Wilmington, Delaware, United States, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global waterborne coatings market was estimated at a value of US$ 79.1 billion in 2022. It is anticipated to register a 5.8% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 131.8 billion by 2031.
Robust surface characteristics like high gloss, resistance to rubbing, and anti-sealing are offered by waterborne coatings. Due to their resistance to heat and abrasion, these coatings make good primers. Waterborne paints can be applied thinly or thickly and have excellent adherence.
Waterborne coatings are used on both exterior and interior surfaces. These coatings offer high gloss, stability, wetting, and resistance to corrosion. The application of waterborne coatings increases the resistance of surfaces to rust and weathering. They are also employed to enhance the durability and aesthetics of buildings. The increasing use of waterborne coatings across a range of industries is driving up market dynamics.
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Key Findings of Market Report
- Aqueous coating end customers now have more opportunities thanks to companies that provide solutions for a variety of markets.
- The industrial sector has been consuming more waterborne coatings than the building and construction sector.
- Comparing waterborne coating to conventional solvent-borne solutions can help reduce volatile organic compound (VOC) emissions.
- The increased demand for waterborne coatings across multiple industries can be attributed to their superior performance in multiple applications, environmental advantages, and enhanced safety profiles.
- A broad variety of light- and medium-load industrial applications use waterborne acrylics.
- Due to several considerations, including ease of cleanup, decreased disposal of hazardous waste, compliance with VOC laws, decreased associated expenses, and reduced overall growth, the market for aqueous coatings has been growing steadily.
Market Trends for Waterborne Coatings
- The surge in global population, especially in developing countries such as India and Brazil, is driving the need for infrastructure development. The smooth flow of goods and services between locations relies heavily on effective infrastructure.
- In recent years, there has been a consistent rise in investments in infrastructure. Governments worldwide are responding to the growing demand by allocating more resources to infrastructure projects.
- Waterborne coatings play a crucial role in the infrastructure, building, and construction sectors. The widespread adoption of waterborne coatings in global infrastructure projects is creating substantial market opportunities for businesses in these sectors.
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Global Market for Waterborne Coatings: Regional Outlook
- In 2022, the Asia Pacific region dominated the market for waterborne coatings, holding a significant share. The surge in infrastructure needs across non-residential, residential, and commercial sectors is a key driver for the market's growth in this region. The building and construction industry in Asia Pacific is expected to undergo rapid expansion in the near future.
- The demand for decorative paints and coatings in China and India, coupled with increasing awareness of environmentally friendly coatings, is contributing to the growth of the waterborne coatings market in Asia Pacific. Stricter regulations on VOC emissions in countries like India and China are pushing manufacturers to adopt eco-friendly technologies, leading to an anticipated continued growth in the use of waterborne coatings in the region.
Global Waterborne Coatings Market: Key Players
The manufacturers within the waterborne coatings market globally are putting plans into place to improve profitability and streamline operations. They emphasize effective production techniques that preserve product quality while having a minimal negative impact on the environment. Research funding improves formulations to guarantee coatings satisfy a range of industry requirements.
Eco-friendly features are emphasized in marketing to draw in customers who care about the environment. Digital platforms and strategic alliances also simplify distribution, cutting expenses. In this fiercely competitive industry, producers may overcome market hurdles and secure a profitable position by improving supply chain efficiency and adapting to strict rules.
The following companies are well-known participants in the global waterborne coatings market: BASF SE, Akzo Nobel N.V., Asian Paint, Axalta Coating Systems Ltd., Altana AG, PPG Industries Inc., Sherwin-Williams
Some key developments by the players in this market are:
| Company name | Key Developments |
| BASF SE | BASF SE stated in September 2023 that it would be increasing the amount of aqueous coatings it could produce at its Shanghai, China factory. The company will probably be able to address the growing demand for aqueous coatings in the Asia Pacific region with this move. |
| PPG Industries, Inc. | PPG Industries, Inc. stated in August 2023 that it would be working with a top automobile manufacturer in China to create a new aqueous coating that will be applied to vehicle parts. Comparing the novel coating to conventional solvent-borne coatings, it is said to be more lightweight and fuel-efficient. |
Global Waterborne Coatings Market Segmentation
Resin
- Acrylic
- Formaldehyde
- Polyurethane
- Epoxy
- Alkyd
- Others
Application
- Building & Construction
- Automotive
- Automotive OEM
- Automotive Refinish
- Furniture & Flooring
- Electronics
- Marine
- Paper & Printing
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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