According to a report by Grand View Research, Inc.; the global waterborne coatings market is predicted to reach USD 146.11 billion by 2022. Growing demand for non-hazardous and eco-friendly products due to rising awareness regarding environmental pollution will drive the waterborne coatings market during the forecast period (from 2012 to 2022). Moreover, these coatings have low environment impact and are economically beneficial. These factors are also projected to boost the product demand. Waterborne coatings offer properties such as flexibility, stain resistance, corrosion resistance, and hardness. All these properties would also fuel its demand in several end-use applications.
Growing investments in commercial and residential buildings on account of frequently changing trends in the construction sector can also have a positive impact on the market growth. Favorable government initiatives promoting the usage of green products over conventional toxic coatings can also foster market growth in the forthcoming years. Prolonged exposure to any solvent-based paint can cause serious health issues such as asthma, allergies, headache, and irritation. Growing awareness regarding the adverse effects of these conventional coatings can spur the product demand. Increasing adoption of waterborne coatings in automotive applications on account of their exterior robustness can stimulate the market growth during the forecast period.
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The waterborne coatings market can be segregated on the basis of resin type, application, and region. Based on resin type, the market can be categorized into epoxy, Polyvinylidene Chloride (PVDC), acrylic, polyester, polyurethane, alkyd, Polytetrafluoroethylene (PTFE), Polyvinylidene Floride (PVDF), and Others. In 2014, acrylic resin-based formulations accounted for 80 % of the global market share. Increasing product use in automotive refinishing and architectural applications due to its low cost of production and exterior robustness is expected to drive the segment demand. The polyurethane segment is also anticipated to witness a high growth rate owing to rising demand for high-quality finishing in indoor and outdoor applications.
Moreover, high usage in the coal and automotive industries can also fuel the demand for polyurethane-based waterborne coatings during the forecast period. Based on application, the market can be classified into automotive OEM, metal packaging, protective coatings, industrial wood, marine, coil, architectural, general industrial, and others. In 2014, architectural segment dominated the market and accounted for 85 % of the overall share. It is expected to grow further at a similar pace in the forthcoming years. The automotive OEM segment is expected to register the highest growth rate of 8.1 % from 2012 to 2022.
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Vanishes and lacquers are used to decorate and protect internal and external doors and window frames. Growing construction sector in emerging economies such as India, China, Brazil, and Mexico due to rapid infrastructural development can fuel the segment demand. Moreover, rising demand for automotive refinishing in Europe can further augment the product demand in the coming years. Regional segmentation includes North America, Asia Pacific, Europe, Central & South America, and Middle East & Africa (MEA). In 2014, Europe region dominated the industry and accounted for 38.6 % of the overall market share. Tough regulations from local governments to reduce the usage of solvent borne coatings is anticipated to propel the market growth in this region in the next few years.
The Asia pacific waterborne coatings market is expected to witness phenomenal growth at CAGR of 7.9 % during the forecast period. Increasing investment in construction activities in emerging economies such as India and China can boost the region’s dvelopment. In addition, rising awareness about the benefits of using waterborne paints and coatings and ban on Volatile Organic Compounds (VOCs) by local governments would also augment the segment growth.The MEA regional market is estimated to expand at an average rate as a result of expansion of the infrastructure and civil construction sector in the region.
Shifting focus of national governments in Gulf Cooperation Council (GCC) from hydro-carbon-based economy towards industries such as education, tourism, and medical & healthcare has fueled the infrastructural development in the region. This, in turn, is likely to augment the demand for greener coating technologies. Some of the leading companies offering waterborne coatings are Akzo Nobel NV; Axalta Coating Systems; BASF SE; Berger Paints India Ltd.; and Nippon Paint Holdings Co. Ltd.
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