Waterborne Coatings Market

The global Waterborne Coatings Market is valued at USD 100.2 Billion in 2022 and is projected to reach a value of USD 132.7 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 4.1% between 2023 and 2030.

Premium Insights

The demand for Waterborne Coatings is rising due to their numerous advantages, including increased wetting, adhesion, and clarity, which can be attributed to their market expansion. The market for Waterborne Coatings is expanding due to rising health concerns about toxicity and air quality. Technological improvements have also increased demand for Waterborne Coatings. For instance, advances in three-dimensional printing are making it possible to produce specialized coatings in previously impractical formats. This market is expanding due to factors including rising infrastructure spending, increased awareness of the advantages of corrosion-resistant coatings, and strict environmental restrictions.

A critical reason driving the adoption of these goods in various industries, including transportation, manufacturing, shipbuilding, food processing, healthcare facilities, etc., is the growing understanding of the value of coatings for protection against water damage. A growing trend towards "smart factories," where sensors are put across various processes to optimize performance and reduce disruptions brought on by product failures or malfunctions, is also reflected in the increase in industrial applications. Furthermore, this market's expansion is anticipated to be significantly aided by rising consumer acceptability due to customization options provided by various manufacturers.

The rise of the market for Waterborne Coatings has been fuelled by rising investments in renewable energy sources, including solar, wind, and hydro. Using renewable energy on a large scale has increased the demand for eco-friendly coatings. The market for Waterborne Coatings is expanding due to the transition to clean and green technology. Over the coming few years, these elements are anticipated to fuel market expansion. The market for Waterborne Coatings has expanded due to rising investments in renewable energy sources like solar, wind, and hydro. Using renewable energy on a large scale has increased the demand for eco-friendly coatings. The market for Waterborne Coatings is expanding due to the transition to clean and green technology. Over the following few years, these elements are anticipated to fuel market expansion. The Waterborne Coatings market is expanding due to reduced emission pollution. Governments worldwide are requiring actions to lower pollution levels, raising the demand for Waterborne Coatings that can do so. Glycol ethers, for instance, are anti-icing chemicals that can reduce airplane emissions.

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Economic Insights

The Waterborne Coatings market is experiencing significant economic growth driven by several factors. The increasing demand for environmentally friendly and sustainable coatings has shifted from solvent-based to waterborne, as they have lower levels of volatile organic compounds (VOCs) and are more eco-friendly. Additionally, stringent government regulations regarding VOC emissions have fuelled the adoption of Waterborne Coatings across various industries. The rising investments in infrastructure development, construction activities, and automotive manufacturing have also contributed to the market's growth.

Furthermore, technological advancements and product innovations, such as nanotechnology and developing high-performance Waterborne Coatings, have expanded the market's potential. The Waterborne Coatings market presents promising economic opportunities driven by the growing demand for sustainable, high-performance coatings across multiple sectors.

Top Market Trends

• One of the significant industry trends projected for the market for Waterborne Coatings is the rise in demand for ecologically friendly coatings. Adopting these coatings can protect employees' safety while assisting in reducing pollutants brought on by production processes.
• Introducing unique technologies is another trend projected to fuel expansion in the waterborne coating market regarding durability and weather resistance against marine corrosion. These modern innovations provide better flexibility and resistance to maritime corrosion performance. The need for these coatings is anticipated to rise across various sectors, including transportation, energy generation, marine transportation, and food processing.
• The market for Waterborne Coatings is projected to expand due to rising consumer demand for green products. Numerous advantages of Waterborne Coatings include decreasing overall environmental impact and improving mechanical performance.
• Adopting more greenfield projects and ongoing investment in new areas support the market's expansion.
• The market for Waterborne Coatings is expanding due to ongoing technological development and innovation, as well as developments in nanotechnology. Demand for PA6 coatings is expected to increase throughout the projected period due to the increasing demand for long-lasting, environmentally friendly coatings that adhere well to various substrates and have excellent optical clarity.

Market Segmentation

The global Waterborne Coatings market can be categorized into Coating Type, Application, and Region. Based on Type, the market is segmented into Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, Polytetrafluoroethylene, Polyvinylidene Fluoride, Polyvinylidene, and Other Types. Furthermore, based on Application, the market is segmented into Architectural and Industrial. In addition, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on the Type

Acrylic Resin to Accommodate Significant Market Share

Acrylic resin outperformed every other category. Because of their glossy color retention in outdoor exposure, acrylic aqueous coatings are anticipated to see significant demand from the infrastructure and automotive sectors. In the upcoming years, a substantial increase in the use of acrylic resin-based coatings for radiation curing and electrodeposition is anticipated. Due to the growing demand for refinishes in trucks, trains, vehicles, and other transportation equipment, polyurethane (PU) coatings will probably increase demand from the transportation sector. They have a wide range of applications because of desirable characteristics like abrasion resistance, hardness, and chemical and weather resistance. Due in large part to stringent government regulations aimed at reducing VOC emissions, constant scents, and evolving consumer preferences. Waterborne Coatings are expected to continue to outperform their solvent-borne counterparts.

Based on the Application Type

Architectural Segment Reported for Largest Share

The architecture category dominated the market by application type. The main application areas were coatings for exterior architectural surfaces, including painted or treated wood, metal, plastic, and other materials. The primary customers of these coatings include the high-end residential sector, luxury villas, gated communities, and high-rise apartments.

Based on Region

Europe Accounted for the Largest Revenue

Europe dominated the industry globally, accounting for roughly 38.1% of the overall market value. With a combined share of approximately 31.4%, Asia-Pacific, North America, and the Rest of the World (RoW) were next during the forecast period. The increase is credited to growing demand from these regions' significant economies and top companies introducing ground-breaking products. While coatings are frequently employed in commercial and industrial settings, their use in the military and transportation industries has increased alarmingly in recent years due to the introduction of strict environmental protection standards and maritime safety regulations.

Competitive Landscape

Significant players such as Akzo Nobel, PPG Industries, Sherwin-Williams, and BASF characterize the competitive landscape of the Waterborne Coatings market. These companies offer Waterborne Coatings for multiple applications, including architectural, industrial, and automotive sectors. They focus on delivering high-performance and sustainable solutions to meet the growing demand for environmentally friendly coatings. The market is competitive, with companies striving to capture market share through product innovations, technological advancements, and strategic partnerships.

Additionally, the market is witnessing the entry of new players, further intensifying the competition. Overall, the competitive landscape of the Waterborne Coatings market is dynamic, driven by the need to offer superior products and meet the evolving requirements of customers across different industries.

Recent Market Developments

• Environmental coatings and paints industry leader in China, Chenyang Group, established a partnership with Royal DSM in May 2022. With this partnership, we hope to boost the supply of eco-friendly coating options in the Chinese market.
• In February 2022, The Sherwin-Williams Company signed an agreement with the state of North Carolina, Iredell County, and the city of Statesville to expand its architectural paint and coatings manufacturing capacity. This includes the 36,000-square-foot extension, the addition of four new rail spurs, and the construction of an 800,000-square-foot distribution and fleet transportation center.

Segmentation of the Global Waterborne Coatings Market