New York, USA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global waterborne coatings market size was USD 61.02 billion in 2023, estimated at USD 64.36 billion in 2024, and is expected to reach around USD 98.87 billion by 2032, expanding at a CAGR of 5.5% from 2024 to 2032.
What is a Waterborne Coating?
Water-based coatings are environmentally friendly surface treatments that use water as a solvent to disperse the resins that make up the paint or coating. 80% of the solvent used is water. The goal is to make coatings and paints easy to apply while still producing an environmentally friendly product. Water-based coatings are broadly used due to their low volatile organic compound (VOC) content (less than 3.5 pounds per gallon of water). They can be applied to wood (such as furniture) and plastic substrates.
The growing demand for coatings in the automotive industry, especially in the electric vehicle (EV) segment, is driving the growth of the water-based coatings market. Government initiatives towards environmental protection, such as incentives for purchasing electric vehicles and promotion of sustainable manufacturing practices, are further driving this growth.
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Key Takeaways from Report
- The market is expected to register at a significant CAGR of 5.5%
- The market for waterborne coatings is expanding due to the growing need for coatings in the automotive sector, especially in the electric vehicle (EV) segment.
- The waterborne coating market analysis is primarily focused on resin type, application industry, and region.
- Based on resin type, the Alkyd sector dominated the market in 2023
- Due to the increasing use of EVs and the growth in construction activities, North America leads the world market for waterborne coatings.
Waterborne Coatings Market Dynamics:
Growth Drivers:
Environmental Regulations: The waterborne coatings market growth is significantly influenced by strict environmental regulations. As governments around the world enforce more stringent regulations to lower volatile organic compounds (VOCs) and encourage sustainable practices, manufacturers are moving more and more toward waterborne formulations.
Increased Demand in Metal Industries: The market is expanding due to the rise in demand for waterborne coatings in the metal industries. Unique qualities of waterborne coating include remarkable mechanical strength, durability, and resistance to abrasion, corrosion, and chemicals. Waterborne coatings are a desirable option for manufacturers due to these qualities, which improve the durability and visual appeal of metal surfaces. As a result, the waterborne coatings market demand is expanding due to the rising demand for long-lasting coatings.
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Trends and Opportunities:
Rising Investment: The number of players in the waterborne coating market is anticipated to grow as a result of increased manufacturing investment. Businesses are investing in advanced production technologies and creative formulations in an effort to expand their product offerings and satisfy the growing demand for environmentally friendly solutions. In addition to encouraging the creation of high-performance waterborne coatings, this investment boosts manufacturer competition, which advances technology. Consequently, it is anticipated that a rise in manufacturing investment will support the expansion of the waterborne coatings market revenue.
Competitive Analysis:
Leading companies in the market are making significant investments in R&D to create new products and broaden their product line. This will help them gain a competitive edge in the waterborne coatings market by making their products more accessible. Here are a few of the key players operating in the industry:
- Asian Paints Limited
- Axalta Coating Systems, Ltd.
- Akzo Nobel N.V.
- BASF SE
- Berger Paints India Ltd.
- Benjamin Moore & Co.
- Brillux GMBH & Co. Kg
- Cloverdale Paint Inc.
- Carpoly Chemical Group Co., Ltd.
- DuluxGroup Ltd.
- Diamond Vogel Paint Company
- Fujikura Kasei Co., Ltd.
Regional Insights:
Europe: Due to strict environmental regulations, Europe holds the second-largest waterborne coating market share. Since waterborne coatings have fewer volatile organic compounds (VOCs) and a smaller environmental impact, rising air pollution levels and an increase in the production of hazardous waste are also fueling the trend.
Asia Pacific: The waterborne coatings market in Asia Pacific is anticipated to grow at the highest rate between 2024 and 2032. A growing middle-class population and rising disposable incomes are the main drivers of this growth, which is primarily due to the growing use of waterborne coatings in architectural and home décor projects.
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Waterborne Coatings Market Segmentation:
By Resin Type Outlook
- Acrylic
- Polyester
- Alkyd
- Epoxy
- Polyurethane
- PTFE
- PVDF
- PVDC
- Others
By Application Industry Outlook
- Architectural
- Industrial
By Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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