Global Waterborne Coatings Market Industry New Revenue Pockets

Northbrook, IL, USA, 2021-Dec-13 — /EPR Network/ —

The global waterborne coatings market size is projected to grow from USD 72.9 billion in 2019 to USD 96.8 billion by 2024, at a CAGR of 5.8%, between 2019 and 2024. 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.

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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 onresin 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.

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Based onapplication, architectural coatingsare estimated to account for the largest share of the market during the forecast period.Waterborne coatings are majorly used in the architectural application in European and North American countries due to stringent regulations in these regions in comparison to APAC and other smaller regions. Waterborne coatings are extensively used in architectural applications, as it is a low-cost material that provides water resistance, good stain protection, and good water resistance. The number of initiativesis supporting the growth of the market, globally.

Based on architectural application, residential accounted for the largest share of the market. Largescale constructions and restoration initiatives by government and presence of major firms in India, China, and Japan, increasing disposable incomes, and growing demand for interior decoration & beautification in both residential as well as commercial segments are supporting the high demand for architectural waterborne coatings. Furthermore, general industrial was the largest application. The general industrial application requires more protective functions rather than its aesthetic properties, although it often provides both. They are used for corrosion control of steel or concrete. This end-use has diverse end-use markets such as electronic appliances, household equipment, and industrial equipment. Need for efficient process and durable coatings with better aesthetics, increasing demand for environmentally-friendly coatings and growing demand from the APAC region are the major factors driving the waterborne coatings market.

The APAC waterborne coatings market is projected to register the highest CAGR during the forecast period. APAC encompasses a diverse range of economies with different levels of economic development and multiple industries. The development is mainly attributed to the high economic growth rate followed by heavy investment across industries, such as automotive, consumer goods & appliances, building & construction, and furniture. It is one of the fastest-growing market in terms of production and demand for waterborne coatings. The APAC market is projected to register a high CAGR in the next five years and offer significant commercial opportunities for the waterborne coatings market players.

Major companies operating in the waterborne coatings market are engaged in the development of innovative products as well as enhancing their penetration in the emerging markets with environmentally-friendly coatings. New product development and investment & expansion were the key strategies adopted by the industry players to achieve growth in the waterborne UV curable resins market.The market players are focusing on entering new markets by launching technologically advanced and innovative resins for different applications.