Market Forecast
Waterborne Coatings Market is expected to exhibit a CAGR of over 6.7% to reach a value of around USD 83.37 billion by the end of the forecast period.
Waterborne coatings act as a barrier between the substrate and water, insulating the material from soil contact and protecting it from various chemical interactions. The raw material used to produce waterborne coatings is waterborne resins, synthetic resin, and other materials. The waterborne resin is also known as water-based resins. These resins also produce adhesives, sealants, elastomers, and composite materials. The function of water-based resin is to use water as the carrying medium instead of solvent or solvent-less.
Segmentation
By Type
- Based on type, the global waterborne coatings market is divided into acrylic, polyester, alkyd, epoxy, polyurethane, epoxy, PTFE, PVDC, PVDF, and others.
- The acrylic segment is expected to register a significant growth rate because of its various applications such as industrial wood, architectural applications for decorative laminates and finishes, machinery & equipment in general industries, non-residential, and others.
- The market for the polyurethane segment is anticipated to have stable growth during the assessment period. However, polyurethane coatings are seamless for surfaces subjected to wear and tear and need to be physically and chemically resilient.
- The continuously increasing demand for PTFE coatings in original equipment manufacturers (OEMs) components and fasteners in the automotive industry to provide longer life is expected to offer optimistic opportunity. The growing usage of PTFE coatings in architectural applications also offers positive growth to the global market.
- The polyester segment is widely used in the residential and non-residential sectors due to its low cost. These are widely used in remodel & repaint and new construction. Therefore, the polyester coating segment is projected to fuel the global market growth during the forecast period.
By Application
- This segment is classified into the architectural segment and industrial segment, through which the architectural segment is further divided into residential and non-residential application, and industrial segment is divided into automotive, marine, packaging, and others.
- Waterborne coatings are majorly used in the automotive industry for automotive parts and OEM components, tooling, ballistic panels, etc.
- Growing commercial and residential sectors is fueling the growth of the construction industry across the globe.
- The industrial segment includes chemical, energy & power, textile, equipment manufacturers, and others and is anticipated to drive the global market growth during the forecast period.
By Region
- North America: North America is expected to boost the global market growth over the forthcoming years. This growth is attributed to rising waterborne coating manufacturers in this region. Moreover, expanding end-use industries, especially aerospace & defense and automotive, are driving the regional market growth.
- Europe: Europe is a well-established market. The demand for PVDC application in packaging solutions and the growing demand for protective coatings in the marine industry is driving the Europe waterborne coating market over the forecast period.
- Asia-Pacific: Asia-Pacific is likely to dominate the global market growth. The regional market growth is driven by several factors such as shifting manufacturing base from western countries to Asia-Pacific, strong economic development, and expansion of end-use industries including automotive, marine, building & construction, packaging, and others.
- Latin America: Brazil and Mexico are estimated to provide lucrative opportunities for market growth during the assessment period.
- Middle East & Africa: It is the fastest-growing regional market. The growing infrastructural projects in GCC countries such as UAE and increasing usage for waterborne coatings in interior and exterior architectural applications are expected to fuel the product demand in the Middle East & Africa region over the foreseeable period.
Regulatory Framework
Below is the list of ASTM (American Society for Testing and Materials) standards that are the framework for the coating industry.
- ASTM D1654 is one of the important standard tests used to evaluate coated substances subjected to the corrosive environment.
- ASTM E2257 standard test methods are used for room fire test of wall & ceiling materials in architectural application.
- ASTM D610 standard test is used to determine the extent of rust on coated steel surfaces in residential and non-residential applications.
ASTM E84 standard test method is used to determine the surface burning of building materials
Impact of Coronavirus Outbreak
In 2020, there isdecline in global sales in the coatings market, as the production and consumption of key segments such as the automotive, marine, and metal packaging industries will have fallen drastically. According to the UN, the global economy is projected to contract by around 1% or more instead of registering a 2.5% growth projected by the World Economic Situation and Prospects report 2020.
In Asia-Pacific Region, countries like China and Japan are the major consumers of waterborne coatings, and owing to the amid of COVID-19, the sales of waterborne coatings have decreased in the assessment period.
However, at the end of 2021, the demand for waterborne coatings was expected to gain pace and drive market growth.
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