PUNE, India, February 24, 2016 /PRNewswire/ --
The report "Waterborne Coatings Market by Resin (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC), by Application (Architectural, Automotive, General Industrial, Protective, Wood, Marine, Packaging, Coil), by Region - Global Forecast to 2020", published by MarketsandMarkets, The Global market size is projected to reach USD 75.29 Billion by 2020, at a CAGR of 5.05% from 2015.
Browse 89 market data Tables and 52 Figures spread through 190 Pages and in-depth TOC on "Waterborne Coatings Market"
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Report that analyzes the global waterborne coatings market with respect to the market drivers, restraints, opportunities, and challenges in different regions. The major driver identified for the global waterborne coatings market is government regulatory support, growth in applications areas, and increasing demand from the Asia-Pacific region.
Increasing demand from architectural applications is driving the waterborne coatings market.
The demand from architectural application is driven by growing urbanization in Asia-Pacific and RoW, which resulted into increased demand for residential, commercial, and industrial infrastructure. Low interest rates on housing loans are also responsible for increase in the demand for new houses, eventually driving the architectural coatings segment. This segment is estimated to grow rapidly as compared to other application segments. It is mainly driven by the increasing demand of infrastructure requirements in residential, non-residential, and commercial sectors in Asia-Pacific and RoW. Architectural application in Asia-Pacific is projected to grow at the highest rate between 2015 and 2020. The increasing population in the Asia-Pacific region is driving the construction industry eventually driving the architectural industry.
Waterborne acrylic coatings growing at the highest rate
Acrylic-based waterborne coatings are the fastest-growing market among all resin types. The demand for waterborne acrylic coatings is expected to be highest in Southeast Asia due to increasing demand for acrylic resins in the automotive and construction sectors. As the region is witnessing high growth in the construction industry, there is high demand for acrylic-based waterborne coatings.
On the other hand, in China, demand for waterborne acrylic-based coatings for vehicles has been gradually increasing as some automobile manufacturers, such as Toyota, Honda, and Hyundai have started applying water-based systems in their new product lines.
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Asia-Pacific is the largest market for waterborne coatings
Asia-Pacific is the largest market for waterborne coatings, both in terms of volume and value, followed by North America and Western Europe. Countries such as the U.S., China, and Germany are the major markets of waterborne coatings. Due to increasing demand on the domestic front, increasing income levels, and easy access to resources, Asia-Pacific has emerged as the leading market of waterborne coatings. South America, especially Brazil, has also emerged as a key market for waterborne coatings manufacturers. Not only is the demand for waterborne coatings expected to be strong in Brazil, but its proximity to the U.S. is also expected to turn it as an emerging market for setting up production facilities.
Key market players in waterborne coatings market
The key players in the Waterborne Coatings Market are Akzonobel N.V. (Netherlands), Axalta Coating Systems(U.S.), BASF (Germany), Berger Paints India Limited (India), Kansai Paint Company Limited (Japan), Nippon Paint Company Limited(Japan), PPG Industries Inc. (U.S.), RPM International Inc. (U.S.), The Sherwin Williams Company (U.S.), The Valspar Corporation (U.S.), and Tikkurila Oyj (Finland).
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