|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD 103.03 billion
|
|
CAGR
(2023-2028)
|
4.20%
|
|
Fastest
Growing Segment
|
Acrylic
|
|
Largest
Market
|
Europe
|
Market Overview
Global Waterborne Coatings Market has valued at USD 103.03 billion in 2022 and is anticipated to project robust growth in the forecast
period with a CAGR of 4.20% through 2028. Waterborne coating is a term that is
used to define any finish or surface coating which uses water as a solvent in
order to disperse the resin that is added to it, creating a highly effective
and durable coating. The composition of waterborne coatings varies and can
include large amounts of water with small amounts of other solvents, ensuring a
balanced and environmentally friendly formulation. The higher the water
content, the more environmentally friendly and easy it is to apply the
waterborne coatings, making them a preferred choice for many industries. Waterborne coatings have gained popularity due to
their low environmental impact. With about 800% water content, these coatings
significantly reduce the emission of volatile organic compounds (VOCs) into the
environment. The rise in awareness of the environmental impact of coatings and
the implementation of government regulations to limit the use of
non-environmentally friendly coatings have further contributed to the
increasing demand for waterborne coatings. Recognizing the importance of environmental
sustainability, governments are taking initiatives to increase the water
content used as a solvent in coatings. This not only makes them safer to use
but also lowers their overall environmental impact. Moreover, the versatility
of waterborne coatings has led to their extensive use in various industries
including automobiles, healthcare, and building and construction. The growth of
these industries, combined with the increasing awareness of environmental
impact, continues to drive the market growth for the Waterborne Coatings
Market.
By continuously improving the formulation and
properties of waterborne coatings, the industry is committed to providing
sustainable and high-performance solutions that meet the evolving needs of
various sectors.
Key Market Drivers
Growing Demand of Waterborne Coatings in Automotive
Industry
Waterborne coatings, as the name suggests, are
based on water as a solvent to disperse the resin used to make the coating.
This allows for a more sustainable and environmentally friendly approach, as
waterborne coatings produce fewer Volatile Organic Compounds (VOCs) compared to
traditional solvent-based coatings. By reducing VOC emissions, waterborne
coatings contribute to a healthier environment and improved human health.
Moreover, waterborne coatings offer excellent
aesthetic appeal and durability. They provide a wide range of vibrant colors
and finishes, allowing automotive exteriors to stand out with a high-quality
and visually appealing appearance. Additionally, these coatings exhibit
exceptional resistance to UV rays, corrosion, and extreme weather conditions,
ensuring long-lasting performance and protection for automotive surfaces.
The growing demand for waterborne coatings in the
automotive industry is driving positive changes in the global market. As
automakers prioritize sustainability, aesthetics, and durability, the demand
for these coatings is expected to further rise. To meet this demand,
manufacturers in the waterborne coatings market are investing in research and
development efforts. These investments aim to develop advanced coatings with
improved performance characteristics, such as enhanced corrosion resistance,
superior adhesion, and better gloss retention.
In conclusion, the increasing demand for waterborne
coatings in the automotive industry plays a significant role in the growth of
the global waterborne coatings market. As automakers continue to prioritize
eco-friendly materials that do not compromise on aesthetics or durability, the
importance of waterborne coatings will continue to rise. With ongoing
advancements in coating technology, the future of the global waterborne
coatings market looks promising, with sustained growth anticipated.
Growing Demand of Waterborne Coatings in
Construction Industry
The global waterborne coatings market is currently
experiencing significant growth, driven by a multitude of factors. One
noteworthy factor is the escalating demand for waterborne coatings in the
construction industry, which serves as a key driver for market expansion.
The construction industry, known for its emphasis
on sustainability, durability, and aesthetic appeal, has emerged as a major
consumer of waterborne coatings. These coatings are increasingly finding
application in construction projects due to their numerous benefits and
advantages.
