4 Bn in 2018
- Geographically Asia Pacific held the major share
- Latin America and the Middle East and Africa appear to be the next hotbed of opportunities for industry players
- The market is highly competitive especially among the top players
- Building and construction industry has been offering sizable revenue shares over the years
- Automotive is an emerging market for waterborne coating formulators and sellers
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Waterborne Coatings Market: Key Driving Factors and Promising Avenues
- A key drive for the waterborne coatings market is worldwide demand for paints that are environmental friendly, cure fast without causing health hazards, and meet safety measures as put forth by organizations such as the OSHA.
- In many respects, waterborne coatings are preferred over solvent-based, since they are supposed to emit less VOC. In this regard, the attractiveness epoxy- and acrylic-based coatings needs special attention among end-use industries.
- Constant update in the norms such as by the EPA will propel new avenues in the market.
- A compelling proposition that has attracted the building and construction industry is environmental compliance these coating can achieve.
- The rising adoption of these coatings in architectural applications has propelled the sales in waterborne coatings market.
- Steadily rising demand in building and construction industry drive the growth in the waterborne coatings market.
- Automotive manufacturers are increasingly getting attracted by the environmentally friendliness of waterborne coatings as with several other characteristics. The key benefits that drive the adoption are these coatings offer robust corrosion protection of the surface, offers high sheen, and are high on aesthetics.
- The versatility of the coatings in inner as well as outer surface has fueled their attractiveness.
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Waterborne Coatings Market: Key Impediments
While waterborne coatings offer numerous advantages over solvent-based, their quality is heavily impacted by lack of control of environmental conditions notably humidity and temperature. End-use industries particularly automotive need to make additional spending on specialized spray booths to achieve the desired quality. This is a key trend that might affect the demand adversely. Also, these coatings usually contain co-solvents, which means that their formulators must still need to comply with various safety regulations.
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Waterborne Coatings Market: Regional Landscape
Asia Pacific is a lucrative market and it held the major market share in the historical year of 2018. Extensive uptake in architectural application and construction industry has helped the regional market expand at rapid pace over the past few years. Their substantial use as decorative paints in India and China have helped cement the revenue potential in recent years.
In coming years, the Latin America and the Middle East and Africa might witness substantial revenue streams. Strides in construction industry might spur the demand for these coatings in infrastructural application in the emerging markets.
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Global Waterborne Coatings Market: Research Scope
Global Waterborne Coatings Market, by Resin
Global Waterborne Coatings Market, by Application
- Building & Construction
- Automotive OEM
- Automotive Refinish
- Furniture & Flooring
- Paper & Printing
Global Waterborne Coatings Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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