Waterborne coatings are eco-friendly that use water as a solvent and can be applied easily, and are applicable in appliances, automotive, architectural, marine, packaging, wood, general industrial, and others. They offer properties such as flexibility, adhesion, stain resistance, hardness, and corrosion resistance.
The major factors driving the market growth include increasing adoption of waterborne coatings over solvent-borne coatings and rapid economic growth in emerging countries. The major factor that is expected to drive the automotive and architectural demand is increasing consumer spending and population, especially in Asia-Pacific region, which supplements the market for waterborne coatings. Less amount of waterborne coating is required to cover the same surface area as compared to solvent-borne coatings. Factors likely to boost the demand for waterborne coatings include stringent environmental regulations along with increasing adoption for low VOC, eco-friendly, and non-hazardous coatings from the end-user industry. However, availability of cheaper substitutes limits the growth.
On the basis of resin type, the waterborne coatings market is segmented into epoxy, polyester, acrylic, polyurethane, alkyd, polyvinylidene chloride (PVDC), polyvinylidene floride (PVDF), and others. Acrylic waterborne coating is likely to be the fastest growing segment during the forecast period due to the superior hardness and durability properties offered by this resin.
The waterborne coatings application market is segmented into appliances, automotive, architectural, marine, packaging, wood, general industrial, and others. Architectural & automotive application segment was the largest in 2015, in terms of volume, owing to increase in adoption of waterborne coatings in emerging and developed countries.
Based on geography, the market is segmented across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the largest market in terms of both volume and value in 2015 on account of relative rise in the consumers disposable income and strict regulations in paints & coatings industry. The key strategies adopted by key players include product launches, expansions, and agreements & mergers. Leading waterborne coating manufacturers such as BASF SE, Akzo Nobel N.V. focus on R&D activities and product innovations for green coatings. Key players include BASF SE, Akzo Nobel N.V., Axalta Coating Systems, PPG Industries, Berger Paints, The Valspar Corporation, and Sherwin Williams.
- Analysis of the emerging portfolio of waterborne coatings market on the basis of various segments and evaluation of renewable raw materials are elaborated. Segmental analysis is also done to find out the highest revenue-generating segment.
- Study of various factors that drive and restrain the growth of the market is likely to help market players to understand the dynamics of the changing competition.
- Study of SWOT and analysis of the captivating strategies adopted by key players are conducted, which are expected to assist the stakeholders in decision-making.
- Analysis of the current market scenario, future estimations, and projected revenue of the market is also provided.
- The report provides various opportunities for the expansion of the market to help the stakeholders to understand the future prospects on various industrial applications due to excess availability of materials.
Waterborne Coatings Market Report Highlights
By Resin Type
Key Market Players
PPG Industries Inc., The Sherwin-Williams Company, Jotun Group, RPM International Inc., Axalta Coating Systems LLC, Asian Paints Limited, Kansai Paint Co. Ltd., BASF SE, Nippon Paint Holdings Co. Ltd., AkzoNobel N.V.
Other Key Market Players
Berger Paints India Ltd., Kansai Paint Co., Ltd, Asian Paint, Altana AG, Others