Waterborne Coatings Market – Snapshot
Waterborne coatings are surface coatings or finishes that use water as a solvent to disperse the resin. Composition of waterborne coatings varies; these coatings may include as much as 80% water with small amount of other solvents such as glycol ethers. The content of water is high in waterborne coatings. Therefore, these coatings are environmentally-friendly and easy to apply. Waterborne coatings provide excellent surface properties such as anti-sealing effects, high gloss, and rub resistance. Waterborne coatings are excellent primers due to their resistance to heat and abrasion. They create strong adhesion, and can be applied in thick or thin coats. They also allow for easy color blending and changes. Waterborne coatings can be applied on inner and outer surfaces. These coatings help protect the surface from corrosion and provide high gloss, wetting, and stabilization. Waterborne coatings are used to increase surface resistance from weathering and rust. They are also used to improve esthetics and durability of structures.
Waterborne coatings offer many advantages. For instance, they are ideal primers as they possess good resistance to heat and abrasion. Additionally, they provide excellent adhesion, and low toxicity and flammability due to low VOC levels and HAP emissions. Waterborne coatings also help lower volatile emissions. Based on resin, the waterborne coatings market has been divided into acrylic, formaldehyde, polyurethane, alkyds, epoxy, and others. Acrylic is the dominant segment of the market. Acrylic resins are employed for various purposes. Replacement of solvent-borne coatings with high-performance waterborne alternatives can offer advantages such as lower solvent exposure and associated health risks, fewer concerns with flammability, easy soap-and-water clean-up, and less hazardous waste disposal. Acrylic coatings are often used on exterior surfaces or high traffic interior surfaces such as doors, frames, trims, or wall surfaces. They are durable, keep their color intact, and dry quickly. Acrylic coatings are more durable, as they are flexible, moisture resistant, and breathable. Common areas of application of high performance acrylics include direct-to-metal applications, primed metals, and furniture & flooring and masonry surfaces. They are used directly on metal or as top coats for most colors and gloss levels.
Various government bodies are adopting regulations regarding the emission of VOCs. This is a key factor driving the waterborne coatings market. Based on type, polyurethane is likely to be a highly lucrative segment of the market during the forecast period. It is also expected to expand at a rapid pace during the forecast period. Polyurethane is particularly recommended for application on surfaces that are subjected to high level of wear and tear and require chemical and physical resistance. Polyurethane is primarily used on metals, textiles, and plastics. Alkyd waterborne coatings tend to take longer to dry than solvent-borne coatings; however, the end result has similar gloss, and flow and levelling properties. They are versatile, as they can be thinned with water to almost any viscosity. Water-based alkyds can be applied with spray or dip applications, and are one of the cheaper VOC-compliant coatings.
The waterborne coatings market is primarily driven by the increase in urbanization and industrialization in developing regions, especially in China and India. Implementation of stringent government norms related to emission of VOCs in these countries is another factor boosting the waterborne coatings market in Asia Pacific.
In terms of application, the waterborne coatings market has been segregated into building & construction, automotive, furniture & flooring, electronics, marine, paper & printing, and others. Building & construction is the dominant segment of the waterborne coatings market. Increase in demand for building & construction coatings and growth in infrastructure activities across the world are major factors driving the global waterborne coatings market. Building & construction coatings are used for interior and exterior coatings of walls to enhance the appearance of buildings. Waterborne coatings are also employed in the automotive sector. Most car manufacturers are committed to large-scale adoption of waterborne coatings. Market share of waterborne coatings is estimated to increase as new production lines are commissioned.
In terms of volume, Asia Pacific dominated the global waterborne coatings market in 2017. The waterborne coatings market in the region is primarily driven by the rise in infrastructure requirements in residential, non-residential, and commercial sectors. The building & construction segment in Asia Pacific is projected to expand at a rapid pace in the near future. Increase in demand for decorative paints and coatings in India and China, coupled with rise in awareness about waterborne coatings is driving the market in the region. Growth in population in Asia Pacific is propelling the construction industry in the region. This, in turn, is augmenting the building & construction segment. Regulations on emission of VOC are becoming increasingly stringent in countries such as China and India. Therefore, manufacturers are switching to environmentally-friendly technologies. The trend of using waterborne coatings is expected to gain momentum in the near future.
The global waterborne coatings market is highly competitive. Key players operating in the waterborne coatings markets are BASF SE, Akzo Nobel N.V., Asian Paints, Axalta Coating Systems Ltd., Altana AG, PPG Industries Inc., and Sherwin-Williams.
