Analysis of market size, market share, growth, trends, and forecast for 2020–2027 of the global waterborne coatings market segmented by application (industrial and architectural) and resin type (Polyester, Acrylic, Alkyd, Polyurethane, Epoxy, PTFE, PVDC, PVDF).
NEWARK, NJ, June 23, 2020 (GLOBE NEWSWIRE) – According to a new report published by Fior Markets, the global waterborne coatings market is projected to increase from USD 74.21 billion in 2019 to USD 106.34 billion by 2027, growing at a compound annual growth rate (CAGR) of 4.6% during the forecast period 2020–2027.
The primary drivers for market growth are the rising end-user demand for eco-friendly, green coatings and increasingly stringent environmental regulations. Rising consumer incomes and strong economic growth are contributing to the expansion of the automotive and construction industries. Factors such as non-flammability, low odor, long shelf life, and non-toxicity are also expected to propel market growth. The market is anticipated to benefit from increasing expenditure on construction and renovation activities in emerging economies across the Asia-Pacific region and Latin America.
Waterborne coatings refer to any surface coating or finish that uses water as a solvent to disperse resins to form a coating. The composition may vary with small amounts of other solvents, such as glycol ethers, and can contain up to 80% water. The high water content makes these coatings both environmentally friendly and easy to apply. Waterborne coatings use water instead of other solvents to dissolve resins, resulting in low volatile organic compound (VOC) content, making them eco-friendly and effective in reducing emissions. Various solvents used as binders in waterborne coatings include polyvinyl ether, glycol ether, polyacrylate, or polyurethane. These coatings exhibit excellent heat and abrasion resistance.
Over the past decade, the architectural coatings industry has undergone significant innovation. Key drivers include the shift from solvent-based to water-based paints, VOC reduction, the emergence of 2-in-1 paint and primer products, elimination of harmful chemicals, the desire for improved film properties such as early dirt and water resistance, and the demand for easier-to-apply decorative finishes. Rapid urbanization has increased demand for residential, commercial, and industrial infrastructure, which in turn drives the demand for waterborne coatings. Furthermore, the growth of the global waterborne coatings market is supported by various factors, including growth prospects in well-regulated regions and government incentives. However, factors such as uneven enforcement of regulations may restrain market growth.
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Key companies operating in the global coatings market include Akzo Nobel N.V., Axalta Coating Systems, BASF SE, PPG Industries, Berger Paints, Sherwin Williams, and The Valspar Corporation. Major companies are currently focusing on strategies such as adopting advanced technologies, product development, mergers and acquisitions, joint ventures, partnerships, and collaborations to strengthen their market position in the global waterborne coatings industry. For example:
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December 2018: Tikkurila launched a new waterborne fire-retardant varnish for wood surfaces, Fontefire WF Clear. The product enhances the aesthetic appeal of treated surfaces and allows the use of coated wood in locations such as hospitals and schools, where fire safety standards are strictest.
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June 2019: Jotun signed a Memorandum of Understanding with South Korea’s Heavy Industries Company (HHI) for Jotun’s new marine coating to reduce 90% of solvent emissions. This collaboration will better equip HHI and help comply with environmental regulations to lower solvent emissions.
The architectural segment is expected to register the highest growth rate during the forecast period.
Based on application, the market can be segmented into industrial coatings and architectural coatings. The industrial segment is further divided into automotive, packaging, general, protective, marine, wood coatings, coil coatings, and others. The architectural segment is divided into residential and non-residential. Waterborne architectural coatings are used for both decorative and protective purposes. For decorative purposes, coatings are used indoors, on window frames, wooden floors, sculptures, etc. For protective purposes, they are applied to exterior surfaces. Hence, the architectural segment is expected to record the highest growth rate during the forecast period.
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The acrylic segment is expected to dominate the market during the forecast period.
By resin type, the market can be segmented into polyester, acrylic, alkyd, polyurethane, epoxy, Polytetrafluoroethylene (PTFE), Polyvinylidene Chloride (PVDC), and Polyvinylidene Fluoride (PVDF). Special chemical and aesthetic properties have driven the widespread adoption of acrylic coatings, boosting market growth. Therefore, the acrylic segment is expected to dominate the market during the forecast period. Its features such as durability, flexibility, UV resistance, and color retention have led to high demand for coatings in the recycling, healthcare, automotive, and metal industries.
Waterborne coatings market analysis by region:
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- North America (USA, Mexico, Canada)
- Middle East & Africa (UAE, South Africa, Rest of MEA)
- South America (Brazil, Rest of South America)
- Asia-Pacific (China, Japan, India, Rest of Asia-Pacific)
Due to stringent environmental regulations and strict employee safety laws in Europe, the region is expected to hold the largest market share during the forecast period. Growth in the automotive industry and the adoption of green coatings for car repainting are also expected to contribute to market expansion. Furthermore, rapid industrialization in developing economies such as China, India, Indonesia, and other countries in the Asia-Pacific region is expected to result in the highest growth rate during the forecast period.
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Note: The report will be revised following an assessment of COVID-19 impacts.
Nguồn: Fior Markets, GlobeNewswire