Amidst Environmental Concerns, Companies Focus on Rolling out Eco-friendly Products

Companies operating within various verticals in the chemical industry, including the paints & coatings sector, are continually focusing on introducing innovative and sustainable products to the global markets. Environmental concerns and stringent regulations pertaining to the use of these products have played an important role in influencing the growth trajectory of the global waterborne coatings market over the past decade. In addition, significant advancements in pigment, additive, and resin technologies is another major factor that is set to increase the demand for waterborne coatings during the forecast period.

Companies operating in the current market for waterborne coatings are expected to focus on formulating new marketing strategies amidst the onset of the global COVID-19 pandemic and eye opportunities within the digital space to improve their brand visibility. In addition, companies are also expected to invest in research and development activities and new technologies to improve the quality of their products and produce innovative solutions as per the requirements of the different end-use industries, including, automotive, steel manufacturers, railway, marine, and flooring. The soaring demand from the automotive sector is projected to provide winds to the sails to the growth of the global waterborne coatings market in the upcoming years. At the back of these factors coupled with the surge in demand for waterborne coatings in the industrial sector and high demand for steel in Europe and Africa, the waterborne coatings market in Europe and Africa is expected to expand during the forecast period.

europe africa waterborne coatings market infographic

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Adoption of Acrylic Waterborne Coatings Set to Grow; Demand for Epoxy and Alkyd Rising

The demand for waterborne coatings in recent years has witnessed a considerable surge, as they are increasingly being used in building materials as a cost-effective alternative to preserve and offer protection to surfaces. As waterborne coating manufacturers continue to attract new customers by increasing the eco-friendly quotient of their products, waterborne coatings have gradually emerged as one of the most popular coating types. Companies operating in the waterborne coatings market landscape are increasingly investing resources to improve the mechanical and photo-oxidation resistance of their products. Acrylic waterborne coatings have gained a noteworthy amount of popularity in recent years and the trend is set to continue over the forecast period.

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The desirable hydrophilic/hydrophobic nature, surface morphology, and mechanical resistance are the major factors that have increased the demand for acrylic waterborne coatings. The mounting concerns pertaining to the durability of the building or construction materials coupled with challenges such as water penetration and abiotic factors in porous materials have led to a tectonic rise in demand for acrylic waterborne coatings. Over the past few years, significant pressure applied by regulatory bodies to minimize the emission of volatile organic compounds (VOC) has played an important role in the development of different types of waterborne coatings that are eco-friendly and easy to apply. While the development of eco-friendly products is likely to remain an important area of research, market players are also expected to enhance the performance and quality of their products.

Companies to Address Supply Chain Challenges amid COVID-19 Pandemic

The outbreak of the novel COVID-19 pandemic is expected to strongly impact the growth trajectory of the waterborne coatings market in Europe and Africa during the forecast period. Some of the key areas that are likely to feel the impact of the COVID-19 pandemic include service work and repairs, project timelines & scheduling, inbound logistics, order fulfillment, transportation, distribution channels, delays in procuring raw materials, daily lab activities, etc. While the import and export from China were predominantly affected initially, at present, trade activities are on the decline on the global scale. Moreover, while several companies are anticipated to improve cleanliness in their manufacturing facilities, the focus will largely remain on formulating digital marketing strategies and packaging. With the global decline in the number of construction activities, sales will remain relatively lower.

However, companies are likely to assess the market trends and forge new strategic alliances with market players in different regions to improve their market share and presence. Product innovation, pricing strategies, and product development are likely to remain the key area of focus for market players. In addition, addressing the supply chain bottlenecks will remain a major challenge for players operating in the current waterborne coatings market.

europe africa waterborne coatings market segmentation

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Analysts’ Viewpoint

The waterborne coatings market in Africa and Europe is expected to witness steady growth in the upcoming years. The COVID-19 pandemic is likely to affect operations, supply chains, and disrupt business models of companies across the world. However, companies should focus on digital marketing and online strategies to improve their market and brand visibility and eye sales opportunities on online platforms, including Alibaba. Product innovation and research & development activities will play an important role in improving sales in the near future.  

