Selbyville, Delaware, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the waterborne coatings market valuation is slated to surpass $95 billion by 2024, registering a CAGR of 4%. The report provides a detailed analysis of the wavering industry trends, key winning strategies, market estimations and size, competitive scenarios, top investment avenues, and drivers & opportunities.
Shifting trends towards the adoption of environmentally friendly products in order to decrease the harmful impact on surroundings is likely to contribute towards market growth. Waterborne coatings are considered as eco-friendly products as these comprise of low HAP & VOC content, which poses potentially less risk to humans and the living environment.
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Based on the product, the polyester segment is likely to surpass approximately $1 billion valuations by the end of the forecast time period. This anticipated growth is ascribed to the exceptional film forming properties, outstanding pigment dispensability, and self-emulsifying property of waterborne resins. Ongoing product development efforts, which includes waterborne UV coatings that are synthesizing using bio-based polyester resins, are likely to foster the waterborne coatings market outlook.
Key reasons for waterborne coatings market growth:
- High demand for polyester waterborne coating.
- Rising demand from the automotive refinishes application segment.
- Increasing automotive sales across Europe.
2024 forecasts anticipate the ‘architectural’ applications segment showing appreciative growth
In terms of application, the architectural application segment will witness substantial gains of more than 5.5% through the end of the analysis timeline. Improving standard of living has led to a surge in numerous activities such as remodeling, renovation, and interior decoration across both commercial and residential construction. This is further anticipated to drive the waterborne coatings market demand over the coming years.
North America to witness remunerative growth:
The North America led by the U.S. is slated to cross an overall valuation of $15.5 billion by end of forecast time period. Factors such as rapid growth of the automobile sector coupled with increasing infrastructure spending are expected to drive growth in the region. Moreover, strict norms by regulatory agencies like OSHA and EPA to lower VOC content for limiting the toxicity levels will further impel the waterborne coatings market share.
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Leading market players
Notable market players analyzed in the waterborne coatings industry report include BASF, Kansai Paints, PPG Industries, Sherwin Williams, Valspar, Axalta and AkzoNobel among many others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.