Global Waterborne Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin, By Application By Region Forecasts, 2024 – 2032

Global Waterborne Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin, By Application By Region Forecasts, 2024 – 2032

Global Waterborne Coatings Market size was valued at US $ 102.97 billion in 2023 and is expected to reach US $ 144.04 billion by 2032 growing at a CAGR of 3.8% during the forecast period 2024 – 2032.

Reduced emissions of volatile organic compounds (VOCs) and associated health risks are the primary drivers of the aqueous coatings market on a global level. Growing infrastructural requirements are also fuelling market expansion, especially in the Asia Pacific area. Applications of aqueous coatings in building and construction have seen significant development in the past few years. The fundamentals of raw materials, environmental profiles, and features of coatings have changed over time. Numerous factors, including paint formulas and ecological constraints, have influenced these market changes.

Strong surface properties like high gloss, abrasion resistance, and anti-sealing effects are provided by waterborne coatings. These coatings make great primers because of their resistance to heat and abrasion. Waterborne paints can be applied thinly or thickly and have good adherence. Both interior and exterior surfaces are coated using waterborne materials. They offer high gloss, stability, wetness, and resistance to corrosion. Surface resistance to rust and weathering is increased by waterborne coatings. They are also employed to improve a structure's strength and attractiveness. Because of this, the use of waterborne coatings is expanding quickly across numerous industries, which is driving market expansion.

There is a growing need for infrastructure in developing nations like Brazil and India, particularly due to population growth worldwide. Effective infrastructure plays a critical role in the transportation of products and services from one location to another. Infrastructure investment has been expanding significantly over the past few years. Due to the fast increase in demand, governments from all over the world are increasing their investments in infrastructure projects.

“Acrylic segment, by resin, to be dominating market from 2023 to 2030.”

Acrylic held a significant portion of the Waterborne Coatings Market and is projected to expand at a compound annual growth rate of 6.1% in the forecast period. The market for acrylic coatings is expected to increase due to factors like better colour and gloss retention, exceptional external durability in outdoor exposure, and the expanding product needs of the automotive and infrastructure industries. Their features, cost, and ease of use are their advantages. These all outperform average due to their long pot life, fungal resistance, and superior moisture resistance. Acrylic resin has two benefits: first, it is very durable; second, it can reduce monthly energy costs. Consequently, over the projection period, all of these variables would increase demand for acrylic resins.

Architectural segment, by application, to be dominating market from 2023 to 2030.”

The greatest share of the Waterborne Coatings Market segment was accounted for by Architectural in 2023. Because of their protective properties, paints and coatings are used on both external and interior walls in a variety of commercial, institutional, and residential buildings. Rain, sun, and wind are among the extremes of weather that paints and coatings shield buildings from. Interior architectural features, such as wall paintings, wood flooring, sculptures, and furniture, are also coated with water-based materials. Waterborne coatings are becoming more and more popular in structures as environmental concerns develop. Therefore, it is anticipated that the construction industry's rapidly expanding use of paint and coatings would bring about a boom in the waterborne coatings market in the upcoming years.

“Asia Pacific to be largest and fastest growing region in Waterborne Coatings market.”

In 2023, the Asia Pacific region held the greatest market share for waterborne coatings worldwide. Major automakers are shifting production to Asia Pacific nations like China and India, which is driving up demand. It is anticipated that new industries in the area would contribute to this economic growth by taking advantage of the low labour costs and government tax incentives. Huge investment has accompanied the automobile and furniture industries' explosive rise, and the majority of this expenditure is to blame for the economy's progress. It's also one of the areas with the fastest population increase, based on the manufacture of aqueous coatings both now and in the future.

Asia Pacific is also anticipated to develop at the quickest rate during the projection period. There are several economic levels and industries represented in this region. High growth rates and significant investments in the automotive, consumer goods and appliances, building and construction industries are the main drivers of economic development. The majority of the leading global players in the waterborne coatings industry are already well-established in the Asia Pacific area and are attempting to grow naturally through partnerships and licencing arrangements.

Waterborne Coatings Competitive Landscape

The competitive landscape of the Waterborne Coatings market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Waterborne Coatings technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Waterborne Coatings market is highly competitive, with numerous companies vying for market share. Prominent companies in the Waterborne Coatings Market include:

Major Players:

AkzoNobel NV, Tikkurila Oyj, BASF SE, The Valspar Corp., Axalta Coating Systems LLC, The Sherwin-Williams Company, Berger Paints India Ltd., RPM International Inc., Kansai Paint Co., PPG Industries Inc., Nippon Paint Holdings Company Ltd.

Recent Developments:

BASF SE said in September 2023 that its Shanghai factory would be able to produce more aqueous coatings. This should help the business satisfy the increasing demand for aqueous coatings in Asia Pacific.

In August 2023, PPG Industries, Inc. announced a strategic partnership with a major Chinese carmaker to develop a new aqueous coating for use on automotive components. Its manufacturers claim that it is just as lightweight and fuel-efficient as conventional solvent-borne coatings.