Waterborne Coatings Market to Grow with a CAGR of 4.20% through 2028
Surge in technological advancements is expected to drive the Global
Waterborne Coatings Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Waterborne Coatings
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Waterborne Coatings Market stood at USD 103.03 billion in 2022 and is anticipated to grow with a CAGR of 4.20% in the forecast
period, 2023-2028. The initiatives taken by government based on Waterborne Coatings
has led to favorable market conditions for the Global Waterborne Coatings
Market. Several factors contribute to the growth of various Waterborne Coatings
products.In some regions, governments are recognizing the importance of
reducing the environmental impact of educational institutes and are taking
action by providing specific funding for the use of waterborne coatings. By
adopting these coatings, schools not only contribute to a more sustainable
future but also set a positive example for other sectors to follow.
One interesting
case that showcases the commitment of both the government and industry is the
"New Paint for a New Start" initiative announced by PPG, a leading
player in the coatings industry, in Hungary. This initiative focuses on
transforming primary schools across the country, promoting the use of
waterborne coatings, and aligning with government objectives to create a more
environmentally friendly educational environment.By investing in such
initiatives, governments and companies are not only addressing environmental
concerns but also fostering a culture of sustainability and innovation. This
collaborative effort paves the way for a greener future, where educational
institutes play a crucial role in leading the transition towards eco-friendly
practices.
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Waterborne Coatings Market”
The waterborne
coatings industry is currently experiencing remarkable advancements in coating
technologies, particularly in the area of self-healing and self-cleaning
properties. These cutting-edge coatings possess the remarkable ability to
repair themselves when damaged, thereby reducing the need for frequent
maintenance and repainting. Moreover, they also exhibit a unique resistance to
dirt and grime, making them an exceptional choice for various applications,
both indoors and outdoors.
Furthermore, the
introduction of innovative formulations and technologies is revolutionizing the
waterborne coatings industry. For instance, the continuous advancements in
waterborne technology have paved the way for the development of coatings that
offer superior performance characteristics. These include enhanced resistance
to corrosion, improved adhesion to surfaces, and even better gloss retention,
resulting in coatings that not only protect but also maintain their aesthetic
appeal for extended periods. With such
advancements, the waterborne coatings industry is poised for significant growth
and transformation, as these new developments continue to push the boundaries
of performance, durability, and sustainability in the coating sector.
The Global
Waterborne Coatings Market is segmented into resin type, application, regional
distribution, and company
Based on its resin type, the alkyd segment held the
largest share in the market. Certain paints and transparent coatings utilize
alkyd resin, a complex oil-modified polyester, as a key film-forming component.
The typical components of alkyd paint include an oil-modified polyester for
coating, a solvent like hexane or mineral spirits for application, metal
naphthenates for catalyzing the drying reaction, and pigments for color and
surface concealment.
Epoxy coatings hold a significant position in the
waterborne coating market. They are valued for their ability to produce a
durable, long-lasting, and chemically resistant substance. With applications
ranging from industrial production facilities to electrical, automotive, and
marine sectors, they provide robust and quick-drying protective coatings for
metals and other materials. Their exceptional resistance to corrosion and harsh
chemicals makes them excellent choices for safeguarding high-load concrete
constructions, pipes, poles, pillars, and reinforcement steel. Subterranean
structural foundations and naval vessels also benefit from the numerous
advantages of epoxy coatings in corrosion prevention. Additionally, epoxy
flooring coatings are commonly utilized in factories and warehouses for their
mechanical strength, aesthetic appeal, and resistance to corrosive substances
such as oil, chemicals, and weak acids.
Based on region, Asia Pacific segment is expected to
grow during the forecast period. The demand for waterborne coatings is anticipated to
rise significantly in the Asia Pacific region, particularly in nations such as
China, India, and Indonesia. This surge in demand can be attributed to the
relocation of major automakers to these countries, leading to the formation of
new sectors and industries. The region's low labor costs and government tax
incentives further fuel this expansion. With high growth rates and substantial investments in
the automotive and furniture industries, the Asia Pacific region is
experiencing notable economic development. As a result, the population in this
region is rapidly increasing, making it one of the locations with the fastest
rising populations in the world. The production and demand for waterborne
coatings play a crucial role in driving this growth and further contributing to
the region's economic progress.
Major companies operating in Global Waterborne
Coatings Market are:
- AkzoNobel NV
- BASF SE
- Axalta Coating Systems LLC
- Berger Paints India Ltd
- Kansai Paint Co., Ltd.
- Nippon Paint Holdings Company Ltd
- PPG Industries Inc.
- RPM International Inc.,
- The Sherwin-Williams Company
- The Valspar Corporation
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“Growing application of Waterborne Coatings in various
end user industries are key drivers of the Waterborne Coatings market. Growth
in competitive landscape and presence of well-established companies in the
market who are dedicated to enhance their productivity of Waterborne Coatings
with every passing year are anticipated to register an impressive growth to Global
Waterborne Coatings Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Waterborne Coatings Market By Resin
Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, Polytetrafluoroethylene
(PTFE), Polyvinylidene Fluoride (PVDF), Polyvinylidene Chloride (PVDC), Others),
By Application (Architectural, General Metals, Automotive and Industrial), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Waterborne Coatings Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Waterborne Coatings Market.
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