Market Overview:
As per the analysis of Market Research Future (MRFR), the global water-soluble paints market is projected to grow steadily through the forecast period 2016 to 2023. The advantages of water-soluble paints over conventional paints such as low VOC emission, low toxicity, and low fire hazard are driving the adoption of the product. Furthermore, the characteristics such as corrosion protection and high gloss are anticipated to pave its way into the booming construction and automotive sectors.
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The rapid industrialization and urbanization coupled with a growing population and increasing disposable income are projected to have a favorable influence on the proliferation of the global water-soluble paints market in the upcoming years. In addition, the rising demand for water-soluble paints from the furniture industry is expected to exhibit a similar trend over the next couple of years. It is poised to push the market on the growth trajectory through the projection period. The increasing awareness about eco-friendly products is further forecasted to boost the sales of the products in the upcoming years.
Industry Segmentation:
This report offers a comprehensive segmental analysis of the water-soluble paints market based on product type and end-user industries.
By product type, the water-soluble paints market has been segmented into acrylic, polyester, alkyd, epoxy, and epoxy esters.
By end-user industries, the water-soluble paints market has been segmented into building & construction, furniture making industry, automotive, and others.
Regional Analysis:
By region, the global water-soluble paints market has been segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. The Asia Pacific is poised to dominate the global market over the assessment period. The rapid industrialization coupled with exponential population is primarily expected to catalyze the proliferation of the water-soluble paints market in the forthcoming years. In addition, an upsurge in demand for these paints from automotive and construction sectors in the region has been predicted. It is anticipated to catapult the water-soluble paints market on a future trajectory of expansion. Also, the rising demand from the furniture industry has been expected to have a positive influence on the expansion of the market across the review period.
Europe is expected to exhibit substantial growth over the next few years owing to the expansion of the automotive sector. Furthermore, the accelerated infrastructural activities are prognosticated to have a favorable impact on the expansion of the water-soluble paints market. Meanwhile, the growing demand from the construction industry is likely to drive the development of the market in North America.
The growth of the regional market in Latin America is anticipated to be driven by the massive demand for water-soluble paints from the automotive sector. Mexico is presumed to be a crucial country-level market of the water-soluble paints market in the region. Also, the Middle East & Africa is poised to grow substantially owing to an increase in construction projects in Saudi Arabia and the U.A.E.
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Competitive Landscape
- AkzoNobel N.V.
- BASF SE
- Berger Paints India Limited
- Axalta Coating Systems
- Kansai Paint Co., Ltd.
- PPG Industries Inc.
- Rpm International Inc.
- The Sherwin-Williams Company
- Nippon Paint Company Limited
- Asian Paints
- The Valspar Corporation
- Chenyang Waterborne Paint
- Jotun
- Tikkurila Oyj
- Sika AG
Industry Updates
- In May 2018, Axalta, a coatings company headquartered in Philadelphia, has acquired manufacturing and distribution facility in Sacramento, California for supporting its growth in the North American Industrial and Refinish businesses.
- In October 2018, PPG Industries, a global supplier of paints, coatings, and specialty materials have announced the acquisition of automotive refinish products manufacturer SEM Products, Inc.
- In October 2018, Akzo Nobel N.V., which deals in paints and performance coatings for both industry and consumers worldwide, has completed the acquisition of Fabryo Corporation S.R.L. (Fabryo) and emerged as the leader in the decorative paints market of Romania.
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