Waterborne coatings are formulated using water as a
solvent to disperse the resin, which forms the coating. As a result, they emit
fewer Volatile Organic Compounds (VOCs), which are harmful to the environment
and human health. This quality makes waterborne coatings a more sustainable and
eco-friendly choice, aligning perfectly with the global shift towards greener
construction practices.
Apart from their environmental benefits, waterborne
coatings also offer exceptional durability and aesthetic appeal. They provide a
wide range of colors and finishes, making them ideal for enhancing the visual
appeal of buildings. Furthermore, these coatings exhibit resistance to UV rays,
corrosion, and extreme weather conditions, ensuring their longevity and
performance.
The growing demand for waterborne coatings in the
construction industry is significantly influencing the global waterborne
coatings market. As the construction sector continues to prioritize
sustainability, aesthetics, and durability, the demand for these coatings is
projected to witness further growth.
In response to this demand, manufacturers in the
waterborne coatings market are investing in research and development to create
advanced coatings with improved performance characteristics. These efforts are
leading to the development of waterborne coatings that exhibit better
resistance to corrosion, enhanced adhesion, and superior gloss retention, among
other desirable properties.
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Key Market Challenges
Longer Curing and Drying Time
The global waterborne coatings market has been
experiencing significant growth in recent years, fueled by a combination of
factors. One of the key drivers is the increasing focus on environmental
sustainability, as waterborne coatings offer an eco-friendlier alternative to
traditional solvent-based coatings. Additionally, industries such as automotive
and construction have shown a high demand for waterborne coatings due to their
superior performance and durability.
However, despite the numerous advantages of
waterborne coatings, there are challenges that need to be addressed. One of the
major hurdles is the longer curing and drying time associated with these
coatings. Due to their higher water content, waterborne coatings require more
time to dry and cure fully compared to solvent-based coatings. This can have
implications on productivity and efficiency, especially in industries where
time is of the essence, such as automotive manufacturing and construction.
The extended drying times can result in delays in
production schedules and project timelines. Moreover, the longer exposure to
the environment during the drying process increases the likelihood of dust
contamination, which can negatively impact the overall finish quality of the
coated surfaces. Therefore, finding innovative solutions to reduce the curing
and drying time of waterborne coatings is crucial for maximizing productivity
and maintaining high-quality standards.
Despite these challenges, the demand for waterborne
coatings continues to grow as industries recognize the benefits they offer in
terms of environmental sustainability and performance. By addressing the issue
of longer curing and drying times, the waterborne coatings market can unlock
even greater potential and further solidify its position as a preferred choice
in various industries.
Key Market Trends
Shift Towards Environmentally Friendly Coatings
Increasingly stringent environmental regulations
worldwide are pushing industries to reduce their VOC (volatile organic
compound) emissions. This is driven by the need to mitigate air pollution and
protect human health and the environment. As a result, there is a growing
demand for coatings that can meet these regulatory standards without
compromising on performance or aesthetic appeal. Waterborne coatings, with
their lower VOC content, are well-positioned to meet this demand by offering a
more sustainable and environmentally friendly alternative to traditional
solvent-based coatings.
In addition to regulatory pressures, growing
consumer awareness about the environmental impact of products and services is
also driving the shift towards environmentally friendly coatings. Consumers are
becoming more conscious of their purchasing decisions and are actively seeking
out products that align with their values. They are not only looking for
high-quality and durable coatings but also ones that are eco-friendly and have
minimal impact on the planet. This shift in consumer preferences is reshaping
the coatings industry and influencing manufacturers to develop innovative
solutions that are both environmentally sustainable and high performing.
The demand for waterborne coatings is expected to
rise as industries seek to comply with environmental regulations and meet
consumer demand for eco-friendly products. The construction, automotive, and
furniture industries, among others, are increasingly adopting waterborne
coatings to reduce their environmental footprint and enhance their
sustainability credentials. This growing demand is likely to drive significant
growth in the global waterborne coatings market, presenting opportunities for
manufacturers and suppliers in this sector.
