WASHINGTON, Aug. 28, 2023 (GLOBE NEWSWIRE) -- According to a report recently released by Vantage Market Research, the Global Waterborne Coatings Market is projected to reach a value of $100.2 Billion in 2022. The report further estimates that the market will grow at a CAGR of 4.1% between 2023 and 2030, eventually reaching a value of $132.7 Billion by 2030. These figures demonstrate a promising growth trend for the waterborne coatings industry.
The Waterborne Coatings Market represents a vibrant and transformative sector within the broader coatings industry. Waterborne coatings are formulations that utilize water as a solvent, making them environmentally friendly and less harmful compared to traditional solvent-based coatings. These coatings find extensive application across diverse industries such as automotive, construction, packaging, and electronics, driven by the growing awareness of sustainability and stringent regulations on volatile organic compound (VOC) emissions. The market's growth trajectory is propelled by a combination of factors including technological advancements, urbanization, and the rising demand for eco-friendly products.
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Waterborne coatings are a type of paint or coating that uses water as the solvent instead of traditional organic solvents such as petroleum distillates. Waterborne coatings are typically more environmentally friendly than traditional solvent-based coatings, as they emit fewer volatile organic compounds (VOCs). They are also often easier to apply and clean up, making them a popular choice for both industrial and consumer applications.
Top Report Findings:
- The Waterborne Coatings Market is projected to achieve a CAGR of 4.1% during the forecast period (2023-2030).
- Architectural applications account for the largest market share due to the booming construction industry and increased demand for sustainable coatings.
- Automotive OEMs are rapidly adopting waterborne coatings to meet environmental regulations and enhance vehicle aesthetics.
- Asia-Pacific holds the largest market share owing to rapid urbanization, industrialization, and increasing investments in infrastructure.
Top Companies in the Global Waterborne Coatings Market
- PPG Industries Inc. (U.S.)
- The Sherwin-Williams Company (U.S.)
- Arkema (France)
- Benjamin Moore & Co. (U.S.)
- Hempel Group (Denmark)
- Jotun (Norway)
- KCC CORPORATION (South Korea)
- Sika AG (Switzerland)
- Covestro AG (Germany)
- The Dow Company (U.S.)
- Solvay AG (Belgium)
- Silberline Manufacturing Co. Inc. (U.S.)
- Hexion Inc. (U.S.)
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Market Dynamics:
The Waterborne Coatings Market is propelled by an array of factors that have reshaped the coatings industry landscape. The stringent environmental regulations aimed at reducing VOC emissions have catalyzed the shift towards waterborne coatings. The need for coatings that offer enhanced durability, corrosion resistance, and aesthetic appeal further fuels the market's expansion. Additionally, the surge in construction and infrastructure activities worldwide, coupled with the automotive sector's consistent growth, continues to bolster the demand for waterborne coatings.
Top Trends Shaping the Waterborne Coatings Market:
- Sustainable Formulations: Eco-conscious consumers and stringent regulations have led to a surge in demand for coatings with minimal environmental impact, fostering the development of innovative sustainable formulations.
- Advanced Application Techniques: The adoption of advanced application techniques such as electrostatic spray and high-volume low-pressure (HVLP) spraying enhances the efficiency and effectiveness of waterborne coatings.
- Smart Coatings: Integration of IoT and smart technology into coatings for functionalities like self-healing, corrosion detection, and temperature regulation is gaining traction.
- Nano-coatings: Nano-engineered coatings offer exceptional properties like extreme hydrophobicity, anti-microbial attributes, and improved UV resistance, opening new avenues for market growth.
- Focus on R&D: Research and development efforts are focused on creating coatings that exhibit superior performance while maintaining compliance with stringent regulations.
Global Waterborne Coatings Market Segmentation
By Resin Type
- Acrylic
- Polyestic
- Alkyd
- Epoxy
- Polyurethane
- Polytetrafluoroethylene
- Polyvinylidene Fluoride
- Polyvinylidene Chloride
- Others
By Application
- Architectural
- Industrial
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Challenges
The upfront costs of waterborne coatings are higher than solvent-borne coatings. This can be a barrier to adoption, especially for small businesses.
Some of the raw materials used in waterborne coatings are not widely available, which can limit the growth of the market.
Waterborne coatings can be more difficult to apply than solvent-borne coatings, and they may not offer the same level of performance in some applications.
Governments around the world are increasingly regulating the use of waterborne coatings, which can add to the cost and complexity of bringing these products to market.
Opportunities
The growing demand for eco-friendly products is a major opportunity for the waterborne coatings market. Waterborne coatings are seen as a more sustainable alternative to solvent-borne coatings, and this is driving demand.
Technological advancements are constantly improving the performance and durability of waterborne coatings. This is making them more attractive to a wider range of users.
Waterborne coatings are finding new applications in a variety of industries, such as electronics, healthcare, and food packaging. This is expanding the market for waterborne coatings.
Emerging markets, such as China and India, are showing strong growth in the waterborne coatings market. This is due to the increasing demand for eco-friendly products and the growing popularity of waterborne coatings in the automotive and construction sectors.
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Recent Development
- In July 2023, AkzoNobel announced the expansion of its waterborne coatings production capacity in China. The expansion is part of the company's strategy to meet the growing demand for waterborne coatings in the Chinese market.
- In June 2023, PPG Industries announced the launch of a new line of high-performance waterborne coatings for the automotive industry. The new coatings are designed to meet the stringent requirements of the automotive industry for durability and performance.
- In May 2023, Sherwin-Williams announced the acquisition of Valspar Corporation. The acquisition will make Sherwin-Williams the largest waterborne coatings company in the world.
- In April 2023, BASF announced the launch of a new bio-based waterborne coatings resin. The new resin is made from renewable resources and is designed to meet the growing demand for sustainable coatings.
- In March 2023, Nippon Paint announced the expansion of its waterborne coatings production capacity in India. The expansion is part of the company's strategy to meet the growing demand for waterborne coatings in the Indian market.
Key Questions Answered in the Report:
- What is the projected growth rate of the Waterborne Coatings Market during the forecast period?
- How are stringent VOC regulations impacting the adoption of waterborne coatings?
- Which application segment holds the largest market share, and what factors contribute to this dominance?
- What technological advancements are driving the development of innovative waterborne coatings?
- How does the competitive landscape of the market look, and which companies are the key players?
- Which regions are expected to witness the highest growth, and what factors drive this regional variation?
- What are the challenges associated with transitioning from solvent-based to waterborne coatings?
- How are manufacturers ensuring the performance attributes of waterborne coatings while maintaining environmental compliance?
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Waterborne Coatings Market Forecast Report (2023-2030).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 100.2 Billion |
| Revenue Forecast by 2030 | USD 132.7 Billion |
| CAGR | 4.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Akzo Nobel N.V., Arkema, AXALTA, BASF SE, Benjamin Moore & Co., Berger Paints India Limited, Hempel Group, Jotun, Kansai Paint Co. Ltd., KCC CORPORATION, PPG Industries Inc., The Sherwin-Williams Company, Sika AG, Covestro AG, The Dow Company, Solvay AG, Silberline Manufacturing Co. Inc., Hexion Inc. |
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Regional Analysis:
The North American Waterborne Coatings Market demonstrates robust growth owing to stringent environmental regulations, heightened awareness of sustainability, and consistent advancements in technology. The United States and Canada, being frontrunners in adopting eco-friendly solutions, contribute significantly to the regional market share. With growing investments in infrastructure, the construction industry's demand for waterborne coatings is on the rise, while the automotive sector's focus on reducing VOC emissions further propels the market's expansion.
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