The global waterborne coatings market is anticipated to grow at a moderate rate CAGR 5.0% during the forecast period 2018 to 2026, reveals an upcoming report by Transparency Market Research (TMR).
The global waterborne coatings market is expected to reach the estimated value of US$ 114.70bn by the end of 2026. The rapid industrialization is leading to surge in the construction which in turn may aid in the growth of the global waterborne coatings market.
On the basis of resins, the global waterborne coatings market is segmented into acrylic, epoxy, polyurethane, formaldehyde, and alkyds. Among these, acrylic segment is expected to register a higher growth as these are highly durable, high performance driven, and environmentally sustainable.
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Automotive Industry to Strengthen Waterborne Coatings Market
Automotive industry uses paints for attractiveness and to protect the vehicles from external factors. This might push the global waterborne coatings market to grow in the upcoming years.
Waterborne coatings can protect the vehicles extreme heat, rains, and harsh climatic conditions. Additionally, these coatings can make the vehicles last longer. These factors might aid in the expansion of the global waterborne coatings market over the forecast period.
Moreover, the manufacturing companies of these coatings deploy latest technologies during the making of waterborne coatings. This makes automotive industry to opt these coatings for new vehicles and might help the global waterborne coatings market to swell up.
Further, while dealing with waterborne coatings the chances of injuries and accidents are less because these less flammable. This factor could entice the automotive industry to choose these coatings as compared to other types. These further may help in the substantial growth in the global waterborne coatings market during the forecast period.
Waterborne coatings are cost efficient as they do not need any additives such as thinners. Additionally, they do not dry up faster even when the container is opened once. This could push the global waterborne coatings market to expand in the forthcoming years.
The added benefit with waterborne coatings is that there is no need of additional clear coating. Waterborne coating in itself is highly glossy and provides all the sheen that a vehicle needs during painting. This may nudge the growth opportunities in the global waterborne coatings market over the forecast period.
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High cost of waterborne coatings in comparison to solvent based coatings and slow pace of drying in highly humid temperature may restrain the global waterborne coatings market. However, the stringent regulations against VOC and adoption of sustainable alternatives are expected to surge the waterborne coatings market during the forecast period. These coatings contains less VOC (volatile organic compounds).
Asia Pacific to Flourish in Waterborne Coatings Market
The global waterborne coatings market is expected to be led by Asia Pacific. The growth is attributable to rapid urbanization and industrialization that are increasing the number of residential and commercial constructions across the region. Additionally, high demand for personal and public transport is boosting the automotive industry. Increasing per capita income of emerging economies is projected to aid in the expansion of the global waterborne coatings market in the upcoming years.
The prominent players operating in the global waterborne coatings market include Asian Paints, Altana AG, PPG Industries Inc., Nobel N.V., Sherwin-Williams, and Axalta Coating Systems Ltd. These companies are adopting strategies such as product innovations to capture the large share in the global waterborne coatings market. One such innovation is introduction of eco-friendly or non VOC paints called interior latex paints by Sherwin Williams. These are made of oils such as soy and sunflower is what they claim.