Waterborne Coatings Market - Overview
Waterborne coatings are a type of coatings that use water as a solvent. These coatings offer many advantages. They are ideal primers, as they provide superior resistance to heat and abrasion. Additionally, these coatings provide excellent adhesion, and low toxicity and flammability due to low VOC levels and HAP emissions. Waterborne coatings also help in reducing air emissions. Water is employed as a dispersal agent for resins to make them eco-friendly and easy to use. Water constitutes more than 75% of the coatings with traces of other solvents such as glycol ethers.
Acrylic is anticipated to be the major segment of the global waterborne coatings market during the forecast period. However, the polyurethane segment is expected to expand at a rapid pace in the near future. Acrylic resins offer safer and easier handling, faster set-up, lower VOC emissions, and performance properties that equal or surpass the traditional solvent-borne options. Acrylic waterborne coatings are used in direct-to-metal (DTM) end-users and early block resistance for furniture and flooring. These coatings are durable and provide high-gloss finish for concrete flooring.
Growth in architectural activities and implementation of stringent government regulations related to VOC content are major factors driving the waterborne coatings market. Asia Pacific dominates the global waterborne coatings market in terms of demand. China and India are expected to be key consumers of waterborne coatings in the region. Volatility in prices of raw materials and susceptibility to environmental conditions are anticipated to hamper the global waterborne coatings market.
Waterborne coatings are widely used in building and construction activities owing to their advantages related to high gloss, esthetics, and durability. In terms of end-user, building & construction was the prominent segment of the global waterborne coatings market in 2017. It held more than 50% share in 2017. The segment is estimated to continue its dominance during the forecast period due to the rise in construction activities and increase in demand for decorative coatings, especially in emerging economies. Implementation of stringent government norms related to VOC content in China and rise in awareness about the usage of waterborne coatings in the automotive segment are other factors boosting the waterborne coatings market.
Based on region, the global waterborne coatings market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of demand, Asia Pacific was the leading region of the global waterborne coatings market in 2017. Significant rise in consumption of paints and coatings in Asia Pacific is a key factor driving the demand for waterborne coatings in the region.
The report analyzes and forecasts the waterborne coatings market at the global and regional levels. The market has been projected in terms of volume (kilo tons) and value (US$ Bn) from 2018 to 2026. The study includes drivers and restraints of the global waterborne coatings market. It also covers the anticipated impact of these drivers and restraints on the demand for waterborne coatings during the forecast period. The report also highlights opportunities for growth in the waterborne coatings market at the global and regional levels.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global waterborne coatings market. The Porter’s Five Forces model has also been included to help understand the competition landscape of the waterborne coatings market. The study encompasses market attractiveness analysis, wherein resin and end-user segments have been benchmarked based on their market value, growth rate, and general attractiveness.
The study provides a decisive view of the global waterborne coatings market by segmenting it in terms of resin, end-user, and region. These segments have been analyzed based on the present and future trends. Regional segmentation includes the current and forecast demand for waterborne coatings in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers individual resin and end-user segments of the market in every region.
The study includes profiles of major companies operating in the global waterborne coatings market. Key players profiled in the report are PPG Industries, Inc., The Sherwin-Williams Company, Akzo Nobel N.V., BASF SE, RPM International Inc., Axalta Coating Systems Ltd., Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., Altana AG, SKK Pte. Ltd., and Hebei Chenyang Industry & Trade Group Co. Ltd. Market players have been profiled in terms of attributes such as company overview, business strategies, recent developments, and SWOT analysis.
The report provides the estimated market value of the global waterborne coatings market for 2018 and forecast for the next eight years. Market numbers have been estimated based on resin, end-user, and region. Market value and forecast for each resin and end-user segment have been provided for the global and regional markets.
Global Waterborne Coatings Market, by Resin
Global Waterborne Coatings Market, by End-user
- Building & Construction
- Automotive OEM
- Automotive refinish
- Furniture & Flooring
- Paper & Printing
Global Waterborne Coatings Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- The report provides extensive analysis of market trends from 2017 to 2026 in order to identify growth opportunities and market developments
- It provides comparative analysis of various end-user industries, wherein waterborne coatings are employed
- The report also includes major sites of waterborne coatings in North America, Europe, and Asia Pacific as well as a list of manufacturers
- It identifies key factors useful to build a roadmap for upcoming opportunities for the waterborne coatings market at the global, regional, and country levels
- The report offers comprehensive analysis with respect to investments and regulatory scenario that would subsequently impact the outlook and forecast of the global waterborne coatings market between 2018 and 2026
- The report provides detailed competition landscape of players dominating the market in order to help understand the competition level
- It includes Porter’s Five Forces analysis and SWOT analysis to highlight the power of buyers and suppliers