Increasing stringency of environmental protection agencies in curbing the production of solvent-based coatings owing to the high emission of VOCs has driven manufacturers of industrial paints towards adopting waterborne coatings. While waterborne coatings aren’t solvent-free, the presence of co-solvents which contain low concentrations of VOCs isn’t constraining manufacturers from procuring environmental compliance. Companies such as PPG, Sherwin Williams, AkzoNobel, RPM, BASF, Valspar, and Axalta are recognized as global leaders in production of waterborne coatings. According to a forecast study developed by Transparency Market Research, these companies are expected to remain active in instrumenting the expansion of the global waterborne coating market for the near future.
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The study offers an exclusive forecast and in-depth analysis on how the global demand for waterborne coating will shape up during the assessment period, 2017-2026. Key findings from the report reveal that by the end of 2026, more than 4.5 million tons of waterborne coating are likely to be sold globally. Over the forecast period, the global waterborne coating market is assessed to expand at a moderate CAGR of 3.9%. The study has analyzed a slew of factors influencing the dynamics of the global waterborne coating market, some of which include;
Rising challenges for manufacturers in increasing the production capacities while exhibiting absolute environmental compliance
Key advantages of polyurethane materials with respect to providing resistance against changing temperatures, being waterproof, and exhibiting high-level protection from physical abrasion will continue to drive their use in the global waterborne coating production landscape. In 2017, more than 1.2 million tons of waterborne coatings sold in the global market were made from polyurethane. The report further reveals that the global sales of epoxy-based waterborne coatings will continue to gain considerable traction over the forecast period.
The study finds primers as a top-selling product segment in the global waterborne coating market. By the end of 2026, more than 2.1 million tons of waterborne coating primers are expected to be sold globally. The report also estimates that the largest share of waterborne coatings sold globally during the forecast period will be used for general industrial applications. From coating the floorings of manufacturing plant to providing surface protection for industrial equipment, components and machineries, the general industrial applications of waterborne coatings are expected to register a global volume CAGR of 4.3% during the forecast period.
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Favorable industrial regulations and easy procurement of raw polymerizing and liquefying agents will render the Asia-Pacific excluding Japan (APEJ) as lucrative for large-scale manufacturing of waterborne coatings. A majority of companies operating in the global waterborne coating market will be eyeing for extending their presence in countries such as China, India, and South Korea. By the end of forecast period, the APEJ waterborne coating market is poised to dominate the global market volumes by accounting for a share of over 45%.
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