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Water-based Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2028

  • Report ID : 100111
  • Category : Chemical and Materials
  • Pages : -----
  • Reporting status : Published Jan, 19
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Water-based coatings have water as solvent or liquefying agent to disperse all the elements of coating such as resin. polyvinyl ethers, polyurethane, or Polyacrylate resins are utilized as binders in water-based coatings. These coatings are used for enclosed areas and do not cause any harmful emissions. Usage of water as a solvent makes them eco-friendly as compared to other solvent coating systems such as solvent-borne coatings or powder coatings. In case of water-based coatings, (VOCs) Volatile Organic Compounds are present in lower quantities thereby, producing very less atmospheric emissions. Additionally, they retain good resistance to heat and abrasion. These factors led to exponential growth of water-based coatings market over the past few terms.

In other words, the water-based coatings contain about near about 75-85% of water with lesser quantities of solvents such as glycol ethers or polyacrylate. They possess excellent resistance to heat and abrasion and offers excellent adhesion to the substrate.

The water-based coating market is primarily driven by the growing demand from major end-use or application industries such as automotive, building & construction, and electronics amongst others. The building & construction industry holds a major share of the market in terms of both value and volume, followed by the automotive industry. These coatings are used primarily in the construction activities for waterproofing, damp proofing, crack filling, plaster additive, screed compound, and others. The increasing demand for better physical infrastructures and increasing need for housing coupled with the higher rate of population growth are likely to propel the growth of the market. The practice of utilizing water-based coatings in the automotive division provides exceptional finishing, protection and durability to the product. Air Resources Board (ARB) in California have suggested waterbased coatings for automotive coatings to achieve VOC emission reductions.

Additionally, these water-based coating provides optimum conformal coatings to electronic circuitry to shield them from dust, dirt, moisture, chemicals, and high temperature. This is expected to fuel the demand for the product from the electronics industry. Furthermore, the demand for the product is increasing from the marine industry due to their superior beneficial properties such as gloss retention, durability, good flow and leveling characteristics, resistance to water, chemical & weather, and good adhesion. Apart from this, they are used in paper & packaging industry for the manufacturing of paper plates, folding cartons, corrugated boxes, roll wrap, and others, which, in turn, is expected to propel the market growth during the assessment period. Stringent regulations against the use of solvent-based coatings such as Clean Air Act, Clean Water Act, etc. are further favoring the market growth. Conversely, fluctuating price of raw materials and the expensive water-based coatings may restrain the market growth.

The water-based coatings market is segmented primarily on the basis of resin type, end-use, and geography. In segment of resin type, epoxy, acrylic, formaldehyde, polyurethane, alkyds, and others are segmented into which the water-based coatings market is fragmented. By revenue cycle, acrylic segment is the foremost attractive segment of the water-based coatings market. As acrylic coatings are widely used in architectural coatings, construction of residential and commercial buildings will augur sound for the segment. Nevertheless, polyurethane is estimated to emerge as lucrative as the usage of polyurethane is expected to be on the upswing. On the contrary, the formaldehyde segment shows lackluster progress as formaldehyde is affiliated with VOC emissions.

Geographically, North America, Europe, Asia Pacific, Middle East & Africa and the Latin America, are the segments into which the water-based coatings market is bifurcated. Asia Pacific is expected to be the highly attractive market for water-based coatings. Growth of the construction sector leading to the heightened demand for paints and coatings is fueling the water-based coatings market in this region. Moreover, growth of the automotive sector in the region is stoking demand for paints and coatings among OEMs.

Latin America and the Middle East & Africa are predicted to display substantial demand for water-based coatings in the upcoming years. Rising construction activities to serve the residential needs of growing middle-class population in emerging economies of Latin America are indirectly boosting the water-based coatings market.

Major companies operating in the water-based coatings market are Akzo Nobel NV, PPG Industries, and Sherwin-Williams Company. Some other companies to name are BASF SE, Asian Paints Limited, Kansai Paint Co. Ltd., Axalta Coating Systems Ltd., Altana AG, Nerolac paints Limited, Schmid Rhymer AG, NIPSEA Group, SKK Pte. Ltd., and Hebei Chenyang Industry & Trade Group Co. Ltd.

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