Waterborne Coatings Market Worth $91.8 Billion by 2024 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Jan. 13, 2020 /PRNewswire/ -- According to the new market research report "Waterborne Coatings Market by Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC), Application (Architectural and Industrial), Region (APAC, North America, Europe, Middle East & Africa, South America) - Global Forecast to 2024", published by MarketsandMarkets(TM), the global Waterborne Coatings Market size is projected to grow from USD 74.1 billion in 2019 to USD 91.8 billion by 2024, at a CAGR of 4.4%, during the forecast period.
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Waterborne coatings use water as a solvent, which makes them environmentally-friendly and easy to apply. In most cases, this technology uses 80% water with small quantities of other solvents, for instance, glycol ethers. This technology is widely adopted for architectural, automotive, protective, wood, furniture, packaging, and rail coatings end-uses. The binders used for waterborne coatings are acrylics, polyurethane resins, epoxy, alkyd resins, and others.
The acrylic segment is expected to account for the largest share of the waterborne coatings market, by resin type, during the forecast period.
Acrylic is projected to be the fastest-growing resin type segment. There has been a shift toward waterborne acrylics, especially in the automotive basecoats, due to environmental concerns. The automotive industry is driving the waterborne coatings market as automobile manufacturers are using waterborne coatings instead of solventborne coatings due to increased regulatory reasons. These initiatives from regulatory bodies are expected to be the winning imperative for players in the waterborne coatings market.
Architectural is estimated to be the fastest-growing application in the waterborne coatings market during the forecast period.
Waterborne coatings are applied on the interior and exterior walls of all kinds of residential, commercial, industrial, and institutional buildings for decorative and protective purposes. Waterborne coatings help to protect the building from extreme rain, sun, and wind. This growth is supported by the growing construction industry in APAC, especially in countries such as India and China, where there is a rapid increase in infrastructural activities.
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The waterborne coatings market in APAC is expected to register the highest CAGR during the forecast period.
APAC is segmented as China, India, Japan, Indonesia, Thailand, and Rest of APAC. APAC has been a bright spot in the global waterborne coatings market in the backdrop of the overall slowdown in global economic development. The expansion of global trade through sea routes has increased the number of bulk carriers, container ships, and general cargo ships manufactured, in turn widening the scope of the waterborne marine coatings market in APAC. South Korea, Japan, and China are chief shipbuilding countries and are expected to remain the top investment destinations for coatings manufacturers.
Major players operating in the global Waterborne Coatings Market include BASF SE (Germany), AkzoNobel N.V. (Netherlands), PPG Industries Inc. (US), RPM International Inc. (US), The Sherwin-Williams Company (US), Asian Paints Limited (India), Axalta Coating Systems LLC (US), Nippon Paint Holdings Co. Ltd. (Japan), Kansai Paint Co. Ltd. (Japan), Jotun Group (Norway), and Tikkurila OYJ (Finland).
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