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Water-borne Latex Paints Market size is forecast to reach $102.59 billion by 2025, after growing at a CAGR of 5.57% during 2020-2025. Water-borne latex paints are formulated on the base of water as the major solvent serving as a vehicle carrying the solid components. Water-borne paints generally contain up to 15% of hydrocarbon solvents, which control the paint wettability and viscosity. Increasing usage of waterborne latex paints in construction, transportation and automobile industries is driving the water-borne latex paints market.
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By End-user Industry – Segment Analysis
Construction segment held a significant share in water-borne latex paints market in 2019 growing at a CAGR of 6.12% during the forecast period. Increasing disposable income, coupled with increasing middle-class population has facilitated the expansion in the middle-class housing segment, thereby, increasing the use of residential construction. Interior wall coatings occupy a major part of construction market. Water-borne latex paints are used as standard technology to help in reducing VOC content in the atmosphere due to which the water-borne latex paints market is expected to grow during the forecast period. Moreover, photocuring of waterborne latex paints under sun and visible-light sources is done which is known as photocurable latex coatings.
Geography- Segment Analysis
Asia Pacific dominated the water-borne latex paints market with a share of more than 39%, followed by North America and Europe. Due to expanding housing construction market in China and India the highest growth is expected to be registered in this region. In India, the government initiated project ‘Housing for All by 2022’, which is expected to immensely drive the low-cost residential construction segment in the country, throughout the forecast period. Architectural applications, where consumers are willing to pay a premium for less toxic paints, and the automotive sector, which is traditionally a key user of latex-based paints demand in the region.
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Drivers – Water-borne Latex Paints Market
Increasing demand from construction and automotive industries
There has been a shift toward waterborne latex paints, especially in the automotive basecoats, due to environmental concerns. The automotive industry is driving the waterborne latex paints market as automobile manufacturers are using waterborne coatings instead of solvent borne coatings due to increased regulatory reasons. These initiatives from regulatory bodies are expected to be the winning imperative for players in the waterborne latex paints market. Waterborne latex paints help to protect the building from extreme rain, sun, and wind. This growth is supported by the growing construction industry in APAC, especially in countries such as India and China, where there is a rapid increase in infrastructural activities. The Chinese government is stepping up its restrictions on coatings with a medium volatile organic compounds (VOC) content. Such stringent regulations are boosting the consumption of water-borne latex paints market.
Challenges – Water-borne Latex Paints Market
Longer curing time
Water-borne latex paints take longer curing time compared to solvent-borne coatings which is expected to hinder the water-borne latex paints market. Consumers have to take that point into consideration before embarking on the coating process, as specialized drying equipment might be required. In the case of coating a car for instance, the oil- based primer can be applied to all cars and allowed to dry overnight before applying the color and finish coatings the following day. Moreover, water-borne latex paints are more expensive than solvent-borne paints.
In July 2019, Brenntag signed an agreement with Arkema for distribution of waterborne resins. Arkema’s waterborne resins are often utilized in end use applications such as adhesives, caulks and sealants, construction products, architectural paints, traffic coatings, and industrial coatings. The product lines include over 45 waterborne resins.
– APAC dominates the water borne latex paints market owing to increasing demand from end use industries such as construction and transportation.
– Water-borne latex paints are ideal primers as they posses good resistance to heat and abrasion.
– Due to growing construction industry, the water-borne latex paints market is expected to grow during the forecast period.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the water-borne latex paints market. In 2019, the market of water-borne latex paints has been consolidated by the top five players accounting for xx% of the share. Major players in the water-borne latex paints market are Asian Paints Limited, RPM International Inc., Nippon Paint Holdings Co. Ltd, AkzoNobel N.V, BASF SE, PPG Industries Inc, The Sherwin-Williams Company and Arkema Group among others.
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