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(EstateNewsWire.com, August 04, 2022 ) The report "Waterborne Coatings Market size was USD 77.9 billion in 2020 and is projected to grow at a CAGR of 3.5% during the forecast period to reach USD 117.7 billion by 2026. Increasing building & construction activities and infrastructure projects, improving quality of industrial manufacturing in developing countries, and the need for protection of coated products are the major growth drivers of the global waterborne coatings market.
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New rules and regulations implemented by the European Commission are aimed at achieving a greener environment with minimum harmful emissions. Car manufacturers are playing an important role in the minimization of carbon emissions and have started adopting these regulations to achieve sustainable growth. Currently, countries in the Middle East region are transforming due to the development of sustainability policies, changes in consumer preferences around the ownership of automobiles, and the rise of new technologies. South America is an emerging market, offering significant opportunities for manufacturers of coating resins to expand. Industrial activities in the region have increased because of the rise in disposable income, shift towards nuclear families, affordable interest rates, and changes in consumer preferences. The emergence of new applications and the expansion of existing applications are expected to fuel the coating resins market in the region.
Based on resin type, The acrylic segment is projected to be the largest resin type during the forecast period. Waterborne acrylic coatings withstand extreme weathers and oxidation better than oil-based paints and alkyds. These coatings also provide a polymer structure that has lower tendencies to absorb ultraviolet light which helps in retaining gloss and color for longer time periods.
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Browse in-depth TOC on "Waterborne Coatings Market”
198 - Market Data Tables
55 - Figures
249 - Pages
Based on application, architectural coatings are estimated to account for the largest share of the market during the forecast period. Waterborne coatings are majorly used in the architectural application in European and North American countries due to stringent regulations in these regions in comparison to APAC and other smaller regions. Waterborne coatings are extensively used in architectural applications, as it is a low-cost material that provides water resistance, good stain protection, and good water resistance. The number of initiatives is supporting the growth of the market, globally.
Various factors, including environmental regulations & policies against the use of VOCs, increasing public awareness regarding the harmful effects of waterborne coatings, and rising demand for various applications are factors offering growth opportunities for the market.
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).
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Mr. Aashish Mehra
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