MRFR (Market Research Future) expects the water based coatings market 2020 to perform exceedingly well and attain a significant growth rate over the evaluation period (2016 to 2023). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.

Water-based coatings Market Share is projected to be worth USD 111.72 Billion by 2030, registering a CAGR of 5.72% during the forecast period

Key Boosters and Top Challenges

The Water-based coatings Market Share is all set to gain significant grounds in the coming years, backed by factors like soaring demand from several end-use industries like automotive, industrial and infrastructure. These types of coatings are generally preferred over other conventional ones since these contain close to 80% water content, which makes it an excellent solvent and it produces low VOC emissions. Synthetic pigments, resins, additives and surfactants are some of the most commonly used raw materials during waterborne coatings’ manufacturing. The mentioned raw materials help manufacture different kinds of waterborne coatings that have further use in several applications such as general industrial, architectural, wood, automotive OEM, coil, protective coatings, marine, industrial wood, metal packaging, automotive refinish, to name a few.

The global water based coatings market growth is further bolstered by the rising automobile production across Mexico, China, Malaysia, Germany and Indonesia. Growth in the number of construction activities in developing countries in Asia Pacific and the Middle East should also foster market growth. End-users in these countries are increasingly looking for high-performance, application-specific additives and pigments, which have excellent corrosion resistance as well as aesthetic properties, presenting attractive opportunities to the water-based coatings manufacturers. The striking boom in the construction industry in the past decade has been favorable for the global water based coating market as well. The emerging trend of opting for solvent-free coatings that have lower emissions instead of coatings that have high or low volatility organic solvents is fostering the product demand in commercial and residential applications.

The competition in the global market is quite intense, as a result of the growing application scope as well as use-cases of water-based coatings across various industries. The considerable growth of the automotive and construction industries in emerging nations of Central & South America and Asia Pacific, offer a host of lucrative opportunities to the water-based coatings manufacturers. The key raw materials suppliers also benefit in this scenario and are encouraged to bolster their product ranges to enhance their global reach.

Market Segmentation

Water-based coatings Market Share has been considered in the report for product type, resin type and end-use industries.

Various product types mentioned in the MRFR report include colloidal coatings, water-soluble paints, water-based alkyds and emulsions/latex paints.

Depending on resin type, the global market caters to epoxy, formaldehyde, acrylic, alkyds, polyurethane, and more.

The top end-user industries in the worldwide industry include paper & packaging, automotive, building & construction, marine, electronics, and others.

Regional Outlook

The key markets for water-based coatings are APAC or Asia Pacific, North America, Latin America, Europe and MEA/Middle East & Africa.

APAC is on its way to take the lead in the global market, thanks to the mounting demand for water-based coatings in the fast growing automotive and construction sectors. Also, the heightened demand for advanced electronics and the rapidly evolving lifestyle have bolstered the use of water-based coatings in industries like general industrial, automotive, new construction, remodel & repaint and marine in India, China, Taiwan, Malaysia, Indonesia, Vietnam and South Korea. China, however, exhibits the highest potential of securing the top position in the APAC market over the review period, in view of the flexible environmental norms pertaining to emissions along with reduced taxes levied for manufacturers. The surging income level in China has also induced major growth in the waterborne coatings industry.

The European market is mostly bolstered by the significant growth in the construction industry, especially following the recovery post-recession in the region. Germany’s stringent regulatory framework, one of which is Technische Anleitung (TA) Luft and the UK’s Environmental Protection Act state a few guidelines that aim to reduce the VOC content in coatings and paints. This is bound to work in favor of the Water-based coatings Market Share, since these products are fast replacing the traditional solvent-borne coatings in the construction industry.

Top Industry Competitors

Top competitors active in the global water-based coatings industry are BASF SE (Germany), Chenyang Waterborne Paint (China), Kansai Paint Co.,Ltd. (Japan), Asian Paints (India), Sika AG (Switzerland), Berger Paints India Limited (India),  Nippon Paint Company Limited (Japan), PPG Industries Inc. (U.S.), Axalta Coating Systems (U.S.), The Valspar Corporation (U.S.), AkzoNobel N.V. (Netherlands), Tikkurila Oyj (Finland), Jotun (Norway), The Sherwin-Williams Company (U.S.), Rpm International Inc. (U.S.), among others.

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