Water Based Enamel Market size is forecast to reach $70.12 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025. Water based enamels utilize water as the solvent medium. Enamel systems are typically used as a coating for external environments due to their enhanced wear resistance, glazing, corrosion protection and thermal protection with little change in dimensions.
By Raw Material – Segment Analysis
Acrylic Polymer Latex held the largest share in the Water Based Enamel market in 2019. Acrylic latex polymer optimized to deliver high performance in stain blocking primers. The material has been designed to provide excellent adhesion to substrates including galvanized steel, aluminum and aged alkyd. Acrylic resins are a category of thermoplastics derived from acrylic acid, methacrylic acid and other associated compounds. In particular, polymethyl acrylate is an acrylic resin used in its emulsified form for textile finishes, adhesives, lacquer and other related items. Acrylic resins provide an immense benefit when used as a paint product.
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By Type– Segment Analysis
Polyurethane has been the primary market for Water Based Enamel in 2019. Water-based polyurethane enamels are specifically designed for wood floors and concrete. Polyurethane is one of the very few polymers usable in a wide variety of hardness and has thermoset, thermoplastic and elastomer properties. It also offers excellent resistance to scratching, scuffing, flaking, fading, chalking and yellowing, and others. Water-based enamels are classified as building, automobile, ancillary, furniture, etc. on the basis of the end-use industry. Increased demand from the construction and automotive industries would boost demand for goods in the coming years. Moreover, the rise in demand for water-based enamels in wall mastic and other ancillaries would increase the size of the product market in the near future.
By Application– Segment Analysis
Polyurethane has been the primary market for Water Based Enamel in 2019. Water Based Enamel are used in rubber compounding applications to produce rubber chemicals. In the industrial processing of rubber, Water Based Enamel such as zinc oxide are used; even zinc oxide and stearic acid are used together to improve its healing cycle. Radial tires, bias tires, conveyor belts, hose, rubber belt, rubber shoes, and latex gloves are made using Water Based Enamel. Hence, the growth of the automotive industry is driving the rubber compounding segment. The tire industry remains the largest single market for zinc oxide consuming more than half of the total worldwide demand. Currently, tire industry has been affected by COVID-19 pandemic. In the tire industry, multiple tire manufacturers have temporarily shut down their facilities. Many carmakers have reduced or shuttered vehicle production, tiremakers’ OEM business will likely be negatively impacted as consumers postpone new car purchases. The impact of COVID-19 on tire industry will be traced till 2020 and will have healthy growth during forecast period.
By End Use – Segment Analysis
Building and Construction industry has been the primary market for Water Based Enamel in 2019 growing at a CAGR of 6%. Over the period 2013 to 2018, M&A activity in the construction sector steadily increased up to 484 deals recorded in 2018, up from 273 deals recorded in 2013. North America, Europe and Asia are the regions with the most dominance in terms of the number of deals entered. Both are based on Europe and Asia show decline in construction deals over 2018 compared to 2017, while North America shows a sharp growth in total deals recorded. Currently, the global economy is in severe slowdown mode amidst deepening credit crunch, upsetting developmental targets of economies and COVID-19 pandemic across the world. The COVID-19 pandemic has reduced investment in construction related projects in the range of 13 to 30% which will have significant impact on Gross Value Added (GVA) and employment in this sector. Since the construction sector is primarily dominated by infrastructure projects, the current levels of uncertainty are expected to seriously hit the sector.
Geography – Segment Analysis
APAC dominated the Water Based Enamel market with a share of more than 42%, followed by North America and Europe. The growth is anticipated due to presence of several original equipment manufacturers which are shifting their manufacturing facilities to APAC countries due to factors such as presence of land, low transportation and high investments across the automotive and building and construction industry. These growing industries are anticipated to fuel the demand for Water Based Enamel during the forecast period. In addition, the booming construction industry in countries like India, China is contributing to the demand for Water Based Enamel sector, which in turn propels the growth of the market. Furthermore, due to its widespread use of water based enamel as it consist low VOC content, is also fueling the market for Water Based Enamel.
Drivers – Water Based Enamel Market
Rising growth in urban housing, especially in China and India owing to exponentially growing population
According to World Health Organization report, by 2050, the global population aged 60 and over is projected to hit a total of 2 billion, up from 900 million in 2015. By 2050, nearly as many (120 million) people will live in China alone, and 434 million in this age group worldwide.
Hence, there is an upsurge in the construction of new residential building that can provide space for accommodating the increasing population. Therefore, water based enamel are demanded in the residential building to provide better and long-lasting products utilized widely into interior applications. Construction activity remains a large percentage of China’s GDP as the country is one of the swiftly evolving provinces in the APAC region.
China’s construction market is tremendous and hence has become a cornerstone for the revenue generation of the economy. Residential construction is an important source of Chinese growth. Further, increased focus on affordable housing by both public and private sector will drive growth in residential building construction sector. This in turn has increased the demand for water based enamel.
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Challenges – Water Based Enamel Market
Unfinished and low quality properties can restrict the market growth
Some of the factors that are challenging the growth of the water-based enamel industry include difficulties in obtaining good quality water-based enamel coating in dry and highly humid conditions and an increase in the number of coats needed compared to solvent-based enamel. Water-based enamels do not have the same clarity and hardness as oil-based enamels, and this will also impede the growth of the market in the coming years.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Water Based Enamel market. Major players in the Water Based Enamel market rare Asian Paints, Nippon Paint, AkzoNobel, BASF, PPG Industries Inc., the Dow Chemical Company, and Others.
Acquisitions/Technology Launches/ Product Launches
In January 2020, Sherwin Williams launched ProClassic Interior Water-Based, Acrylic-Alkyd Enamel, in satin and semi-gloss sheen editions. The product offers alkyd performance with acrylic properties, but includes non-yellowing characteristics and cleans up with water.
Asia-Pacific dominates the Water Based Enamel market owing to strong consumption of Water Based Enamel across construction and furniture in the region.
The product provides many advantages over oil or solvent-based enamel, including faster low-volatile organic compound (VOC) emissions, faster drying time and ease of use in its application.
Moreover, the ongoing M&A activities among suppliers would further cater to the growth in Global Water Based Enamel Market.
Surging R&D activities are some of the opportunities which are expected to fuel the market.
Related Reports :
A. Decorative Paints & Coatings Market
B. Water Based Coatings Market
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