Waterborne Coatings Market - Forecast(2024 - 2030)
Waterborne Coatings Market Overview
The Waterborne Coatings Market size is projected to reach US$112.8 billion by 2027, after growing at a CAGR of 5.9% during the forecast period 2022-2027. Waterborne Coatings are generally preferred over other conventional ones since these contain close to 80% water content, which makes them environmentally friendly.?Waterborne coatings are often employed in the building & construction and automotive industry, which is supporting the Waterborne Coatings industry's growth. According to the International Organization of Motor Vehicle Manufacturers (OICA), global automotive production increased from 77,621,582 units in 2020 to 80,145,988 units in 2021. The rapid growth of the building & construction and automotive industry has increased the demand for environmentally friendly waterborne coatings, which fuels the market growth. Several end-use industries in the Waterborne Coatings industry suffered negative effects as a result of the novel coronavirus pandemic, which had a direct impact on the Waterborne Coatings Market size in the year 2020.
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Waterborne Coatings Market Report Coverage
The “Waterborne Coatings Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Waterborne Coatings industry.
By Resin Type: Acrylic, Epoxy, Polyester, Polyurethane, Vinyl Acetate, Alkyd, Polytetrafluoroethylene, Polyvinylidene Fluoride, Polyvinylidene Chloride and Others. By End-use Industry: Aerospace (Commercial Aircrafts, Military Aircrafts and Others), Automotive [Passenger Vehicles (PVs), Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs)], Marine (Cargo, Passenger and Others), Locomotive (Electric and Diesel), Building and Construction (Residential, Commercial, Industrial and Infrastructural), Paper & Pulp, Packaging, Wood & Furniture and Others. By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World (the Middle East and Africa)
Key Takeaways
Figure: Waterborne Coatings Market Revenue Share by Geography, 2021 (%)
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Waterborne Coatings Market Segment Analysis – by Application
The acrylic segment held a significant share in the Waterborne Coatings Market share in 2021 and is projected to grow at a CAGR of 6.1% during the forecast period 2022-2027. The demand for acrylic coatings is anticipated to increase due to superior color and gloss retention, excellent exterior durability in outdoor exposure and growing demand from the infrastructure and automotive industries. The simplicity of usage, physical characteristics and affordability of acrylic resins are their main advantages. They offer greater pot life than the norm, are fungus resistant and have excellent moisture resistance. Two of the main benefits that acrylic resin offers are its durability and its capacity to lower monthly energy costs. Thus, during the forecast period, all of these factors would increase the demand for acrylic resins.
Waterborne Coatings Market Segment Analysis – by End-use Industry
The building and construction segment held the largest share in the Waterborne Coatings Market share in 2021 and is estimated to grow at a CAGR of 6.3% during the forecast period 2022-2027. All types of residential, commercial, industrial and institutional buildings have paints and coatings applied to their interior and exterior walls as they have protective qualities. Paints and coatings shield the building from extreme weather conditions like rain, sun and wind. Water-based coatings are also used in interior architectural elements like wall paintings, wood flooring, sculptures and furniture. The demand for waterborne coatings in buildings is also increasing as environmental concerns grow. Therefore, it is anticipated that all these growing paint and coating applications in the architectural sector would significantly drive the Waterborne Coatings Market during the forecast period.
Waterborne Coatings Market Segment Analysis – by Geography
Asia-Pacific held the largest Waterborne Coatings Market share of?up to 41.6%?in 2021, due to the increasing demand for Waterborne Coatings from the flourishing building and construction industry in the region. The International Trade Administration (ITA) projects that between 2019 and 2023, the Chinese construction industry would grow by an average of 5% annually in real terms. According to the Building and Construction Authority (BCA), Singapore's construction demand is anticipated to range from S$27 billion to S$34 billion for each of the years 2021 and 2022 and from S$28 billion to S$35 billion for each of the years 2023 and 2024. Thus, with the flourishing building and construction industry, the demand for Waterborne Coatings would also subsequently increase, which would flourish the Waterborne Coatings Market size in the Asia-Pacific region during the forecast period.
Waterborne Coatings Market Drivers
Growing Automobile & Aerospace Sectors:
Waterborne Coatings are extensively used in the automobile and aerospace industry to paint & coat automotive and aerospace components to protect them from dust, corrosion and more. According to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. According to the European Automobile Manufacturer Association, South America car production grew by 11%, while US car production grew by 3.1% in 2021. Thus, increasing automotive and aerospace production would require more Waterborne Coatings for manufacturing automotive and aerospace components, which would act as a driver for the Waterborne Coatings Market during the forecast period.
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Government Initiatives Bolstering the Growth of the Building & Construction Sector:
Waterborne Coatings are often employed in buildings in applications such as windows, walls, doors, floors and more. The governments are taking initiatives to increase building & construction activities. For instance, Kansai International Airport in Japan would spend about 100 billion yen ($911 million) by 2025 to upgrade the larger terminal. This would increase space for international flights at the country's No. 2 hub. As part of the Centre's Udan scheme to assist with growing air traffic, the Indian Union Budget of February 2020 seeked to build 100 new airports by 2024. Over the medium term, R4.6 billion has been allocated to the health facility revitalization component of the national health insurance indirect grant in South Africa (2020-2021). The Ministry of Housing and Urban Development (MoHUA) of India has been given Rs 50,000 crore (US$6.8 billion) and a fund of Rs 25,300 crore (US$3.5 billion) has been set up to help complete stalled housing projects. Such government initiatives are set to increase the demand for coatings in the construction sector and further drive the?Waterborne Coatings?Market growth during the forecast period.
Waterborne Coatings Market Challenges
High Cost and Low Performance of Waterborne Resins Over Solventborne Resins:
Solventborne resins have one major advantage over waterborne resins - during the curing phase, they are less vulnerable to environmental conditions, such as temperature and humidity. Humidity can prevent the evaporation of water in a waterborne coating, making it impractical in some climates. Hence, solventborne resins are preferred for applications in humid environments that don't allow waterborne resins to cure properly. Also, solventborne resins are typically more resilient than waterborne resins during the curing of the coating. Besides, the capital cost and fixed cost associated with changing the technology from solventborne to waterborne are high. Hence, many small-scale manufacturers in emerging regions are still using solventborne resins. All these factors are restraining the Waterborne Coatings Market growth during the forecast period.
Waterborne Coatings Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Waterborne Coatings Market. The top 10 companies in the Waterborne Coatings Market are:
Recent Developments
Relevant Reports
Report Code: CMR 44462
Report Code: CMR 41903
Report Code: CMR 0136
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