Europe and Africa Waterborne Coatings Market: Overview

  • Waterborne coatings possess excellent surface properties such as anti-sealing effects, high gloss, and rub resistance. The usage of waterborne coatings leads to non-yellowing of films. Waterborne coatings make excellent primers, due to their excellent resistance to heat and abrasion. Waterborne coatings also create strong adhesion. They can be applied in thick or thin coats; and allow for easy color blending and color change. Furthermore, waterborne coatings possess low toxicity. Thus, high water content makes waterborne coatings less flammable, resulting in the reduction or elimination of hazardous wastes.
  • In terms of resin, the waterborne coatings market has been segmented into acrylic, formaldehyde, polyurethane, alkyd, epoxy, and others. The acrylic segment is anticipated to hold a prominent share of the market during the forecast period. Acrylic resins are commonly used binders in waterborne coatings in Europe. Acrylic resins are particularly used for structural steel and industrial end uses, including pure as well as modified acrylics such as styrene acryli-cs and vinyl acrylics. These resins help provide excellent resistance to hydrolysis and weather. They also provide gloss and color retention, primarily for exterior applications. Additionally, acrylic-based waterborne coatings offer high transparency, UV resistance, and high color stability to coating solutions.
  • Epoxy-based waterborne formulations are extensively employed for the protection of metal substrates from corrosion due to their excellent adhesion, chemical resistance, and corrosion resistance
  • The industrial segment is anticipated to hold prominent share of the waterborne coatings market in 2018. Waterborne coatings are increasingly gaining popularity among manufacturers of automotive vehicles and equipment, due to their negligible VOC emissions. Waterborne varnishes have minimum lead residual and VOC content. Therefore, demand for these is estimated to be high in the industrial sector in the next few years. Additionally, properties of water differ from those of organic solvents. Hence, properties of waterborne coatings also differ from that of solvent-based coatings. Waterborne coatings emit relatively less amounts of VOCs and HAPs. This is one of the major advantages of waterborne coatings. These factors are likely to drive the industrial segment of the waterborne coatings market in the near future.

Key Drivers of Europe and Africa Waterborne Coatings Market

  • Rise in population, increase in middle class consumers, and expansion of the building & construction industry in developed and developing nations have boosted the demand for paints and coatings, especially for public and individualized infrastructure development and automobiles
  • Ability of solvent borne coatings to disperse constituents of the formulation evenly, and decreasing viscosity of the coatings make them ideal materials for applications in automotive, industrial, printing inks, etc. However, these coatings use solvents such as aliphatic hydrocarbons, aromatic hydrocarbons, ketones, and alcohols, which emit vapors of organic compounds when the coatings dry out. This leads to large-scale pollution. In turn, this has led to the development of waterborne coatings, as these coatings use water as solvent. Implementation of stricter environmental regulations and technological advancements in the field of paints & coatings have compelled paint manufacturers to significantly reduce the levels of VOCs in paints & coatings formulations.
  • Waterborne coatings offer attributes such as corrosion resistance, wear resistance, conductivity, excellent adhesion, low toxicity, and flammability. This is expected to boost the demand for waterborne coatings in the near future.

Europe to Dominate Europe and Africa Waterborne Coatings Market

  • The waterborne coatings market in Europe is highly fragmented and mature. Rise in urbanization in countries such as Finland, Sweden, Norway, and Denmark in Europe is expected to increase the demand for new construction, land, water, and energy in these countries. However, there exists housing shortage in major cities in these countries. Additionally, most countries contain the top 10 fastest growing cities in Europe, thus leading to higher demand for construction projects in these countries.
  • According to the European Parliament report, about 90.0% of the buildings in the region were built before 1990. This has created a need for renovation and reconstruction. North and West European regions have more old residential buildings compared to other regions. Environmental friendliness, wear resistance, and excellent adhesion are projected to drive augment the demand for waterborne coatings in Europe.

