Water-based Coatings Market Overview
Water-based coatings Market Size was valued at USD 71.2 billion in 2021. The Water-based coatings market industry is projected to grow from USD 75.2 Billion in 2022 to USD 111.10 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.72% during the forecast period (2022 - 2030).
The global water-based coatings market is profiled in great detail in the latest research report from Market Research Future (MRFR). The global water-based coatings market is mainly analyzed from the point of view of understanding the market’s previous growth trajectory and then make studied forecasts and projections about the market’s likely growth trajectory over the forecast period from 2016 to 2023. The major drivers and restraints affecting the global water-based coatings market are also analyzed in detail in the report.
Water-based coatings are widely used in the construction, automotive, marine, electronics and other industries due to their benefits in terms of environmental viability. The conventional solvent-based coatings are still widely used in the industrial sector. However, the growing demand for water-based coatings is majorly driven by the growing demand for environment-friendly alternatives. Water-based coatings do not emit poisonous substances into the ecology and are also biodegradable, which means that they have no major impact on the global ecosphere. This has been the major driver for the global water-based coatings market.
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The growing construction industry is likely to remain a major driver for the global water-based coatings market over the forecast period. The construction industry has been driven by the growing urbanization in developing countries, which has driven the demand for new residential construction. As more and more workers migrate from rural areas to cities in search of better employment opportunities, the demand for residential construction is likely to grow at a rapid rate in the coming years. This, allied to the construction industry’s increasing efforts to become more environmentally sustainable, has led to a growing demand from the water-based coatings market in the last few years. The construction industry has taken several steps to go green in the last few years, driven by political motivation as well as the increasing public will. The adoption of water-based coatings is just one of many measures taken by the construction industry to reduce its environmental footprint. This is likely to remain a major driver for the global water-based coatings market over the forecast period, as the construction industry is a major end-use application for waterborne coatings and is likely to play an important role in the market’s development in the coming years.
Competitive Analysis:
Leading players in the global water-based coatings market include Sika AG, Jotun, Chenyang Waterborne Paint, Tikkurila Oyj, The Valspar Corporation, Asian Paints, The Sherwin-Williams Company, RPM International Inc., PPG Industries Inc., Nippon Paint Company Limited, Kansai Paint Co. Ltd., Berger Paints India Limited, BASF SE, Axalta Coating Systems, and AkzoNobel NV.
In October 2019, WEILBURGER Graphics GmbH announced the launch of a new, state-of-the-art production facility for water-based coatings in Gerhardshofen, Germany. The plant is expected to have a production capacity of 30,000 tons once its full capacity is reached.
Segmentation:
The global water-based coatings market is segmented on the basis of product type, resin type, end use, and region.
By product type, the global water-based coatings market is segmented into water-soluble paints, colloidal coatings, emulsions/latex paints, and water-based alkyds.
By resin type, the global water-based coatings market is segmented into acrylic, polyurethane, formaldehyde, epoxy, alkyds, and others.
By end use, the global water-based coatings market is segmented into building and construction, electronics, automotive, marine, paper and packaging, and others. The construction industry holds the largest share in the global water-based coatings market and is likely to remain the leading revenue generator over the forecast period.
Regional Analysis:
Asia Pacific is likely to dominate the global water-based coatings market over the forecast period, followed by North America. The growing automotive and construction industries in Asia Pacific are likely to remain the major contributors to the global water-based coatings market over the forecast period. The electronics and marine sectors are also likely to play a key role in the growth of the water-based coatings market in Asia Pacific over the forecast period, with China playing a leading role.
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