Waterborne Coatings Market Worth $117.7 Billion by 2026
CHICAGO, March 4, 2022 /PRNewswire/ — According to new market research report “Water Based Coatings Market by resin type (acrylic, polyester, alkyd, epoxy, polyurethane, PTFE, PVDF, PVDC), application (architectural and industrial), region (APAC, North America, EuropeMEA, South America) – Global Forecast to 2026″published by MarketsandMarkets™, the global waterborne coatings market size was $77.9 billion in 2020 and is expected to grow at a CAGR of 3.5% over the forecast period to reach $117.7 billion by 2026. Water-based coatings use water as a solvent, making them environmentally friendly and easy to apply. In most cases, this technology uses 80% water with small amounts of other solvents, for example glycol ethers. This technology is widely adopted for architectural, automotive, protective, wood, furniture, packaging and rail end uses. The binders used for water-based coatings are acrylics, polyurethane resins, epoxy resins, 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, over the forecast period, in terms of both value and volume.
Based on resin type, acrylic segment is expected to be the largest resin type during the forecast period. Water-based acrylic coatings resist weathering and oxidation better than oil-based paints and alkyds. These coatings also provide a polymeric structure that is less prone to absorbing ultraviolet light, helping to retain gloss and color for longer periods.
Architectural is expected to account for the largest share of the waterborne coatings market, by application, over the forecast period, in terms of value and volume.
Based on the application, architectural coatings are estimated to account for the largest share of the market during the forecast period. Waterborne coatings are mainly used in architectural application in European and North American countries due to strict regulations in these regions compared to APAC and other smaller regions. Water-based coatings are widely used in architectural applications because it is an inexpensive material that provides water resistance, good stain protection, and good water resistance. The number of initiatives supports the growth of the market, globally.
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Europe The waterborne coatings market is expected to register the second largest market share during the forecast period.
Rising demand from key industries such as automotive, aerospace, general industrial, coil and rail is driving the market for Europe. Rising number of car owners for personal transportation, advancements in road infrastructure, and improved economy and lifestyle are some of the major factors boosting 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 against corrosion, degradation and rust. Rising building construction activity, rising demand from industrial, oil and gas applications and growing number of motor vehicle owners are expected to drive the demand for waterborne coatings during the period. forecast.
Key players operating in the global waterborne coatings market include BASF SE (Germany), AkzoNobel SA (Netherlands), PPG Industries Inc. (USA), RPM International Inc. (USA), The Sherwin-Williams Company (USA), Asian Paints Limited (India), Axalta Coating Systems LLC (USA), Nippon Paint Holdings Co. Ltd. (Japan), Kansai Paint Co. Ltd. (Japan), Jotun Group (Norway).
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