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
NEWARK, N.J., June 23, 2020 (GLOBE NEWSWIRE) -- According to the new report published by Fior Markets., the global waterborne coatings market is anticipated 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.
The primary driver for market growth is the rising adoption by the end-user industry of green and eco-friendly coatings and growing strictness in environmental regulations. The increase in people's incomes and the high economic growth contribute to the growth of the automotive and construction industries. Factors such as non-flammable, odorless, long shelf life, non-toxic, are anticipated to fuel the growth of the market. The market is expected to be driven by the increasing spending on construction and restoration activities in emerging economies of Asia Pacific and Latin America.
Waterborne coating is a term used to describe any surface coating or finishing that utilizes water as a solvent to disperse the resin that is added to it to form the coating. Composition varies with small amounts of other solvents such as glycol ethers and can include as much as 80 per cent water. High water content makes waterborne coatings both friendly to the environment and easy to apply. Waterborne coatings use water instead of other solvents, to dissolve a resin. It has low levels of volatile organic compound (VOC) which makes it environmentally friendly and helpful in emission reduction. The different solvents which are used as binders in waterborne coatings include polyvinyl ethers, glycol ethers, polyacrylate, or polyurethane. The coatings exhibit outstanding heat and abrasion resistance.
Over the last decade, the building & construction coatings industry enjoyed a period of healthy innovation. Some of the key drivers were the conversion from oil-based to water-borne paints, reduction of VOCs, the emergence of paint-and-primer-in-one products, removal of chemicals of concern, the desire to provide improved film properties such as dirt pick-up resistance and early rain resistance, and the desire to provide easy-to-apply new looks. As urbanization is growing, demand for residential, commercial and industrial infrastructure is rising. This, in turn, propels demand from building & construction end-users for waterborne coatings. Moreover, the growth of the global waterborne coatings market is boosted by various factors such as the growth prospects in highly regulated regions, as well as government support. However, factors such as uneven enforcement may restrain market growth.
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Key players operating in the global waterborne coatings market include Akzo Nobel N.V., Axalta Coating Systems, BASF SE, PPG Industries, Berger Paints, Sherwin Williams, and The Valspar Corporation among others. The major players are now focusing on introducing strategies such as embracing innovative technologies, product developments, mergers & acquisitions, joint ventures, collaborations, and partnerships to enhance their market position in the global waterborne coatings industry.
- For instance, in December, 2018, Tikkurila launched a new waterborne fire-retardant laquer for wooden surfaces, Fontefire WF Clear. The product improves the beauty of treated surfaces and enables to use the coated wood in places such as hospitals and schools where the fire safety standards are the most stringent.
- For instance, in June 2019, Jotun signed a Memorandum of Understanding with Hyundai Heavy Industries of Korea (HHI) stating that Jotun's new marine paint will be used to reduce solvent emissions by 90%. The partnership will help HHI better equip and help comply with the environmental regulations that aim to reduce solvent emissions.
The architecture segment is expected to account for the highest growth rate during the forecast period.
Based on application, the market can be divided into industrial and architectural uses. The industrial segment is further divided into automotive, packaging, general, protective, marine, wood, coil, and others. The architectural segment is further divided into residential and non-residential uses. The architectural waterborne coatings are used for both decorative and protective purposes. For decorative purposes, the coatings are used indoors, window frames, wood flooring, sculptures etc. For preventive purposes, it is used for exterior paints. Therefore, the architecture segment is expected to account for the highest growth rate during the forecast period.
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The acrylic segment is expected to dominate the market share during the forecast period.
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 exceptional chemical and aesthetic properties have led to the widespread application of the acrylic coating driving the market growth. Therefore, the acrylic segment is expected to dominate the market share during the forecast period. The features of durability, flexibility, UV resistance, and colour retention has led to the high demand for the coating in construction, medical, automotive, and metal refinishing industries.
Regional Segment Analysis of the Waterborne Coatings Market
- Europe (Germany, U.K., France, Spain, Italy, Rest of the Europe)
- North America (U.S. , Mexico, Canada)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
- South America (Brazil and Rest of South America)
- Asia-Pacific (China, Japan India, Rest of APAC)
Due to the strict regulatory requirements by the environmental agencies, and stringent safety and protection laws for employees prevalent in the Europe region, Europe is expected to dominate the market share during the forecast period. 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. Moreover, due to the rise in industrialization in the developing economies of China, India, Indonesia, and others, the Asia-Pacific region is expected to portray the highest growth rate in the forecast period.
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Note: Final report will be revised to address COVID-19 effects on specific market
Source: Fior Markets, GlobeNewswire