Waterborne Coatings Market: By Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC, Others), Application (Building and Construction, Automotive, Industrial, Wood, Others) and Geography

Waterborne Coating Market was valued at USD 100.3 billion in 2022 and is poised to grow at a CAGR of 5.7% over 2023-2029. A waterborne coating is an environmentally friendly surface treatment that disperses the resin used to create the coating or paint using water as a solvent. The adoption of waterborne coatings is primarily driven by the general increase in interest in sustainability, which takes the shape of stronger environmental legislation and increased consumer demand for more environmentally friendly goods. For instance, in January 2022, Perstorp acquired GEO’s Di-Methylolpropionic Acid [DMPA®] business, further emphasizing its commitment as the sustainable specialty solution provider within the resins and coatings segment. Moreover, the advancement in performance owing to direct-to-metal (DTM) coatings and applications where specific properties, such as high gloss, are desired have provided several opportunities for expansion in the waterborne coating market. Furthermore, as building occupants and industry operators grow more worried about solvent odor, water-based paints are increasingly used in architectural applications owing to their lower odor levels. But the coatings are expensive when compared to their substitutes owing to the high cost of raw materials and the requirement of a skilled workforce during formulations and operations hinders the growth of the market. However, the growing awareness in emerging countries related to the benefits and performance features of waterborne coatings, significant infrastructure development, and other long-term projects, the rapid growth of the economy, increasing innovation, and industry consolidations are expected to surge the market during forecasted years.

Waterborne Coatings Market Key Developments:

• In March 2022, BASF expanded its Automotive Coatings application centre at Coatings Technology Centre in Mangalore (India). This expansion covers 400 square meters of floor area, equipped with several types of equipment, such as electrostatic rotary bell applicators and others. This expansion would help the company design and develop innovative solutions for automotive coatings.
• 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 centre.
• In June 2021, PPG announced the expansion of its coatings manufacturing capacity in Europe for packaging applications. The investment is expected to meet the rising customer demand in the region for the latest generation coatings for aluminium and steel cans used in packaging for beverage, food, and personal care items.