Inan expanding globalwater-based coatings market serving an array of industryverticals, majority shares are reserved by a handful of large players, statesTransparency Market Research (TMR) in a new report. Top companies namely PPGIndustries, Sherwin-Williams Company, and Akzo Nobel NV held 55% of the overallmarket in 2015. Product innovation and development of existing products remainthe focus of leading companies in this market. These companies are pursuingproduct innovation initiatives through self-owned R&D facility therebyaiding to expand product offerings.
Strategicalliances and mergers and acquisitions is also the focus of key companies inwater-based coatings market to increase share. Apart from this, focus oncustomer relationship, customized products also serve leading players to attainbusiness objectives.
As per theTMR report, the global water-based coatings market is likely to rise at a CAGRof 6.4% in terms of revenue between 2017 and 2024 for the market to be worthUS$80.36 bn by 2024 end. The demand in the market translated into a revenue ofUS$51.74 bn in 2017. In terms of resin type, acrylic is the highly lucrativesegment of the water-based coatings market; acrylic coatings are estimated toaccount for a revenue contribution US$24.3 bn by 2024 due to their extensiveuse in architectural coatings. By end-use, building & construction segmentis anticipated to continue to lead hold the leading 59.5% share of the marketby 2024. Asia Pacific, region-wise, holds prominence in the water-basedcoatings market.
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FlourishingBuilding & Construction Sector in Asia Pacific Boosts Growth
First andforemost, flourishing building & construction sector in Asia Pacific isfuelling the water-based coatings market. Emerging economies such as China andIndia are touted to be key markets for water-based coatings. Rapidindustrialization and urbanization have led to massive infrastructuraldevelopment that requires paints and coatings. In addition, economicdevelopment leading to rising living standard in emerging economies have led tothe construction of new residential units. These factors are anticipated totrigger the demand for water-based coatings in the building & constructionsector.
Severalchemical compounds used across industries are associated with volatile organiccompound (VOC) emissions that have environmental implications. This has ledseveral governments to implement strict norms that monitor VOC emissions to bein permissible limits. As such, demand for eco-friendly alternatives such aswater-based coatings is expected to be on the rise. Water-based coatings arelow on VOC emissions over solvent based coatings.
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Climatic Limitations of Water-basedCoatings Challenges Growth
However,lack of viability of water-based coatings as water is a key component ofcorrosion is challenging the growth of water-based coatings market.Furthermore, sensitivity of water-based coatings for temperature and humidityfluctuations during curing phase of a construction project make unsuitable forsome climates. Thus, the water-based coatings market is negatively impacted.
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Volatileprices of raw materials is hampering the growth of water-based coatings market.Raw materials account for major price component of paints and coatings. Thus,surge in the price of any of the raw material could significantly impactprofitability.
Water-basedcoatings contain fewer solvents, however, varying cost of raw materials couldhave a significant impact on the growth of overall market.
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