Waterborne Coatings Market to Observe Strong Development by 2026
The
global waterborne coatings market was valued at US$ 73.19 Bn in 2017
and is anticipated to expand at a CAGR of 5.0% from 2018 to 2026,
according to a new report published by Transparency Market Research
(TMR) titled ‘Waterborne Coatings Market: Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast, 2018–2026.’ The global
waterborne coatings market is driven by the rise in demand for
architectural coatings. Asia Pacific accounts for major share of the
global waterborne coatings market, led by the increase in building
and construction activities in the region.
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Report Overview @
Rise
in Demand for Waterborne Coatings in Architectural Applications to
Drive Market
The
architectural coatings industry has undergone significant
transformation over the last decade. Currently, coatings have a much
different raw material base, environmental profile, and properties.
These changes have been brought about by various influencers such as
synthesis chemists, paint formulators, end-users, and environmental
regulators. The architectural coatings industry has experienced
healthy innovation over the last decade. Conversion from oil-based
paints to waterborne paints, decrease in emission of VOC content,
removal of chemicals of concern, emergence of paint-and-primer-in-one
products, need to provide improved film properties such as dirt
pickup resistance and early rain resistance, and easy-to-apply new
looks have been the key drivers of innovation. Demand for waterborne
coatings in architectural application is driven by the growth in
urbanization. This has resulted in increased demand for residential,
commercial, and industrial infrastructure. Low interest rates on
housing loans are also boosting the demand for new houses, thereby
propelling the architectural coatings segment, especially in Asia
Pacific. The segment is estimated to expand at a faster pace than the
other application segments. It is primarily driven by the rise in
demand for infrastructure requirements in residential,
non-residential, and commercial sectors in Asia Pacific. Increase in
population is augmenting the building & construction industry in
the region. This is boosting the waterborne coatings market in Asia
Pacific.
Stringent
Environmental Norms related to VOC Content to Create Growth
Opportunities
Various
governments across the globe have implemented stringent regulations
to lower the VOC content of paints and coatings. This has increased
the usage of eco-friendly alternatives. The waterborne coatings
market has been expanding, as these coatings are eco-friendly and
help lower the VOC components in traditional coatings. Waterborne
coatings emit less VOCs content as compared to its substitute such as
solvent-based coating. Decrease in emission of VOC such as organic
solvents is one of the major challenges facing the paints industry.
Coating and paint technologies adapt to environmental requirements.
Development of waterborne coatings and solvent-free coatings signify
new health and safety trends in coating technologies. The
carcinogenic environmental impact of VOC has led to the substitution
of solvent-borne coatings by waterborne coating systems. Among
recently developed waterborne coatings, epoxy- and acrylic-based
coatings hold dominance over other waterborne systems. Waterborne
coatings offer up to 94% reduction in VOCs compared to alternative
solvent and zinc liquid formulations, and up to 60% better corrosion
resistance in salt spray and cyclic testing compared to e-coat and
zinc formulations. Hence, demand for waterborne coatings is
anticipated to rise substantially during the forecast period.
Susceptibility
to Environmental Conditions to Hamper Waterborne Coatings Market
Waterborne
coatings could present a difficulty in the surface prep stage of a
coating project. Water is a promising substitute for solvents in some
situations; however, it is also a key component of corrosion.
Humidity and temperature carry adverse effects on film formation and
quality of waterborne coatings. At high humidity, a waterborne film
is likely to remain wet and initially may be almost soupy, while at
low humidity, the film may be too dry and have poor appearance.
Therefore, automotive waterborne basecoats are sprayed in booths with
temperature and humidity control. This is too expensive for most
industrial paint users. These coatings are susceptible to
environmental conditions, such as temperature and humidity, during
the curing phase. Thus, these coatings are impractical in some
climates.
Asia
Pacific Dominates Global Waterborne Coatings Market
Asia
Pacific leads the global waterborne coatings market, followed by
Europe and North America. Latin America and Middle East & Africa
are expected to be the key upcoming regions of the global waterborne
coatings market during the forecast period. Significant increase in
building and construction activities, especially in developing
regions, is anticipated to be a major factor driving the waterborne
coatings market in these regions. Waterborne coatings are widely
employed in building and construction activities, as these coatings
offer properties such as high gloss, better esthetics, and highly
durable structures.
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High
Degree of Competition among Established Players
Large
number of small- and large-scale manufacturers operate in the global
waterborne coatings market. These companies offer different types of
waterborne coatings for various applications. Prominent players
profiled in the global waterborne coatings market report are BASF SE,
Akzo Nobel N.V., Asian Paints, Axalta Coating Systems Ltd., Altana
AG, PPG Industries Inc., and Sherwin-Williams. Market players are
adopting strategies such as pricing and product improvement to
strengthen their market position.
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