Global Waterbased Coatings Market: Snapshot
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.
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.
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.
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.
Global Waterbased Coating Market: Overview
Water-based coatings are a type of coating which use water as a solvent. 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 like glycol ethers. Rising architectural activities and stringent government regulation related to VOC content are the major drivers that drives the growth of water-based coatings market. Asia Pacific dominates the water-based coatings market in terms of demand. Countries such as China, India are expected to be the key consumers of water-based coatings. Volatility in raw material prices and susceptibility to environmental conditions is anticipated to hamper the market growth.
Acrylic water-based coatings is anticipated to be the major segment during the forecast period, however polyurethane water-based coatings is expected to grow at highest CAGR compare to other resins type. In terms of end-use, building & construction is projected to be the major segment for water-based coatings. Automotive segment is also second most lucrative segment for water-based coatings market. Increasing awareness and stringent government regulations related to VOCs content related to coatings is estimated to offer major opportunities to the water-based coatings market in the next few years.
Global Waterbased Coating Market: Scope of the Study
This report analyzes and forecasts the market for Water-based coatings market at the global and regional level. The market has been forecast based on volume (Kilo tons) and revenue (US$ Mn) from 2016 to 2024, considering 2015 as the base year. The study includes drivers and restraints of the global water-based coatings market. It also covers impact of these drivers and restraints on demand for water-based coatings market during the forecast period. The report also highlights opportunities in the water-based coatings market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global water-based coatings market. Porter’s Five Forces model for the water-based coatings market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, where in resins and end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global Waterbased Coating Market: Segmentation
The study provides a decisive view of the global water-based coatings market by segmenting it in terms of resins and end-users. In terms of resins water-based coatings is classified as acrylic, formaldehyde, polyurethane, alkyds, epoxy and others (including fluoro-polymers etc.). Acrylic water-based coatings is further segmented into Styrene acrylic. Further segmentation is based on End-users such as building & construction, automotive, furniture, electronics, marine, paper & printing and others (includes aerospace etc.). Automotive is further segmented into automotive OEM and automotive refinish for analysis. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for Water-based coatings in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual market size of water-based coatings for 2015 and estimated market size for 2016 with forecast for the next eight years. The global market of water-based coatings has been provided in terms volume and revenue. Market volume has been defined in Kilo tons and revenue in US$ Mn. Market numbers have been estimated based on resins and end-users of water-based coatings. Market volume and size have been provided in terms of global, regional, and country level markets.
Global Waterbased Coating Market: Research Methodology
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represented the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, Internet sources, magazines and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, European Coatings World, and external proprietary databases, and relevant patent and regulatory databases such as ICIS, Hoover’s, oneSOURCE, Factiva and Bloomberg, national government documents, statistical databases, trade journals, market reports, news articles, press releases, and webcasts specific to companies operating in the market.
We conduct primary interviews on an ongoing basis with industry participants and commentators to validate data and analysis. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Companies Mentioned in the Report
The report comprises profiles of major companies operating in the global Water-based coatings market. Key players in the Water-based coatings market are BASF SE, Akzo Nobel N.V., Asian Paints, Axalta Coating Systems Ltd., Altana AG, Conren, ICA group, Schmid Rhyner AG, PPG Industries Inc., The Valspar Corporation, Sherwin-Williams, Kansai, NIPSEA Group, and Hebei Chenyang Industry & Trade Group Co., Ltd. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The global water-based coatings market has been segmented as follows:
Water-based Coatings Market – Resins Analysis
- Styrene Acrylic
- Others (fluoro-polymers etc.)
Water-based Coatings - End-use Analysis
- Building & Construction
- Automotive OEM
- Automotive refinish
- Paper & Printing
- Others (Aerospace etc.)
Water-based Coatings - Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA