PUBLISHER: The Business Research Company | PRODUCT CODE: 1387780
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387780
“Water Borne Coatings Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on water borne coatings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for water borne coatings? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The water borne coatings market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Waterborne coatings are coatings that rely on water as a solvent for dispersing a resin, making them both environmentally friendly and easy to apply. These coatings typically employ binders like copolymers of acrylic, vinyl, and styrene compounds.
The primary categories of waterborne coatings include acrylic, epoxy, polyurethane, polyester, alkyd, polyvinylidene chloride (PVDC), polyvinylidene fluoride (PVDF), and other variants. Polyurethane, a versatile plastic material, is frequently used to produce coatings or substances that provide resistance to water and heat. Waterborne coatings find application across various industries, including appliances, automotive, architecture, marine, packaging, wood, and general manufacturing. These coatings are employed in sectors such as building and construction, automotive, industrial, wood, and various other industries.
The water-borne coatings market research report is one of a series of new reports from The Business Research Company that provides water-borne coatings market statistics, including global market size, regional shares, competitors with a water-borne coatings market share, detailed water-borne coatings market segments, market trends and opportunities, and any further data you may need to thrive in the water-borne coatings industry. This water-borne coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The water borne coatings market size has grown strongly in recent years. It will grow from $114.2 billion in 2023 to $121.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth observed during the historical period can be attributed to several factors, including increased consumer demand for eco-friendly products, growing concerns about health and safety, applications in the architectural sector, and the development within the automotive and transportation industry.
The water borne coatings market size is expected to see strong growth in the next few years. It will grow to $152.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be attributed to several factors, including the development of renewable energy infrastructure, expansion in infrastructure and construction projects, advancements in material technologies, the emergence of smart coatings, and the utilization of coatings in specialty applications. Notable trends expected in this forecast period encompass the adoption of bio-based waterborne coatings, the advancement of high-performance formulations, the integration of nanotechnology, and the pursuit of sustainability certifications.
The waterborne coatings market is expected to experience growth, driven by the expanding automotive industry. The automotive sector encompasses the activities related to designing, manufacturing, marketing, and selling motor vehicles. To reduce emissions, enhance durability, and improve the visual appeal of vehicles, the automotive industry has increasingly adopted waterborne coatings. Waterborne coatings also meet the stringent quality and performance standards demanded by the automotive sector. For example, in June 2023, Cox Automotive reported that car sales volumes are anticipated to increase by 11.6% annually to reach 7.65 million units in the first half of 2023. This growth is attributed to factors like new work and repair and maintenance activities. The number of units sold is projected to rise from 1.1 million to 1.3 million in June. Consequently, the burgeoning automotive industry is a driving force behind the waterborne coatings market's expansion.
The rising costs of raw materials are acting as a restraint on the waterborne coatings market. Increased raw material costs have resulted in higher manufacturing expenses, which, in turn, hinder investments in the research and development of new products. For instance, in March 2021, prices of raw materials used in paint and coatings, such as solvents like acetone, n-butyl acetate, and n-butanol, surged by 123%, 91%, and 54%, respectively. By June 2021, these raw material prices had risen by an additional 10%, and by December 2021, they had increased by approximately 50%. Consequently, the escalation in raw material costs poses a limitation to the growth of the waterborne coatings market.
Companies are adopting smart coatings and high-performance coating technologies to enhance coating efficiency. Nanocoatings, a type of smart coating, consist of extremely small particles and offer unique characteristics like flexibility, resistance to corrosion, and inhibition of micro-bacterial growth. Fluoropolymer coatings are known for their high-performance properties, including durability and cost-efficiency.
Leading companies in the waterborne coatings market are focusing on the development of cutting-edge waterborne coatings to expand their customer base, increase sales, and boost revenue. State-of-the-art waterborne coatings refer to the most advanced and innovative technology or formulation in waterborne coatings available at a given time. For example, in February 2021, Akzo Nobel N.V., a Dutch paint and coating manufacturing company, introduced Wandabase WB Plus. This updated aqueous basecoat system from the Wanda brand stands out for its ability to deliver exceptional coverage, metallic control, and a flawless finish. Moreover, Wandabase WB Plus is now compatible with AkzoNobel's cloud-based MIXIT cloud color tool, ensuring consistently accurate color matching.
Major companies operating in the water borne coatings market include AkzoNobel NV, BASF SE, Axalta Coating Systems Ltd., Berger Paints Ltd., Kansai Paint Co. Ltd., Nippon Paint Holdings Company Ltd., PPG Industries Inc., RPM International Inc., Sherwin-Williams Company, The Valspar Corporation, Tikkurila Oyj, Asian Paints Ltd., Benjamin Moore & Co., Jotun A/S, Chenyang Waterborne Paint, Sika AG, Hempel A/S, Shalimar Paints Limited, S K Kaken Co. Ltd., Beckers Group, Dunn-Edwards Corporation, Diamond Vogel Paint Company, Kelly-Moore Paints, Vista Paint Corporation, Indigo Paints Pvt. Ltd., Arkema Group, Carboline Company, Chugoku Marine Paints Ltd., Cloverdale Paint Inc., Diamond Vogel Inc., Masco Corporation, Rust-Oleum Corporation, Sakata Inx Corporation, Tnemec Company Inc.
Asia-Pacific was the largest region in the water-borne coatings market in 2023. Western Europe was the second-largest region in the global water-borne coatings market analysis. The regions covered in the water borne coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the water borne coatings market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The waterborne coatings market consists of the sales of waterborne powder, urethane, and fluoropolymer waterborne coatings. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.