The shift towards environmentally friendly coatings
is not only driven by regulations and consumer demand but also by the need for
continuous innovation. Manufacturers are investing in research and development
to create advanced waterborne coatings that offer better performance
characteristics. These coatings are designed to have greater resistance to
corrosion, enhanced adhesion to various substrates, and superior gloss
retention, ensuring long-lasting protection and aesthetics. Such innovation is
crucial to meet the evolving needs of industries and consumers, while also
addressing sustainability challenges.
In summary, the global coatings industry is
experiencing a significant shift towards environmentally friendly coatings,
driven by stringent regulations, consumer awareness, and the need for
innovation. Waterborne coatings, with their lower VOC content and eco-friendly
properties, are gaining traction as a sustainable alternative. This transition
presents both challenges and opportunities for manufacturers, as they strive to
balance regulatory compliance, consumer preferences, and performance
requirements in their product offerings.
Segmental Insights
Resin Type Insights
Based on the category of resin type, the acrylic segment
emerged as the dominant player in the global market for Waterborne Coatings in
2022. The demand for acrylic waterborne coatings is expected to be driven by
the growing demand from infrastructure and automotive industries, as it offers
glossy color retention in outdoor exposure. Additionally, the increasing
applications in radiation curing and electrodeposition are likely to contribute
to the substantial growth of acrylic resin-based coatings in the foreseeable
future.
Polyurethane (PU) coatings are anticipated to
experience a surge in demand due to their properties such as abrasion resistance,
toughness, and chemical & weather resistance. This is further supported by
stringent government regulations aimed at reducing VOC emissions and consistent
odors, as well as a shifting consumer preference towards waterborne coatings
over solvent-borne counterparts. Various forms of commercially available
polyurethane coatings including oil-modified, two components, moisture curing,
and lacquers are driving their demand in end-use industries such as electrical
coils and automotive manufacturing.
The segment growth of ultra-low VOC, low-odor epoxy
resin-based coatings is projected to be driven by increasing demand in the
transportation industry and DIY flooring applications. Epoxy coatings are known
for their strong adhesion and anti-corrosion resistance, making them suitable
for metal surface primers. Additionally, their high heat resistance makes them
widely used in electrical insulation applications, which is expected to
contribute to the growth of the epoxy coatings segment in the coming years.
Application Insights
The Architectural segment is projected to
experience rapid growth during the forecast period. Waterborne coatings account
for a significant share of the total architectural coatings market. They are
projected to experience substantial growth in the next seven to ten years due
to increasing regulations aimed at reducing volatile organic compound (VOC)
emissions. This regulatory push is driving the adoption of waterborne coatings
in the architectural sector.
Moreover, the growth of the segment is expected to
be propelled by increasing construction spending, particularly in emerging
economies of Asia Pacific, Latin America, and the Middle East. The rise in
income levels in these regions is leading to higher construction activities,
creating a favorable environment for the expansion of the waterborne coatings
market.
Additionally, the usage of acrylic-based coatings
in industrial applications is on the rise, contributing to the overall growth
of the market. These coatings offer excellent performance and durability,
making them a preferred choice in various industries.
Furthermore, the introduction of insulation and
sound-damping coatings is expected to further drive the growth of the
waterborne coatings segment. These coatings provide enhanced thermal insulation
and soundproofing properties, meeting the growing demand for energy-efficient
and noise-reducing solutions.
Overall, the waterborne coatings market is poised
for significant growth, driven by regulatory requirements, construction
activities, the adoption of acrylic-based coatings, and the emergence of
innovative insulation and sound-damping coatings. This presents lucrative
opportunities for industry participants to capitalize on the expanding market.
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Regional Insights
Europe emerged as the dominant player in the Global
Waterborne Coatings Market in 2022, holding the largest market share in terms
of value. The high demand for waterborne coatings in automobile OEM &
refinishing work can be attributed to the presence of various major automobile
manufacturers in the region. Additionally, the growing consumer preference for
luxury in Europe has further fueled this demand. These factors, combined, are
expected to drive the need for waterborne coatings in the automotive industry.
