According to the report, published by Zion Market Research global demand for waterborne coatings market was valued at USD 58.39 billion in 2015, is expected to reach USD 78.24 billion in 2021 and is anticipated to grow at a CAGR of 5.0% between 2016 and 2021.
Water-borne coatings utilize water as a solvent, which makes them eco-friendly and easy to apply. Waterborne coatings generally include around 80% of water with least amount of other solvents such as glycol ethers. Water borne coatings are presently available for various different applications such as wood coatings, furniture coatings, wood coatings, printing inks and plastic coatings. Waterborne coatings provide products with an individual and steady performance advantage. These coatings deliver a corrosion resistance with excellent fade resistance, strong color retention, and superior adhesion. They are fully compliant with all EPA regulations. They are non-hazardous, non-toxic, and non-flammable.
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The global market for waterborne coatings is expected to grow at a significant rate due to growing demand from architectural applications. Strict government rules and regulations in order to decrease volatile organic compounds (VOC) releases coupled with solvent based coatings are likely to impel the market growth. Rising automobile industry in emerging countries such as India, China, Thailand, Indonesia, and Mexico is expected to prompt the demand for waterborne coatings within the forecast period. Furthermore, increasing demand from end-use industries such as wood, coil, marine, metal packaging, and electronics is expected to significantly increase demand in the forecast period. However, extreme foam formation during production, handling and transportation may hamper the market growth in near future. Increasing research and development investment to develop new production technology and proper use of anti-foaming agents is expected to open lucrative opportunities for the manufacturers operating in this market.
Global waterborne coatings market has been segmented based on the basis of resin, application, and region. On the basis of resin, waterborne coatings market is classified into acrylic, polyester, alkyd, epoxy, polyurethane, PTFE, PVDF, PVDC and others. The acrylic segment accounted for largest share of the market in 2015 due to their low production cost. These types of resins are extensively used in automotive and architectural applications. Polyurethane resins segment is expected to exhibit considerable growth rate in the coming years due to its wide use in high-quality finishes in outdoor and indoor applications.
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On the basis of applications, waterborne coatings market is segmented into architectural, automotive, general industrial, protective, wood, marine, packaging, coil, and other applications. Architectural was the largest application segment in 2015 and is expected to maintain its dominance within the forecast period. The architectural application segment includes all lacquers and vanishes used to decorate & protect window frames, external & internal frames, and doors.
The market has been geographically segmented into Asia-Pacific, North America, Europe, Asia-Pacific, Latin America and Middle-East and Africa. In 2015, Asia-Pacific region was the leading market for waterborne coatings. The countries such as India, China, and Japan are expected to lead the waterborne coatings market in the Asia Pacific owing to high demand from end-use industries. The demand for waterborne coatings is comparatively low in the Latin America and MEA region. The stringent regulations regarding VOC emission in the developing country in this region have considerably hindered the growth of this market.
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The waterborne coatings market is highly competitive with the presence of many small and big key market players, such as BASF SE, AkzoNobel N.V., Axalata Coating System LLC, PPG Industries, The Valspar Corporation, Sherwin-Williams Company, and Nippon Paints Co. Ltd.