The Asia Pacific region is expected to witness the highest incremental growth of 37% from 2020–2026.
The global waterborne coatings market is expected to grow at a CAGR of over 5% during the period 2020−2026.
Key Highlights Offered in the Report:
1. The major driver of waterborne coatings markets includes the growth of the construction sector, infrastructure development, the automotive industry, packaging, and various other end-use industries such as marine, aerospace, and aircraft.
2. Acrylic resins are widely used in the manufacturing of water-borne coatings industry due to their excellent properties of UV and weather resistance.
3. Acrylic resins held around 22% market share in 2020 and it is expected to grow at a CAGR of 6% during 2021-2026. Acrylic resins possess excellent weather resistance, retain color and gloss, have excellent durability, and are resistant to water and UV rays. They are also easy to apply, stable under extremely cold temperatures, and cost-effective compared to other materials
4. APAC is the largest contributing region in the water-borne coatings market. A rising population in APAC, government initiatives toward the construction sector, and foreign investments in commercial spaces are expected to raise the demand for waterborne coatings in the APAC region. Other countries in the APAC region such as the Philippines and Vietnam are expected to invest in the infrastructure sector.
5. The MEA region is diversifying by reducing their dependency on oil & gas and investing in the construction and infrastructure sector, which will boost the waterborne coatings market in the region.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by resin type, end-user, and geography
• Competitive Landscape – 5 key vendors and 32 other vendors
Waterborne Coatings Market – Segmentation
• The global acrylic waterborne coatings market is likely to grow at a CAGR of approx. 6% during 2020–2026. Stringency in government regulations and environment protection laws expect to increase demand for waterborne acrylic resins. As these resins offer excellent performance and environmental protection, the demand is likely to grow in residential and non-residential applications worldwide.
• The global epoxy-based water-borne coating market is expected to reach over USD 18 billion in 2026. The demand for epoxy-based coatings is likely to come from the industrial and automotive sectors during the forecast period. Epoxy resins witness high application in end-users such as aerospace, race cars, and marine.
• The architectural coatings segment accounts for over 55% of the global water-borne coatings market. Increased investments in infrastructure projects and construction and renovation of residential and commercial buildings are the significant factors driving the demand for architectural coating solutions.
Waterborne Coatings Market by Resin Type
Waterborne Coatings Market by End-User Industry
• General Industrial
• Wood Industry
Waterborne Coatings Market – Dynamics
The growing awareness among consumers and stringent government regulations in various regions enforced paint and coating manufacturers to produce better products. The manufacturers’ old ways of doing business relied on unsustainable chemicals that harmed the environment and humans. Improvements have come about largely due to protests championing anti-pollution practices and stringent government regulations supporting eco-friendly, clean products that are humanely produced, giving the idea of eco-conscious paints a boost. Consumers are looking at going back to the basics and using products that are as natural and breathable as possible. The movement against ammonia, formaldehyde, and heavy metals such as arsenic and lead is well spread and is only growing.
Key Drivers and Trends fueling Market Growth:
• High Growth Potential in Emerging Economies
• Growing Demand from Construction Industry
• Increasing Automotive Production
• Rising Home Improvement Activities
Waterborne Coatings Market – Geography
North America, which includes the key countries of the US and Canada, constitutes a significant region as it hosts the most advanced and largest economies of the world. North America is the third-largest market for water-borne coatings and accounts for over 18% of the total water-borne coatings market. The US is the major revenue contributor to the North American water-borne coatings market and accounted for a share of around 89% in 2020. The automobile industry is crucial in North America and is going through major transformations. The development of electric vehicle infrastructure is one of the key highlights in the automobile industry in the North American region. In addition, in terms of exports, automobiles accounted for the largest share in recent years.
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Waterborne Coatings Market by Geography
• North America
• South Korea
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
• PPG Industries Inc.
• Sherwin Williams
• RPM International Inc.
• Axalta Coating Systems
Other Prominent Vendors
• Asian Paints Limited
• Nippon Paint Holdings Limited
• Masco Corporation
• Diamond Vogel
• Sacal Paints
• DAW SE
• Berger Paints India Ltd
• Cabot Corporation
• Clariant AG
• Eastman Chemical Company
• Tikkurila Group
• Cromology SAS
• Nuplex Industries Limited
• SK Kaken Company Limited
• BASF Coating
• Benjamin Moore
• Dunn Edwards
• Dulux Group
• H.B. Fuller
• Hempel A/S
• Arkema SA
• Tnemec Company Inc.
• Wacker Chemie AG
• Kansai Paint
• KCC Corporation
• NOROO Paint & Coatings
• Premium Coatings and Chemicals
• Fujikura Kasei Company Limited
• Carpoly Chemical Group
• Brillux Gmbh
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Source: EIN Presswire