Waterborne Coatings Market Is Estimated To Expand Further At A CAGR Of 5.6% From 2023 To 2030
Waterborne Coatings Industry Overview
The global waterborne coatings market size was valued at USD 57.67 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030.
The growth is driven by the fostering of construction activities across the globe. Rising construction activities on account of rapid industrialization and urbanization across the globe are anticipated to drive product demand over the projected period. The excessive shift in coatings trend from low or high-volatility organic solvents to complete solvent-free coatings that have fewer emissions is likely to contribute to the growing demand for waterborne coatings in residential as well as commercial coating applications. Interior and exterior wall paint formulations mainly rely on waterborne coatings.
Gather more insights about the market drivers, restrains and growth of the Waterborne Coatings Market
These formulations are usually based on acrylate/styrene dispersions. The product manufacturers are also focusing on reducing the average binder requirement in the formulation by 8–12% without affecting the property profile. Alkyd-based waterborne coatings are also preferred by many interior decorators as they are easier to apply, have a glossy finish, and provide better compensation for climatic variation in application and drying. A rise in automobile production capacities coupled with the growing innovation in design and aesthetics is anticipated to remain a key driving force behind the market growth in automobile applications. Automobile production is expected to rise owing to population expansion and rising per capita disposable income, particularly in emerging economies of Asia Pacific and Latin America.
Waterborne coatings are expected to witness an increase in demand from automobile applications due to which the coating manufacturers are investing in research & development to reduce manufacturing costs and, thus, reduce the price of their coatings. Operators working in automobile OEM & refinishing companies are expected to follow compliance to switch from solvent-borne to waterborne coatings systems. Conventional solvent-borne coatings contain about 84% VOC content and 16% solids. Typical waterborne coatings contain about 70% water, 20% solids, and 10% solvent. Waterborne coatings for automobile applications include fewer VOCs, which reduces health-related risks. The product is used for multiple hues & stripping has an advantage as they use a less clear coat to even out the surface for different layers.
These aforementioned factors are expected to increase product demand in automobile applications. On the other hand, the COVID-19 pandemic disrupted industry growth on the account of a temporary shutdown of construction activities, automobile manufacturing sites, and many other facilities due to imposed global lockdown for an uncertain period of time. The industry further sustained a major hit by the pandemic due to disruption in the supply chain caused by the international border restrictions. The pandemic caused a slight slump in market growth; however, it is anticipated to bounce back owing to the rapidly growing construction activities across the globe.
Browse through Grand View Research's Paints, Coatings & Printing Inks Industry Research Reports.
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Waterborne Coatings Market Segmentation
Grand View Research has segmented the global waterborne coatings market on the basis of resin, application, and region:
Waterborne Coatings Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Acrylic
- Polyurethane (PU)
- Epoxy
- Alkyd
- Polyester
- Polytetrafluoroethylene (PTFE)
- Polyvinylidene Chloride (PVDC)
- Polyvinylidene Fluoride (PVDF)
- Others
Waterborne Coatings Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Architectural
- General Industrial
- Automotive OEM
- Metal Packaging
- Protective Coatings
- Automotive Refinish
- Industrial Wood
- Marine
- Coil
- Others
Waterborne Coatings Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- UK.
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central & South America
- Brazil
- Colombia
- Middle East & Africa
- Saudi Arabia
- South Africa
Key Companies profiled:
- AkzoNobel NV
- BASF SE
- Axalta Coating Systems LLC
- Berger Paints India Ltd.
- Kansai Paint Co.,
- Nippon Paint Holdings Company Ltd.
- PPG Industries Inc.
- RPM International Inc.
- The Sherwin-Williams Company
- The Valspar Corp.
- Tikkurila Oyj
Key Waterborne Coatings Company Insights
The competition among global companies is likely to grow in future on the account of rapid innovations by new and emerging players in the industry. Manufacturers are targeting to improve their product portfolios, by innovating, designing, and launching a range of new products. This factor is expected to trigger competition in the industry.
Order a free sample PDF of the Waterborne Coatings Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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