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

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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.

Waterborne Coatings Market Summary

Study Period

2023-29

Base Year

2022

CAGR

5.7%

Largest Market

Asia Pacific

Fastest Growing Market

Asia Pacific
Water-Borne Coatings Market Dynamics

The market is expected to rise accounting for the increased importance of automotive coatings owing to improved quality and durability of automobiles. According to The European Automobile Manufacturers’ Association, or ACEA, in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021 leading to increased demand for Water-borne coatings. They protect against scuffs, the environment, and chemical exposure owing to their superior mechanical qualities. The surface area of a vehicle is increased by interior automobile coatings. Over the following few years, it is anticipated that the automobile industry's growth will stay steady. Automakers intend to dramatically raise their investments in alternative fuels and other technologies, such as environmentally friendly electric vehicles (EVs). Over the next years, these trends are anticipated to fuel the expansion of the automotive sector and, in turn, raise the need for aqueous coatings for use in automotive applications.

Key Features of the Reports

  • The waterborne coating market report provides granular level information about the market size, regional market share, historic market (2018-2022) and forecast (2023-2029)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario

Waterborne Coatings Market Segmentation

By Resin Type
  • Acrylic
  • Polyester
  • Alkyd
  • Epoxy
  • Polyurethane
  • PTFE
  • PVDF
  • PVDC
  • Others
By Application
  • Building and Construction
  • Automotive
  • Industrial
  • Wood
  • Others
By Geography
  • North America
  • Europe
  • The Asia Pacific
  • Latin America
  • MEA
  • Rest of MEA

Frequently Asked Questions

The waterborne coating market valued at usd 100.3 billion in 2022 and is expected to grow at 5.7% cagr over the forecast period 2023 – 2029.

AkzoNobel NV, BASF SE, Asian Paints Limited, Arkema Group, Axalta Coating Systems LLC, Berger Paints India Ltd., Dow, Hempel, Jotun, Masco Corporation, Shawcor, Kansai Paint Co., Nippon Paint Holdings Company Ltd., PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, The Valspar Corp., and Tikkurila Oyj are a few companies in the Waterborne Coating market.

Asia Pacific accounted for the largest Waterborne Coating market with 6.2% CAGR.

Automobile sector among application segment has the potential to register the highest market share

  • AkzoNobel NV
  • BASF SE
  • Asian Paints Limited
  • Arkema Group
  • Axalta Coating Systems LLC
  • Berger Paints India Ltd.
  • Dow
  • Hempel
  • Jotun
  • Masco Corporation
  • Shawcor
  • Kansai Paint Co.
  • Nippon Paint Holdings Company Ltd.
  • PPG Industries Inc.
  • RPM International Inc.
  • The Sherwin-Williams Company
  • The Valspar Corp.
  • Tikkurila Oyj