According to the new market research report “Waterborne Coatings Market by Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC), Application (Architectural and Industrial), Region (APAC, North America, Europe, Middle East & Africa, South America) – Global Forecast to 2024″, The global waterborne coatings market size is projected to grow from USD 74.1 billion in 2019 to USD 91.8 billion by 2024, at a CAGR of 4.4%, during the forecast period.
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Increasing building & construction activities and infrastructure projects, improving quality of industrial manufacturing in developing countries, and the need for protection of coated products are the major growth drivers of the global waterborne coatings market.
Waterborne coatings is a term used to describe a surface coating that uses water as a solvent to disperse the resin added to it to create a coating. High water content makes waterborne coatings both easy to apply and environment-friendly. Rising raw material prices, energy costs, and lack of awareness in the unorganized sector of construction developers are the major factors restraining the growth of this market.
Based on resin type, the acrylic segment is estimated to account for the largest share during the forecast period. Waterborne acrylics coatings resist extreme weather and oxidation better than oil-based paints, alkyds, and epoxy-based coatings. Waterborne acrylics coatings also provide a polymer structure that has a lower tendency to absorb ultraviolet light, which helps it in retaining gloss and color for a long time. Demand for acrylic waterborne coatings is expected to be high in Southeast Asia due to the increasing demand for acrylic resins from construction end-use. As the region is witnessing high growth in the construction activities, there is a high demand for acrylic-based waterborne coatings.
Browse and in-depth TOC on “Waterborne Coatings Market – Global Forecast to 2024”
119 – Tables
50 – Figures
166 – Pages
The global waterborne coatings market size is projected to grow from USD 74.1 billion in 2019 to USD 91.8 billion by 2024, at a CAGR of 4.4% between 2019 and 2024. The growing demand for the product in architectural applications, such as residential and non-residential construction, and industrial applications such as automotive, packaging, construction, wood, and general industrial coupled with their underlying growth, is the key factor driving the waterborne coatings market growth.
Players including PPG Industries Inc., (US), Nippon Paint Holdings Co., Ltd. (Japan), and AkzoNobel N.V. (Netherlands) have adopted various strategies, such as investment & expansion and merger & acquisition between 2015 and 2019, to enhance their market shares and expand their global presence.
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The Sherwin-Williams Company (US) was the leading company within the global waterborne coatings market in 2018. It has a diversified product portfolio with several investments in capacity expansion and the establishment of new plants. Its customers can choose from a wide variety of waterborne coatings. It has a strong network for distributing and manufacturing coatings through 15 manufacturing and 79 facility locations across the US, Canada, Mexico, and China to meet the changing demands of the paints & coatings industry worldwide. The developing countries of regions such as APAC and the Middle East & Africa offer various growth prospects owing to rapid industrial growth that is expected over the next few coming years. The company can encash on these opportunities. These initiatives taken by Sherwin-Williams are expected to prove beneficial for its growth over the next few years. The company also continuously focuses on its organic growth.
PPG Industries Inc. (US) is the manufacturer of coatings, optical & specialty materials, and glass products. The company has a good width and depth of waterborne coatings in its product offering. It has a strong customer base. The company manufactures waterborne coatings for the marine, automotive, aerospace, and general industrial applications. It has 150 manufacturing sites across the globe in the countries of North America, APAC, South America, the Middle East and Africa, and Europe. The company offers customized solutions-based products and paints & coatings for many applications. It focuses on inorganic growth strategies such as expansion and new product launch to expand its business and increase its market share. Investment in R&D to reduce the risk of technical or economic failure may help in further strengthening its global presence.
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