Waterborne Coatings Market Report 2021: APAC Dominated the Global Market and Accounted for Approx $31 Billion in 2020 - Forecast to 2026
DUBLIN, June 3, 2021 /PRNewswire/ -- The "Waterborne Coatings Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global waterborne coatings market by revenue is expected to grow at a CAGR of over 5% during 2020-2026.
The market is expected to witness traction in 2021 after the decline in 2020 due to the COVID-19 pandemic.
The market has been highly affected by the coronavirus breakout due to variations in construction businesses and raw material pricing, production of raw materials, and implementation of lockdowns. Increasing pricing pressures and shortage of labor in many countries impacted construction and infrastructure development activities.
However, the effects are expected to short-term in nature. The APAC market is likely to observe the highest growth due to increasing construction and infrastructure activities during the forecast period. In terms of value, China expects to be the largest contributor due to increased investment in construction, marine, and oil & gas industries, rapid industrialization, and foreign investments.
The industry is shifting toward environmental friendliness with water-borne paint and industrial coating products containing water as the solvent to dissolve resins, making them sustainable and easy-to-apply solutions. Moreover, advances in coating technology and stringent regulations toward VOCs have fueled the adoption of water-borne coatings products.
Global Waterborne Coatings Market Segmentation
The global acrylic waterborne coatings market is likely to grow at a CAGR of approx. 6% during 2020-2026. Stringency in government regulations and environment protection laws expect to increase demand for waterborne acrylic resins. As these resins offer excellent performance and environmental protection, the demand is likely to grow in residential and non-residential applications worldwide. Moreover, recent developments in acrylic resins are likely to boost the application of acrylic water-borne coatings solutions.
The global epoxy-based water-borne coating market is expected to reach over USD 18 billion in 2026. The demand for epoxy-based coatings is likely to come from the industrial and automotive sectors during the forecast period. Epoxy resins witness high application in end-users such as aerospace, race cars, and marine. They provide excellent strength with weight reduction, durability, and chemical resistance. The growth of epoxy coating solutions in the APAC region is likely to boost as several manufacturers are shifting their operations to the region due to cheap labor and easy raw material availability.
The architectural coatings segment accounts for over 55% of the global water-borne coatings market. Increased investments in infrastructure projects and construction and renovation of residential and commercial buildings are the significant factors driving the demand for architectural coating solutions.
Developing countries are expected to lead the growth, with the APAC region expecting to witness the highest investment during the forecast period. Due to the growing population and rapid urbanization, the demand for new houses is growing, driving the market for waterborne coatings.
The global automotive water-borne coating solutions market is expected to reach over USD 9 billion by 2026. The demand for water-borne protective coating solutions from the automotive sector is growing due to their ability to protect vehicles against acid rains, severe weather, and UV radiation.
The global wood-based water-borne coatings market expects to reach over USD 4 billion by 2026. The increased production of wooden artifacts and decorative items triggers the demand for wood coatings. Water-borne wood coatings have several advantages such as robustness, stain resistance, corrosion resistance, and flexibility.
Insights by Geography
APAC dominated the global waterborne coatings market and accounted for approx. USD 31 billion in 2020. China, India, and Japan are the largest contributors in the region. The APAC region's growth is driven by foreign investments and a booming manufacturing sector due to low labor costs and easily accessible raw materials.
The growing middle-class population and improving living standards in the region expect to increase the demand for architectural coatings. The rise in environmental friendliness and government investment initiatives toward infrastructure and industrial sectors in India and China are likely to act as the major drivers for the market's growth.
In emerging economies such as India and China, the rapidly growing population also boosts the residential construction sector, influencing the market. Increased foreign direct investments are also anticipated to enhance the market growth. All these factors are driving the growth of the APAC water-borne coatings market.
Insights by Vendors
AkzoNobel, PPG Industries, Sherwin- Williams, Axalta, RPM International, and Nippon Paints are major global players. The market is fragmented and characterized by the presence of a significant number of global and domestic players across geographies. Most prominent players are trying to expand their businesses through a profitable partnership or acquiring small or mid-sized active vendors in that particular region, whereas domestic vendors are capitalizing with product portfolios based on the requirement of that specific region. There have been mergers and acquisitions among many companies over the past decade. Mergers and acquisitions benefit companies in purchasing raw materials and developing the distribution network.
KEY QUESTIONS ANSWERED:
- How big is the waterborne coatings market?
- What are the emerging applications of waterborne coatings?
- Can waterborne technology be used as a protective coating?
- Who are the key players in the water-borne coatings industry?
- What are the key driving factors for the growth of the Waterborne Coatings Market?
Market Dynamics
Industry Expert View on Market
Market Opportunities & Trends
- Environmental Regulations Boosting The Demand For VOC-FREE Coatings
- Construction and Infrastructure Development
- Increasing Automotive Production
- Rising Home Improvement Activities
Market Growth Enablers
- High Growth Potential In Emerging Economies
- Growing Demand From Construction Industry
Market Restraints
- Flow And Viscosity Control Problems
- High Cost Of Raw Materials
Prominent Vendors
- AkzoNobel
- PPG Industries Inc.
- Sherwin Williams
- RPM International Inc.
- Axalta Coating Systems
Other Prominent Vendors
- Asian Paints Limited
- Nippon Paint Holdings Limited
- Masco Corporation
- Diamond Vogel
- Sacal Paints
- DSM
- DAW SE
- Berger Paints India Ltd
- Cabot Corporation
- Clariant AG
- Eastman Chemical Company
- Tikkurila Group
- Cromology SAS
- Nuplex Industries Limited
- SK Kaken Company Limited
- BASF Coating
- Benjamin Moore
- Dunn Edwards
- Dulux Group
- H.B. Fuller
- Teknos
- Hempel A/S
- Arkema SA
- Jotun
- Tnemec Company Inc.
- Wacker Chemie AG
- Kansai Paint
- KCC Corporation
- NOROO Paint & Coatings
- Premium Coatings and Chemicals
- Fujikura Kasei Company Limited
- Carpoly Chemical Group
- Brillux Gmbh
For more information about this report visit https://www.researchandmarkets.com/r/c18pr7
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