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04 Mar, 2022, 11:30 GMT
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CHICAGO, March 4, 2022 /PRNewswire/ — According to the new market research report "Waterborne Coatings Market by Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC), Application (Architectural and Industrial), Region (APAC, North America, Europe, MEA, South America) – Global Forecast to 2026", published by MarketsandMarkets™, the global Waterborne Coatings Market size was USD 77.9 billion in 2020 and is projected to grow at a CAGR of 3.5% during the forecast period to reach USD 117.7 billion by 2026. Waterborne coatings use water as a solvent, which makes them environmentally friendly and easy to apply. In most cases, this technology uses 80% water with small quantities of other solvents, for instance, glycol ethers. This technology is widely adopted for architectural, automotive, protective, wood, furniture, packaging, and rail coatings end-uses. The binders used for waterborne coatings are acrylics, polyurethane resins, epoxy, alkyd resins, and others.
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The acrylic segment is expected to account for the largest share of the waterborne coatings market, by resin type, during the forecast period, in terms of value and volume.
Based on resin type, The acrylic segment is projected to be the largest resin type during the forecast period. Waterborne acrylic coatings withstand extreme weathers and oxidation better than oil-based paints and alkyds. These coatings also provide a polymer structure that has lower tendencies to absorb ultraviolet light which helps in retaining gloss and color for longer time periods.
Architectural is expected to account for the largest share of in the waterborne coatings market, by application, during the forecast period, in terms of value and volume.
Based on application, architectural coatings are estimated to account for the largest share of the market during the forecast period. Waterborne coatings are majorly used in the architectural application in European and North American countries due to stringent regulations in these regions in comparison to APAC and other smaller regions. Waterborne coatings are extensively used in architectural applications, as it is a low-cost material that provides water resistance, good stain protection, and good water resistance. The number of initiatives is supporting the growth of the market, globally.
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Europe waterborne coatings market is projected to register the second largest market share during the forecast period.
The increasing demand from key industries such as automotive, aerospace, general industrial, coil, and rail is driving the market in Europe. Rising car ownership for personal conveyance, advancements in road infrastructure, and an improving economy and lifestyle are some of the major factors driving the automotive industry in the region. Metal is used as a major material in the manufacture of cars. Therefore, it demands high-quality coatings for protection from corrosion, degradation, and rust. The increase in building construction activity, rising demand from the industrial and oil & gas applications, and the rising motor vehicle ownership is expected to boost the demand for waterborne coatings during the forecast period.
Major players operating in the global waterborne coatings market include BASF SE (Germany), AkzoNobel N.V. (Netherlands), PPG Industries Inc. (US), RPM International Inc. (US), The Sherwin-Williams Company (US), Asian Paints Limited (India), Axalta Coating Systems LLC (US), Nippon Paint Holdings Co. Ltd. (Japan), Kansai Paint Co. Ltd. (Japan), Jotun Group (Norway).
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