The global market for water-based coatings has been undergoing a phase of significant transition. The continual increase in building and construction activities is influencing the demand for water-based coatings substantially across the world, reflecting greatly on this market. Although the volatility in the prices of raw materials and the susceptibility of these coatings to environmental conditions may hamper the growth of this market to some extent, the implementation of strict environmental rules and regulations regarding VOC content favoring eco-friendly products is projected to boost the adoption of these coatings remarkably over the next few years.
According to Transparency Market Research (TMR), the opportunity in the global market for water-based coatings crossed US$46.14 bn in 2015. Expanding at a CAGR of 6.40% during the period of 2016 to 2024 the market is projected to reach a value of US$80.36 bn by the end of the forecast period.
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Demand for Acrylic Coatings to Remain High
Acrylic, polyurethane, formaldehyde, alkyds, epoxy, and fluoropolymers are the predominant resins available in the global water-based coatings market. Acrylic coatings have been registering a higher demand than other coatings. As acrylic coatings are majorly utilized in architectural coatings, the rising pace of infrastructural development is fueling their demand across the world. With an estimated contribution of US$24.3 bn by 2024, the acrylic coatings segment is expected to remain the market leader by the end of the forecast period.
The demand for polyurethane coatings is also projected to rise considerably over the forecast period, thanks to their increasing usage in furniture coloring. On the other hand, the demand for formaldehyde coatings is likely to decline in the near future due to the growing concerns over the high VOC content, which is dangerous to human health.
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Asia Pacific to Retain Leadership in Global Waterbased Coatings Market
Geographically, the global market for water-based coatings is broadly segmented into Asia Pacific, Latin America, the Middle East and Africa, North America, and Europe. Among these, Asia Pacific has acquired the top position in this market, thanks to the rising infrastructural development, coupled with the increasing disposable income of consumers in this region. Expanding at a CAGR of 7.0%, this regional market is likely to retain its leaderships throughout the forecast period. The growing awareness regarding the benefits of eco-friendly coatings are projected to boost this market in the near future. China is anticipated to emerge as the leading consumer of water-based coatings in Asia Pacific over the next few years. On the other hand, the markets for water-based coatings in North America and Europe are projected to report a sluggish rise over the forthcoming years.
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BASF SE, Akzo Nobel N.V., Asian Paints, Kansai Paint, The Valspar Corp., Conren, ICA Group, Altana AG, Axalta Coating Systems Ltd., PPG Industries Inc., Sherwin-Williams Co., NIPSEA GROUP, Kansai Nerolac Paints Ltd., Hebei Chenyang Industry & Trade Group Co. Ltd., and SKK Pte. Ltd. are some of the leading producers of water-based coatings across the world.
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