The Global Waterborne Coatings Market is expected to be valued at USD 90.11 Billion in 2027 from USD 60.59 Billion in 2019, registering a CAGR of 4.9% through the forecast period. The market growth is predominantly driven by the rapid expansion of the architectural and industrial sectors and their increasing applications, primarily in the residential sector. The cost-efficacy of raw materials required for waterborne coatings is projected to have a considerable effect on production costs. However, the increasing requirement of raw materials from numerous other end-user industries is expected to interfere with its accessibility for the manufacturing of waterborne coatings.
Increasing requirements from the construction and infrastructure development sector are projected to drive market growth in major economies such as North America, Asia Pacific, and Europe. The increasing availability and launch of novel cars in the regions are projected to be an essential market growth driving element. The fast-paced automotive industry in the emerging market in these regions is projected to further support market growth. Increasing levels of disposable incomes and changing lifestyles are estimated to boost car sales across the globe, thereby propelling market growth. Moreover, the implementation of the stringent regulatory framework to regulate the content of VOC in colors worldwide is also adding to the market demand for waterborne coatings.
The impact of the COVID-19 pandemic has been observed on the expansion of the market. With the restrictions on trade, exports, and international imports, a sudden decrease in domestic demand was observed, restricting market growth. The major companies of the market are engaged in developing innovative and cost-effective solutions to cater to consumer demands and to overcome the negative impact of the global crisis on the market.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/waterborne-coatings-market
Key Highlights from Report:
- Acrylic resin contributed significantly to the market revenue in 2019 and is projected to account for a sizeable share of the market in the coming years.
- The sub-segment architecture is the fastest expanding application of the market owing to the rising need for commercial, residential, and industrial infrastructure due to rapidly escalating population growth and urbanization.
- Europe is foreseen to account for a significantly large share of the market in the estimated timeframe owing to the increasing disposable incomes, favorable policies, and the escalating expansion of the automotive sector.
- Major companies operating in the market include Kansai Paint Co., Ltd., Nippon Paint Company Limited, AkzoNobel NV, BASF, The Sherwin Williams Company, Axalta Coating System, Berger Paints India Limited, PPG Industries Inc., RPM International Inc, and Tikkurila Oyj, among others.
- In June 2019, Jotun and Korean Hyundai Heavy Industries (HHI) signed a Memorandum of Understanding (MoU) that specifies that HHI will exclusively use the novel marine paint developed by Jotun that reduces solvent emissions by nearly 90%. The collaboration will also help HHI to efficiently conform to the environmental standards implemented regarding the levels of solvent emissions.
For the purpose of this report, Reports and Data has segmented the Global Waterborne Coatings Market on the basis of resin type, application, and region:
Resin Type Outlook (Revenue, USD Billion; Volume, Million Tons; 2017-2027)
Application Outlook (Revenue, USD Billion; Volume, Million Tons; 2017-2027)
- General Industrial
- Automotive OEM
- Metal Packaging
- Protective Coatings
Regional Outlook (Revenue, USD Billion; Volume, Million Tons; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- Rest of MEA