ALBANY, New York, January 10, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Waterbased Coatings by resin (Acrylic, Formaldehyde, Polyurethane, Alkyds, Epoxy and Others) for Building & Construction, Automotive, Furniture, Electronics, Marine, Paper & Printing and Other End-users- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global waterbased coatings market was valued at US$ 46.14 Bn in 2015 and is projected to reach US$ 80.36 Bn by 2024 at a CAGR of 6.4% from 2016 to 2024.
Waterbased coatings are a type of coating which use water as a solvent. These coatings are also known to be environment-friendly coatings. In US and European regulations require waterborne coatings to have a VOC content of less than 3.5 pounds per gallon of water. Based on resins waterbased coatings consists of acrylics, formaldehyde, polyurethane, alkyds, epoxy and Others The end-user sector for waterbased coatings are building & construction, automotive, furniture, electronics, marine, paper & printing and others(includes aerospace etc.).Increasing building & construction activities and implementation of stringent government norms are the main drivers for the growth of waterbased coatings market. However, volatility of raw material prices and susceptible to environmental conditions are the major challenge restricting higher adoption.
Based on resins, acrylic waterbased coating is the major segment and anticipated to dominate the market during forecast period. Acrylic has contributed majority of the share of waterbased coatings and is anticipated to grow at CAGR of more than 6% during the forecast period. Polyurethane is estimated to be fastest growing segment owing to its advantages related to low VOC content compare to other types of waterbased coatings. Polyurethane is anticipated to grow at CAGR of more than 7% in terms of revenue during the forecast period.
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Waterbased coatings is widely used in building & construction activities owing to its advantage related with high gloss, improve aesthetics and providing durability structures. In terms of end-user, building & construction was the largest segment of the global waterbased coatings, accounting for more than 55% share in 2015. The segment is anticipated to continue its dominance during the forecast period due to rising construction activity and increasing demand for decorative coatings especially in emerging economies. Implementation of stringent government norms related to VOC content in China and increasing awareness related to use of waterbased coating in automotive segment are the reasons that drives the market.
Asia Pacific dominates the waterbased coatings, followed by Europe and North America. Latin America and Middle East & Africai also expected to be the key upcoming markets for waterbased coatings market during the forecast period. Significant expansion in the building & construction activities especially in developing regions is anticipated to be a key factor driving the waterbased coatings in these regions.
The global Waterbased coatings is consolidated. Key players in the waterbased coatings markets are BASF SE, Akzo Nobel N.V., Asian Paints, Axalta Coating Systems Ltd., Altana AG, Conren, ICA group, Schmid Rhyner AG, PPG Industries Inc., The Valspar Corporation, Sherwin-Williams, Kansai, NIPSEA Group, Hebei Chenyang Industry & Trade Group Co. etc.
The global waterbased coatings has been segmented as follows:
Waterbased Coatings Market - Resins Analysis
- Styrene Acrylic
- Others (fluropolymers etc.)
Waterbased Coatings - End-use Analysis
- Building & Construction
- Automotive OEM
- Automotive refinish
- Paper & Printing
- Others (Aerospace etc.)
Waterbased Coatings - Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
Rest of MEA
Related Research Reports:
- Water-borne Coatings Market: http://www.transparencymarketresearch.com/global-water-borne-coatings-market.html
- Superhydrophobic Coatings Market: http://www.transparencymarketresearch.com/superhydrophobic-coatings-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research