Westford USA, April 13, 2023 (GLOBE NEWSWIRE) -- The Waterborne Coatings market is projected to achieve a value of USD 106.40 billion by 2030, growing at a CAGR of 5.4% during the forecast period (2022-2030). The market's growth is being fueled by increasing demand from the construction industry, stringent environmental regulations, the rising automotive industry, and increasing demand for eco-friendly coatings. According to SkyQuest reports, the construction industry contributes over 30% of VOC emissions in the United States. As a result, regulatory agencies like the EPA enforce stringent regulations to decrease VOC emissions in the construction sector. This has resulted in an increased demand for waterborne coatings that emit lower levels of VOCs than conventional solvent-based coatings.
SkyQuest's latest global research shows that the waterborne coatings market for the automotive sector is expected to grow at a CAGR of 12% from 2022 to 2030. The report attributes this growth to increasing demand for eco-friendly coatings and the expanding production of vehicles in emerging economies. SkyQuest's survey revealed that vehicle buyers are increasingly concerned about the environmental impact of their cars. According to the study, 41% of new vehicle buyers in the United States consider environmental concerns when making a purchase decision. This trend is expected to boost the demand for waterborne coatings in the automotive industry, as they are seen as more eco-friendly than traditional solvent-based coatings.
Browse in-depth TOC on "Waterborne Coatings Market"
- Pages - 242
- Tables - 73
- Figures - 72
Waterborne coatings have gained increasing importance in today's world owing to their environmentally friendly nature, low emission of volatile organic compounds (VOCs), and adherence to environmental regulations. These coatings find widespread usage across the construction, automotive, and industrial sectors and have emerged as a preferred alternative to conventional solvent-based coatings. With the rising emphasis on sustainable practices and environmental conservation, the demand for waterborne coatings is predicted to experience steady growth in the times to come.
Prominent Players in Waterborne Coatings Market
- AkzoNobel N.V.
- Axalta Coating Systems
- BASF SE
- Berger Paints India Limited
- Hempel A/S
- Jotun A/S
- Kansai Paint Co., Ltd.
- Nippon Paint Holdings Co., Ltd.
- PPG Industries, Inc.
- RPM International Inc.
- Sherwin-Williams Company
- Tikkurila Oyj
- The Dow Chemical Company
- The Valspar Corporation
- KCC Corporation
- Eastman Chemical Company
- Clariant AG
- Wacker Chemie AG
- Arkema Group
- Evonik Industries AG
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Construction Industry Segment to Drive Higher Sales Due to the Increasing Demand for Green Building Construction
In 2021, the Construction Industry emerged as a significant contributor to the rapid development of the Waterborne Coatings market, and this trend is expected to continue from 2022 to 2030 due to increasing demand for green building construction and government initiatives to reduce carbon emissions, according to a recent analysis. A survey by the National Institute of Standards and Technology (NIST) discovered that 76% of building professionals in the United States prioritize environmental impact and sustainability when making decisions, indicating a growing interest in sustainable construction practices and the use of eco-friendly coatings like waterborne coatings. The US Green Building Council's Leadership in Energy and Environmental Design (LEED) program promotes the use of eco-friendly materials and practices in building construction and recognizes waterborne coatings as a sustainable and eco-friendly alternative to traditional solvent-based coatings, driving their adoption in the industry.
SkyQuest's research analysis predicts that North America will become a dominant player in the Waterborne Coatings market from 2022 to 2030, with a projected CAGR of 6.82% during the forecast period. This growth is being driven by the increasing adoption of waterborne coatings in the construction industry and the trend towards low-VOC coatings in the region. The Environmental Protection Agency (EPA) has implemented regulations under the Clean Air Act in the United States to limit VOC emissions from the coatings industry, leading to the adoption of waterborne coatings with lower VOC emissions.
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Acrylic Type Segment to Exhibit Strong Growth due to Its Superior Properties of Acrylic Waterborne Coatings, such as High Gloss and Color Retention
The Waterborne Coatings market witnessed the Acrylic Type segment emerge as the dominant method in 2021, and this trend is expected to continue from 2022 to 2030. The superior properties of acrylic waterborne coatings, such as high gloss and color retention, durability, and excellent adhesion, are the key factors driving their demand. SkyQuest reports that waterborne acrylic coatings are widely used in the automotive industry due to their low-VOC emissions and high performance properties, making them increasingly preferred over traditional solvent-based coatings, driving their adoption and sales. A survey conducted by the National Institute of Standards and Technology (NIST) discovered that 45% of coatings manufacturers in the United States experienced an increase in demand for waterborne acrylic coatings in 2020, with 60% of coatings manufacturers planning to ramp up their production of waterborne coatings in the future.
SkyQuest's projections suggest that the Asia Pacific region will continue to be a dominant player in the Waterborne Coatings market, with a projected CAGR of 8.97% from 2022 to 2030. The region's growth is being driven by the increasing demand for eco-friendly coatings in the construction and automotive industries. Furthermore, the Indian government's National Clean Energy Fund has been instrumental in promoting the adoption of renewable energy sources and reducing carbon emissions by supporting the development of eco-friendly coatings in the country.
A comprehensive analysis of the major players in the Waterborne Coatings market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Waterborne Coatings Market
- Arkema, a global chemical company, completed the acquisition of Polimeros Especiales, a leading producer of waterborne acrylic resins based in Mexico. Polimeros Especiales is a well-established company that produces high-performance waterborne resins for various markets, including architectural and decorative paints, textiles, pressure-sensitive adhesives, and construction. The company is a significant emulsions manufacturer in the region, with sales of approximately US$40 million in 2021 and a workforce of 230 employees.
- In a recent announcement, The Sherwin-Williams Co. confirmed the completion of its acquisition of AquaSurTech, which enhances the company's standing as a major provider of coatings solutions in the building products market. For more than 25 years, AquaSurTech has specialized in researching, producing, and distributing long-lasting, eco-friendly coatings for the rapidly expanding vinyl/PVC building products sector. The Canadian-based company operates a manufacturing plant in the greater Toronto region and color blending facilities in the United States and Canada.
Key Questions Answered in Waterborne Coatings Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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