Recent Developments in Waterborne Coatings Industry - New Business & Revenue Opportunities

The global waterborne coatings market size is projected to grow from USD 72.9 billion in 2019 to USD 96.8 billion by 2024, at a CAGR of 5.8% between 2019 and 2024. The growing demand for the product in architectural applications, such as residential and non-residential construction,and industrial applications such as automotive, packaging, construction, wood, and general industrial coupled with their underlying growth,is the key factor driving the waterborne coatings market growth.

Browse?454 market data Tables and?61 Figures spread through?386 Pages and in-depth TOC on "Waterborne Coatings Market by Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC), Application (Architectural and Industrial), and Region (Asia Pacific, North America, Europe, ME&A, South America) - Global Forecast"

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Players including PPG Industries Inc., (US), Nippon Paint Holdings Co., Ltd. (Japan), and AkzoNobel N.V. (Netherlands) have adopted various strategies, such as investment & expansion and merger & acquisition between 2015 and 2019, to enhance their market shares and expand their global presence.

The Sherwin-Williams Company (US) was the leading company within the global waterborne coatings market in 2018. It has a diversified product portfolio with several investments in capacity expansion and the establishment of new plants. Its customers can choose from a wide variety of waterborne coatings. It has a strong network for distributing and manufacturing coatings through 15 manufacturing and 79 facility locations across the US, Canada, Mexico, and Chinato meet the changing demands of the paints & coatings industry worldwide. The developing countries of regions such as APAC and the Middle East & Africa offer various growth prospects owing to rapid industrial growth that is expected over the next few coming years.The company can encash on these opportunities. These initiatives taken by Sherwin-Williams are expected to prove beneficial for its growth over the next few years. The company also continuously focuses on its organic growth.

• In July 2018, Sherwin-Williams announced to establish a new manufacturing plant of coating in Nantong, Jiangsu Province, in the Chinese market. The plant is expected to cater to a wide range of applications such aswaterborne, UV, and powder coatings for industries such as automotive, furniture, heavy equipment, and infrastructure. This expansion is expected to strengthen its market presence in the Asian market.

PPG Industries Inc. (US) is the manufacturer of coatings, optical & specialty materials, and glass products. The company has a good width and depth of waterborne coatings in its product offering. It has a strong customer base.The company manufactures waterborne coatings for the marine, automotive, aerospace, and general industrial applications.It has 150 manufacturing sites across the globe in the countries of North America, APAC, South America, the Middle East and Africa, and Europe. The company offers customized solutions-based products and paints & coatings for many applications. It focuses on inorganic growth strategies such as expansion and new product launch to expand its business and increase its market share. Investment in R&D to reduce the risk of technical or economic failure may help in further strengthening its global presence.

• In April2019, PPG acquired HemmelrathLackfabrik GmbH, a manufacturer of automotive coatings. The acquisition was made with the intention to help facilitate PPG’s strategic growth plans by adding new products to its existing portfolio.

Recent Developments in Waterborne Coatings Market Industry

• In June 2019, Jotun signed a memorandum of understanding with Korean Hyundai Heavy Industries (HHI), stating that the company will use Jotun’s new marine paint that reduces solvent emissions by 90%. The partnership will help HHI to equip better and help meet the environmental regulations that aim at reducing solvent emission.
• In December 2018, Tikkurila launched a new waterborne fire-retardant laquer, Fontefire WF Clear for wooden surfaces. The product enhances the beauty of treated surfaces and enables the coated wood to be used in places, such as schools and hospitals, where the fire safety requirements are the most stringent.

The global waterborne coatings market size is projected to grow from USD 72.9 billion in 2019 to USD 96.8 billion by 2024, at a CAGR of 5.8%, between 2019 and 2024. Increasing building & construction activities and infrastructure projects, improving quality of industrial manufacturing in developing countries, and the need for protection of coated products are the major growth drivers of the global waterborne coatings market.

Waterborne coatings is a term used to describe a surface coating that uses water as a solvent to disperse the resin added to it to create a coating. High water content makes waterborne coatings both easy to apply and environment-friendly. Rising raw material prices, energy costs, and lack of awareness in the unorganized sector of construction developers are the major factors restraining the growth of this market.

Based on resin type, the acrylic segment is estimated to account for the largest share during the forecast period. Waterborne acrylics coatings resist extreme weather and oxidation better than oil-based paints, alkyds, and epoxy-based coatings. Waterborne acrylics coatings also provide a polymer structure that has a lower tendency to absorb ultraviolet light, which helps it in retaining gloss and color for a long time. Demand for acrylic waterborne coatings is expected to be high in Southeast Asia due to the increasing demand for acrylic resins from construction end-use. As the region is witnessing high growth in the construction activities, there is a high demand for acrylic-based waterborne coatings.

Based on application, architectural coatings are estimated to account for the largest share of the market during the forecast period.Waterborne coatings are majorly used in the architectural application in European and North American countries due to stringent regulations in these regions in comparison to APAC and other smaller regions. Waterborne coatings are extensively used in architectural applications, as it is a low-cost material that provides water resistance, good stain protection, and good water resistance. The number of initiatives is supporting the growth of the market, globally.

Based on architectural application, residential accounted for the largest share of the market. Largescale constructions and restoration initiatives by government and presence of major firms in India, China, and Japan, increasing disposable incomes, and growing demand for interior decoration & beautification in both residential as well as commercial segments are supporting the high demand for architectural waterborne coatings. Furthermore, general industrial was the largest application. The general industrial application requires more protective functions rather than its aesthetic properties, although it often provides both. They are used for corrosion control of steel or concrete. This end-use has diverse end-use markets such as electronic appliances, household equipment, and industrial equipment. Need for efficient process and durable coatings with better aesthetics, increasing demand for environmentally-friendly coatings and growing demand from the APAC region are the major factors driving the waterborne coatings market.

The APAC waterborne coatings market is projected to register the highest CAGR during the forecast period. APAC encompasses a diverse range of economies with different levels of economic development and multiple industries. The development is mainly attributed to the high economic growth rate followed by heavy investment across industries, such as automotive, consumer goods & appliances, building & construction, and furniture. It is one of the fastest-growing market in terms of production and demand for waterborne coatings. The APAC market is projected to register a high CAGR in the next five years and offer significant commercial opportunities for the waterborne coatings market players.

Major companies operating in the waterborne coatingsmarket are engaged in the development of innovative products as well as enhancing their penetration in the emerging markets with environmentally-friendly coatings. New product development and investment & expansion were the key strategies adopted by the industry players to achieve growth in the waterborne UV curable resins market.The market players are focusing on entering new markets by launching technologically advanced and innovative resins for different applications.