The global waterborne coatings market is expected to grow from USD 74.21 billion in 2019 to USD 106.34 billion by 2027, at a CAGR of 4.6% during the forecast period 2020-2027. Europe is expected to dominate the market share during the forecast period. The growth can be attributed to strict regulatory requirements by the environmental agencies, and stringent safety and protection laws for employees prevalent in the region. The growth of the automobile sector in the region and the use of green coatings in refinishing of automobile is also expected to contribute to market growth. Asia-Pacific region is expected to portray the highest growth rate in the forecast period. The growth can be attributed to a rise in industrialization in the developing economies of China, India, Indonesia, and others.
Waterborne Coatings Market by Application (Industrial and Architectural), Resin Type (Polyester, Acrylic, Alkyd, Polyurethane, Epoxy, PTFE, PVDC, PVDF), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
The leading players of the market include Akzo Nobel N.V., BASF SE, Axalta Coating Systems, Berger Paints, PPG Industries, Sherwin Williams, and The Valspar Corporation. The companies are focusing on research and development for product innovations, partnerships, and expansion of market share. The companies are adopting strategies of reduction of production costs and developing innovative technologies for production.
This study delivers a comprehensive analysis of applications, resin type, and regions. On the basis of application, the market can be divided into industrial and architectural uses. The architecture segment is expected to account for the highest growth rate during the forecast period. The architectural waterborne coatings are used for both decorative and protective purposes. The interior wall coatings hold a majority share in the agricultural segment. The automotive applications in the industrial segment are also projected to grow at a rapid pace due to its protective features and rise in the demand for automobiles. On the basis of the type of resin, the market can be divided into polyester, acrylic, alkyd, polyurethane, epoxy, Polytetrafluoroethylene (PTFE), Polyvinylidene Chloride (PVDC), and Polyvinylidene Fluoride (PVDF). The acrylic segment is expected to dominate the market share during the forecast period. The exceptional chemical and aesthetic properties has led to the widespread application of the acrylic coating driving the market growth. The features of durability, flexibility, UV resistance, and colour retention has led to high demand of the coating in construction, medical, automotive, and metal refinishing industries.
The primary driver for the growth of the market is the rising adoption of green and eco-friendly coatings by the end-user industry and growing strictness of environmental regulations. The rise in incomes of people and high economic growth is contributing to the growth of the automotive and construction industries. The characteristics like non-flammable, odourless, long shelf life, non-toxic are expected to fuel the growth of the market.
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