Waterborne Coatings Market (Product - Acrylic Coatings, Polyester Coatings, Alkyd Coatings, Epoxy Coatings, Polyurethane Coatings, PTFE Coatings, PVDF Coatings, PVDC Coatings, and Others; Application - Building and Construction, Automotive, Industrial Wood, and Other End-user Industries): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on the waterborne coatings market provides an in-depth analysis of segments and sub-segments in the global as well as regional waterborne coatings market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional waterborne coatings market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global waterborne coatings market. According to the report, the global waterborne coatings market is projected to grow at a CAGR of over 5% over the forecast period of 2022-2028.

Market Insight

The value of the waterborne coatings market in 2022 was over USD 84 billion and expected to reach nearly USD 113 billion in 2028 and is expected to be growing with a CAGR of more than 5% during the forecast period. Waterborne coatings are surface coatings that contain 80% water and a small number of other solvents such as polyvinyl ether and glycol. These coatings are environmentally friendly and are used across various applications including automotive refinish, coils, protective coatings, and marine and industrial wood. The waterborne coating can be referred to as a term that is utilized to characterize any complete or surface coating which utilizes water as a solvent in turn to separate the resin that is added to it, in turn, to form the coating. The configuration of waterborne coatings fluctuates and can involve large amounts of water with small amounts of other solvents. The market is anticipated to be driven by the increasing construction spending and restoration activities in emerging economies of Latin America and the Asia Pacific. Waterborne coatings have gained significant space and recognition globally predominantly due to the improving economic conditions and low environmental impact of these coatings. Waterborne formulations hold a major share of the overall market accounting for over 50% of the total volume consumed globally. COVID-19 was an incomparable global public health emergency that has affected almost every industry and is projected to impact this various industry growth during the forecast period. During the Covid-19, pandemic people were compelled to stay in their homes. The governments of many countries turned their focus to healthcare from other industries. This significantly disrupted their supply chain operations and manufacturing as lockdowns were imposed by the respective governments. Manufacturing facilities were all shut down due to the pandemic in almost every country across the globe. Logistical restrictions, manpower shortage, material unavailability, and other restrictions had reduced the growth of the industry. The pandemic has affected the normal production of companies.

The building & construction coatings industry has changed over the last ten years. Presently available coatings have different raw material bases and different environmental profiles and properties. These changes have been brought about through a variety of influencers such as synthesis chemists, paint formulators, end-users, and environmental regulations. The rise in demand for waterborne coatings in marine applications such as anti-corrosion, anti-fouling, and self-cleaning agents should boost the market growth. The presence of stringent environmental regulations in the marine industry is anticipated to support business growth. The waterborne coatings market has also witnessed increased consumption in industrial wood applications such as furniture, flooring, specialty wood product, and millwork. The product helps protect wood and wood substrates from scratches, chemical abrasion, and corrosion. The rise in urbanization is increasing the demand for residential, commercial, and industrial infrastructure. This, in turn, is propelling the demand for waterborne coatings from Building & Construction End Users. Waterborne coatings are likely to present a difficulty in the surface prep stage of a project. Water is a proffered substitute for solvents in some situations; however, it is also a key component of corrosion.

The report provides a regional outlook covering geographies such as North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to dominate the waterborne coatings market during the forecast years. The waterborne coatings market in the region is primarily driven by the rise in infrastructure requirements in residential, non-residential, and commercial sectors. The building & construction segment in the Asia Pacific is projected to expand at a rapid pace in the near future. An increase in demand for decorative paints and coatings in India and China, coupled with rising awareness about waterborne coatings is driving the market in the region. Growth in population in the Asia Pacific is propelling the construction industry in the region. This, in turn, is augmenting the building & construction segment. Regulations on the emission of VOC are becoming increasingly stringent in countries such as China and India. China is globally recognized for its architectural boom. The demand for low-cost housing and commercial housing is the reason for its growth in recent years. China’s real estate sector has been growing rapidly with increased investment by the government. The growth in construction is expected to positively affect the paints & coatings market in the country. In the automotive industry, the production of commercial vehicles and cars decreases. However, with the growth of electric vehicles, the demand for waterborne coatings is likely to increase. Therefore, manufacturers are switching to environmentally-friendly technologies. The trend of using waterborne coatings is expected to gain momentum in the near future.

Segment Covered

The report on global waterborne coatings market covers segments such as product, and application. On the basis of product, the sub-markets include acrylic coatings, polyester coatings, alkyd coatings, epoxy coatings, polyurethane coatings, PTFE coatings, PVDF coatings, PVDC coatings, and others. On the basis of application, the sub-markets include building and construction, automotive, industrial wood, and other end-user industries.

Companies Profiled:

The report provides profiles of the companies in the market such as Akzo Nobel N.V., Arkema, AXALTA, BASF SE, Benjamin Moore & Co., Berger Paints India Limited, Hempel Group, Jotun, Kansai Paint Co., Ltd., and KCC CORPORATION.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of waterborne coatings market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.