Water–based coatings are used to paint and coat buildings, furniture, automobile parts, and architecture. They are finding increasing importance in the industry as they are replacing solvent-based coatings. The product are known to be safe for use as solvent-based coatings are highly volatile and are considered harmful for the respiratory system. This makes it favorable among end-users, and people are gradually shifting to water-based coatings.
The global water-based coatings market has been growing steadily in the last few years. The overall market stood at US$ 51.74 bn by the end of 2017 and it is expected to witness a poised growth at 6.4% CAGR. By the end of 2024, the market is projected to hold a total value of US$ 80.36 bn. Rising infrastructure projects in both developing and developed nations, innovation in automobiles, fascination for architecture among young people are some factors driving demand for the product. Further, industrial growth and urbanization are also considered to support usage of water-based coatings in the future.
Construction and Building Segment to Reign the Water-based Coatings Market
The global water-based coating markets is segmented based on end-user, resin type, and geography. When it comes to end-user, buildings and construction is expected to hold the highest share in the forecast period. The segment alone is projected to hold 59.5% of the total share of the global water-based coatings market. With rapid development in countries like India and China, the number of infrastructure projects are rising every year. This is believed to augment demand for water-based coatings in the coming years. Further, developed countries are also investing on refurbishing ancient monuments and places of public importance. These factors could increase potential for growth in the water-based coating market.
When it comes to resin type, the acrylic segment is expected to hold the highest share in the global water-based coatings market. The segment is projected to hold a total revenue of US$ 24.3 bn by the end of 2024. The rising fascination for architecture, and its increasing usage in commercial and residential buildings is promoting growth in the global water-based coatings market.
Rising Demand for Automotive Fuels Growth in Asia Pacific
Geographically, the global water-based coatings market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Rest of the World. It is projected that Asia Pacific will hold the highest share of the market in the future. One of the major drivers for growth in this region is the flourishing real estate sector. Developing economies like India and China are witnessing increase in their average per capita income, thus escalating demands for residential complexes. At the same time, automotive sector is considered to bolster demand for water-based coatings. With rise in purchase of automotive, the consumption of water-based coatings is also projected to shoot up.
On the other hand, North America and Europe will continue to emerge as important in the global water-based coatings market. Renovation of old buildings and consumption of automobiles are believed to maintain the momentum for water-based coating
Global Waterbased Coatings Market: Overview
Transparency Market Research’s report on the global waterbased coatings market is a veritable tool for stakeholders in the value chain of the waterbased coatings market. These include waterbased coatings manufacturers and waterbased coatings raw material manufacturers.
The report comprises a detailed analysis of the waterbased coatings market and statistically refined forecasts, by region, broken down in terms of country. These are based on availability scenario and market forecast by product, end-user, and major countries.
The research analyzes the waterbased coatings market in terms of volume (Kilo tons) and revenue (US$ Mn). The study considers 2016 as the base year while offering revenue and volume estimations for the 2017-2024 forecast period. In order to analyze market size and revenue forecasts, the waterbased coatings market has been divided based on resin and end-user. The report aims to identify key countries for waterbased coatings.
Global Waterbased Coatings Market: Report Highlights
The report presents answers for some pertinent questions with respect to the waterbased coatings market. It provides an in-depth analysis by identifying major waterbased coatings providers and offers a perspective on their winning strategies. The report highlights important qualitative and quantitative details regarding investments, regulatory scenario, and price trends that impact the waterbased coatings market. It also covers the distribution and trade scenario, Porter’s five forces analysis, value chain analysis, company market shares, and attractiveness analysis by resins and end-user for each region.
The compilation of the report are based on several underlying assumptions. Annual changes in the inflation rate have not been considered while predicting market numbers. Key indicators such as growing product awareness, substitute analysis, and environmental scenario, as well as the impact of these factors on the market on a national level have been measured to arrive at the specified numbers.
In order to calculate revenue, average prices have been obtained through primary estimates from several regional suppliers, distributor, and direct-selling regional producers based on manufactures feedback and product requirement.
Global Waterbased Coatings Market: Research Methodology
The report employs top-down and bottom-up approach to assess market numbers for each region and segment. Primary and secondary research was conducted to comprehend and arrive at trends, which were used to calculate estimates for the waterbased coatings market.
Secondary research sources reached out include company websites, financial reports, investor presentations, annual reports, broker reports, and SEC filings. Regulatory databases, statistical databases, national government documents, and market reports are some other sources tapped into in the secondary research phase. News articles, trade publications, press releases, and webcasts specific to companies were also looked into in the secondary research phase.
The report comprises a dedicated section on the competitive landscape. Leading players in the waterbased coatings market are mentioned and are profiled for product portfolio, product innovation, business outlook, and SWOTs. Insights into market positioning of top players and the changing competitive hierarchy over the 2017-2024 forecast period are provided herein.