Global Waterborne Coatings Market, By Type (Acrylic Coatings, Polyester Coatings, ALKYD Coatings, EPOXY Coatings, Polyurethane Coatings, PTFE Coatings, PVDF Coatings, PVDC Coatings, and Others), Application (Architectural, Automotive, General Industrial, Protective, Wood, Marine, Packaging, Coil, Metal Packaging, and Others) - Industry Trends and to 2031.
Waterborne Coatings Market Analysis and Size
The global waterborne coatings market finds extensive application across diverse sectors including automotive, construction, aerospace, and industrial machinery. Waterborne coatings are utilized for automotive refinishing, architectural coatings for buildings, protective coatings for metals, and coatings for plastic substrates. The market continues to expand due to stringent environmental regulations and the growing preference for sustainable coating solutions across industries.
Data Bridge Market Research analyses that the global waterborne coatings market, which was USD 83.16 billion in 2023, is expected to reach USD 124.08 billion by 2031, growing at a CAGR of 5.13% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Acrylic Coatings, Polyester Coatings, ALKYD Coatings, EPOXY Coatings, Polyurethane Coatings, PTFE Coatings, PVDF Coatings, PVDC Coatings, and Others), Application (Architectural, Automotive, General Industrial, Protective, Wood, Marine, Packaging, Coil, Metal Packaging, and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America
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Market Players Covered
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PPG Industries Inc. (U.S.)), Sherwin Williams Company (U.S.), BASF SE (Germany), Akzo Nobel N.V. (Netherlands), Axalta Coatings Systems,LLC. (U.S.), (Kansai Paints Co.Ltd. (Japan), Jotun Group (Noraway), Berger Paints India Ltd. (India), Hempel A/S (Denmark), KCC Corporation (South Korea), Arkema (France), Benjamin Moore & Co. (U.S.), Sika AG (Switzerland), Convestro AG (Germany), Dow (U.S.), Solvay (Belgium), SILBERLINE MANUFACTURING CO.,INC. (U.S.), Hexion (U.S.), The Lubrizol Corporation (U.S.), and Eastman Chemical Company (U.S.) among others
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Market Opportunities
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Market Definition
Waterborne coatings are paint formulations where water serves as the primary solvent, replacing traditional solvents such as petroleum-based chemicals. They emit fewer volatile organic compounds (VOCs) into the atmosphere, making them environmentally friendly.
Global Waterborne Coatings Market Dynamics
Drivers
- Global Expansion of Industrial Activities
As industrial activities expand globally, the demand for protective coatings for machinery and equipment rises respectively. Waterborne coatings offer effective protection against corrosion, abrasion, and chemical exposure, ensuring the longevity and performance of industrial assets. Industries such as manufacturing, oil and gas, and construction rely on these coatings to preserve their equipment and infrastructure. This increased adoption of waterborne coatings drives market growth, catering to the evolving needs of industrial sectors worldwide.
- Growing Emphasis on Sustainability
The shift towards sustainability drives the preference for waterborne coatings over solvent-based alternatives. Waterborne coatings emit fewer volatile organic compounds and have lower environmental impact during production, application, and disposal. Industries are selecting eco-friendly options to reduce their carbon footprint. This growing emphasis on sustainability not only meets regulatory requirements but also aligns with corporate social responsibility goals, fostering the widespread adoption of waterborne coatings in the market.
Opportunities
- Increasing Research and Development Efforts in Waterborne Coatings
Continuous research and development efforts in waterborne coatings lead to improved performance and versatility. Innovations in formulation technologies enable waterborne coatings to offer enhanced durability, adhesion, and resistance properties, comparable to solvent-based coatings. Moreover, advancements facilitate the development of specialized waterborne coatings tailored for specific applications and industries, expanding their market potential. This ongoing innovation cycle ensures that waterborne coatings remain at the forefront of eco-friendly and high-performance coating solutions in various sectors.
- Reducing Exposure to Hazardous Chemicals
Enhanced awareness of health risks linked to solvent-based coatings drives a shift towards safer alternatives such as waterborne coatings. Solvent-based coatings emit harmful volatile organic gases during application, posing health risks to workers and occupants. Waterborne coatings offer a safer alternative with lower VOC emissions, reducing exposure to hazardous chemicals. As health and safety regulations become more stringent, industries prioritize the adoption of waterborne coatings to safeguard workers' health and well-being.
Restraints/Challenges
- Drying Time Constraints Impacts Production Efficiency
Waterborne coatings often require a longer time to dry as compared to solvent-based counterparts due to their water content. This extended curing period can impact production efficiency, leading to longer processing times and potentially delaying project timelines. Industries reliant on quick turnaround times or high-volume production may face challenges integrating waterborne coatings into their operations.
- High Cost and Initial Investment Requirements Limits Market Players
Transitioning to waterborne coatings can pose cost challenges for industries due to higher initial investment requirements. The need for specialized equipment, such as spray booths and drying systems, contributes to elevated setup costs. In addition, training staff on new application techniques and handling waterborne materials adds to expenses. While waterborne coatings offer long-term savings through reduced VOC emissions and compliance with environmental regulations, the upfront costs may deter some industries from immediate acceptance.
This global waterborne coatings market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global waterborne coatings market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Developments
- In March 2023, BASF expanded its automotive coatings application center at the coatings technology center in Mangalore, India. This expansion includes 400 square meters of floor area, furnished with various equipment such as electrostatic rotary bell applications. It enables the company to pioneer innovative solutions for automotive coatings, enhancing product development capabilities and positioning BASF as a leader in the automotive coatings market
- In February 2022, The Sherwin-Williams Company entered an agreement with North Carolina, Iredell County, and Statesville to expand its architectural paint and coatings manufacturing capacity. This entails constructing a 36,000-square-foot distribution and fleet transportation center. The expansion enhances Sherwin-Williams' production capabilities, strengthens its supply chain, and reinforces its presence in the architectural paint and coatings market, fostering growth opportunities
Global Waterborne Coatings Market Scope
The global waterborne coatings market is segmented into two notable segments which are based on type and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Acrylic Coatings
- Polyester Coatings
- ALKYD Coatings
- EPOXY Coatings
- Polyurethane Coatings
- PTFE Coatings
- PVDF Coatings
- PVDC Coatings
- Others
Application
- Architectural
- Automotive
- General Industrial
- Protective
- Wood
- Marine
- Packaging
- Coil
- Metal Packaging
- Others
Global Waterborne Coatings Market Regional Analysis/Insights
The global waterborne coatings market is analyzed and market size insights and trends are provided by type and application as referenced above.
The countries covered in the global waterborne coatings market report are U.S., Canada, and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.
Europe dominates the global waterborne coatings market due to the rise in the development in the construction sector led by the recovery post-recession. Furthermore, the increase in the demand for the product by replacing solvent-borne coatings used in construction activities will further boost the growth of the waterborne coatings market in the region during the forecast period.
Asia-Pacific is expected to be the fastest-growing region in the global waterborne coatings market as major automobile manufacturers shift towards eco-friendly practices. With increasing environmental regulations and consumer demand for sustainable products, waterborne coatings offer a viable solution, driving market growth in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Waterborne Coatings Market Share Analysis
The global waterborne coatings market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global waterborne coatings market.
Some of the major players operating in the global waterborne coatings market are:
- PPG Industries Inc. (U.S.)
- Sherwin Williams Company (U.S.)
- BASF SE (Germany)
- Akzo Nobel N.V. (Netherlands)
- Axalta Coatings Systems,LLC. (U.S.)
- (Kansai Paints Co.Ltd. (Japan)
- Jotun Group (Noraway)
- Berger Paints India Ltd. (India)
- Hempel A/S (Denmark)
- KCC Corporation (South Korea)
- Arkema (France)
- Benjamin Moore & Co. (U.S.)
- Sika AG (Switzerland)
- Convestro AG (Germany)
- Dow (U.S.)
- Solvay (Belgium)
- SILBERLINE MANUFACTURING CO.,INC. (U.S.)
- Hexion (U.S.)
- The Lubrizol Corporation (U.S.)
- Eastman Chemical Company (U.S.)
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