WaterborneCoatings Market in Europe and Africa: Introduction
The waterbornecoatings market in Europe was valued at ~US$4 Bn in 2018 and isanticipated to expand at a CAGR of 4% from 2019 to 2027. Thewaterborne coatings market in Africa stood at ~US$ 200 Mn in 2018 andis anticipated to expand at a CAGR of 3% by the endof the forecast period. Rise in regulatory compliance on paints and coatings inEurope and Africa, due to their high VOC emissions, is estimated to increasethe shift toward waterborne coatings in the near future.
Key Drivers of Waterborne CoatingsMarket
Waterbornecoatings are usually thin films, which are applied to steel, concrete, andother materials in order to impart properties such as corrosion resistance,wear resistance, and conductivity. Waterborne coatings also act as idealprimers, as they provide superior resistance to heat and abrasion and offerexcellent adhesion and low toxicity and flammability due to low VOC (Volatileorganic compounds) levels and hazardous air pollutant (HAP) emissions. Increasein regulatory compliance on paints and coatings in Europe and Africa due totheir high VOC emission has led to a shift toward waterborne coatings.Conventional basecoats possess VOC solvent content of about 84%, with about 16% solids,while waterborne basecoats comprise about 70% water,about 20% solids,and approximately 10% solvents.Waterborne coatings consist of smaller amount of solvents than solvent-bornecoatings. This is expected to drive the demand for solvent-borne coatings inEurope and Africa in the near future.
The globalharmonization of product quality and safety standards is another important trendin the waterborne coatings market. Internationally, consumer preference isrising for products that address problems of air and water pollution and helpprotect the environment.
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Europeis likely to Dominate Waterborne Coatings Market
Based onvolume and value, Europe accounted for the higher share of the waterbornecoatings market than Africa. Rapid urbanization and increase in investments inconstruction and manufacturing industries in Europe are expected to drive thedemand for waterborne coatings in the region in the near future. Additionally,increase in infrastructure spending and rise in demand for corrosion and fireprotection coating solutions are estimated to fuel the waterborne coatingsmarket in Europe during the forecast period. Increase in R&D spending inwaterborne coatings is also projected to create immense opportunities formarket participants in the industrial sector in the near future. The waterbornecoatings market in Africa is projected to expand at a slower pace, owing topresence of a few manufacturers of waterborne coatings in the region. Thegrowth of oil & gas and manufacturing sectors is also estimated to boostthe market in Africa in the near future. Properties of waterborne coatings suchas thermal resistance and resistance to wear & tear and corrosion arelikely to augment the demand for waterborne coatings in chemical plants, oilrefineries, public utility works, pulp and paper mills, and other facilities.This, in turn, is estimated to propel the demand for waterborne coatings inAfrica.
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Key Players Operating in Europe andAfrica Waterborne Coatings Market
Thewaterborne coatings market is highly fragmented. Prominent producers operatingin Europe and Africa are extensively engaged in new product launch and merger& acquisition activities to gain high share. For instance, on February21, 2020, Teknos Group Oy announced it had launchedtwo-component waterborne polyurethane coatings for uPVC windows and doors.These coatings were launched under the name HYDROPUR 2K COLOR. Players operatingin the waterborne coatings market in Europe and Africa include Sherwin William Company, PPGIndustries, Inc., Akzo Nobel N.V., RPM International Inc., Axalta CoatingSystems Ltd., Nippon Paint Holdings Co., Ltd, Kansai Paint Co.Ltd.,Rembrandtin, Rudolf Hensel GmbH, Winkelmann GmbH & Co. KG, Teknos Group Oy,Sika AG, Jotun A/S, Altana AG, Henkel AG & Company KGaA, Hempel A/S,Tikkurila Oyj, Acrymatic Coating ApS, RD Coatings, and Baril Coatings.
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