Leading Players Operating in Europe and Africa Waterborne Coatings Market

  • Major players operating in the waterborne coatings market in Europe and Africa include
    • Sherwin William Company
    • PPG Industries, Inc.
    • Akzo Nobel N.V.
    • RPM International Inc.
    • Axalta Coating Systems Ltd.
    • Nippon Paint Holdings Co., Ltd
    • Kansai Paint Co.Ltd.
    • Rembrandtin, Rudolf Hensel GmbH
    • Winkelmann GmbH & Co. KG
    • Teknos Group Oy
    • Sika AG
    • Jotun A/S
    • Altana AG
    • Henkel AG & Company KGaA
    • Hempel A/S
    • Tikkurila Oyj
    • Acrymatic Coating ApS
    • RD Coatings
    • Baril Coatings 
  • These manufacturers are primarily engaged in product launches to increase their footprint in the market. In May 2016, PPG Industries, Inc. launched two lines of protective and marine coatings under the brand name STEELGUARD 601 and 651. These lines of waterborne coatings help minimize environmental impact and impart fire protection to steel.
  • The Sherwin-Williams Company acquired The Valspar Corporation in 2017. The acquisition is expected to help The Sherwin-Williams Company become a global leader in the paints & coatings industry.

Europe and Africa Waterborne Coatings Market - Scope of the Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the waterborne coatings market in Europe and Africa to accurately gauge its growth. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the waterborne coatings market in order to identify opportunities for stakeholders. The report also provides insightful information about how the waterborne coatings market would expand during the forecast period of 2019–2027.

The report offers intricate dynamics about different aspects of the waterborne coatings market, which aids companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure growth of the waterborne coatings market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the waterborne coatings market and estimates statistics related to the market in terms of value (US$ Mn) and volume (tons).

The report mentions company profiles of players that are currently dominating the waterborne coatings market, wherein various developments, expansions, and winning strategies practiced by these players have been presented in detail.

Key Questions Answered in TMR’s Report on Europe and Africa Waterborne Coatings Market

The report provides detailed information about the waterborne coatings market on the basis of comprehensive research on various factors that are playing a key role in accelerating growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in Europe and Africa and are looking for innovative methods to create a unique benchmark in the waterborne coatings market so as to help them design successful strategies and make target-driven decisions.

  • Which resin segment of the waterborne coatings market is likely to generate the maximum revenue between 2019 and 2027?
  • Which resin segment is expected to expand at the most rapid pace from 2019 to 2027 across Europe and Africa?
  • Which end user segment is a major consumer of waterborne coatings in Europe and Africa?
  • How much revenue is expected to be generated in the waterborne coatings market in Europe and Africa by the end of the forecast period?
  • How are key market players successfully earning revenues from advantages offered by waterborne coatings in Europe and Africa?
  • Which companies operate in the waterborne coatings market across these two regions?
  • What are key factors expected to drive the waterborne coatings market in Europe and Africa during the forecast period?

Research Methodology – Europe and Africa Waterborne Coatings Market

The research methodology adopted by analysts for compiling the report on the waterborne coatings market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the waterborne coatings market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the waterborne coatings market.

For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the waterborne coatings market.

Waterborne Coatings Market: Segmentation

TMR’s research study assesses the waterborne coatings market based on resin, end user, and region. This report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects for the waterborne coatings market in Europe and Africa.

Resin

Acrylic

Formaldehyde

Polyurethane

Alkyd

Epoxy

Others (including PTFE, PVDF, PVDC, and Fluorinated Polymer)

End User

Structural Steel

Industrial

Vehicle (Refinish)

OEM

Railways

Passenger

Cargo

Flooring

Marine

Others (including Packaging)

Region

Europe

Africa

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Europe Africa Waterborne Coatings Market

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