Moreover, in terms of construction spending, the emerging economies of Asia
Pacific, namely China, India, and Indonesia, are anticipated to experience the
highest growth. This growth is indicative of the increasing development and
infrastructure projects in these countries, presenting significant
opportunities for the waterborne coatings market.
Recent Developments
- In June 2019, Korean Hyundai Heavy Industries
(HHI), a renowned shipbuilding company, signed a memorandum of understanding
(MOU) with Jotun, a leading provider of marine paints and coatings. The aim of
this strategic partnership is to leverage Jotun's new innovative marine paint
technology, which reduces solvent emissions by an impressive 90%. By adopting
this eco-friendly solution, HHI aims to comply with stringent environmental
regulations while maintaining its commitment to sustainability and responsible
shipbuilding practices.
- In May 2019, Chenyang Group, a prominent Chinese
manufacturer specializing in environmentally friendly coatings and paints,
announced a noteworthy collaboration with Royal DSM, a global science-based
company. This partnership aims to foster the development and adoption of
sustainable coating solutions in the fast-growing Chinese market. By combining
Chenyang Group's expertise in eco-friendly coatings with Royal DSM's
cutting-edge technologies, the collaboration seeks to address the increasing
demand for environmentally conscious solutions and contribute to a greener
future.
- In August 2019, Mapaero SAS, a leading paint
provider based in the United States, became part of the esteemed AkzoNobel
N.V., a global leader in coatings and paints. The strategic acquisition of
Mapaero SAS by AkzoNobel N.V. reflects the latter's commitment to expanding and
strengthening its coating business on a global scale. With Mapaero SAS's
expertise and established presence in the paint industry, AkzoNobel N.V. aims
to enhance its product portfolio and better serve its customers worldwide,
while continuing to drive innovation and excellence in the coatings sector.
- In September 2021, IMCD, a prominent distributor of
specialty chemicals, made a significant announcement regarding the acquisition
of Aquatech Speciality (Guangzhou) Trading Co., Ltd and Aquatech Speciality
(Shanghai) International Trading Co., Ltd. This strategic acquisition is poised
to bolster IMCD's waterborne coatings solutions business. By incorporating
Aquatech Speciality's specialized knowledge and product offerings, IMCD aims to
further strengthen its position in the market and deliver even more
comprehensive and sustainable solutions to its customers.
Key Market Players
- AkzoNobel NV
- BASF SE
- Axalta
Coating Systems LLC
- Berger
Paints India Ltd
- Kansai
Paint Co., Ltd.
- Nippon
Paint Holdings Company Ltd
- PPG
Industries Inc.
- RPM
International Inc.,
- The
Sherwin-Williams Company
- The
Valspar Corporation
|
By Resin Type
|
By
Application
|
By Region
|
- Acrylic
- Polyester
- Alkyd
- Epoxy
- Polyurethane
- Polytetrafluoroethylene
(PTFE)
- Polyvinylidene
Fluoride (PVDF)
- Polyvinylidene
Chloride (PVDC)
- Others
|
- Architectural
- General
Metals
- Automotive
- Industrial
|
- North
America
- Europe
- Asia Pacific
- South
America
- Middle East
& Africa
|
Report Scope:
In this report, the Global Waterborne Coatings
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Waterborne Coatings Market, By Resin Type:
o Acrylic
o Polyester
o Alkyd
o Epoxy
o Polyurethane
o Polytetrafluoroethylene (PTFE)
o Polyvinylidene Fluoride (PVDF)
o Polyvinylidene Chloride (PVDC)
o Others
- Waterborne Coatings Market, By Application:
o Architectural
o General Metals
o Automotive
o Industrial
- Waterborne Coatings Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global
Waterborne Coatings Market.
Available Customizations:
Global Waterborne Coatings Market report with the
given market data, TechSci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Global Waterborne Coatings Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]