Key Highlights of Global Waterborne CoatingsMarket
· Theglobal waterborne coatings market was valued at US$77.4 Bn in 2018 and is anticipated to expand at aCAGR of 4.9% from 2019 to 2027
· Theglobal waterborne coatings market is driven by the rise in demand forarchitectural coatings.
· AsiaPacific accounts for major share of the global waterborne coatings market, ledby the increase in building and construction activities in the region
Key Drivers of Global Waterborne Coatings Market
· Variousgovernments across the world have implemented stringent regulations to reduceVOC content in paints & coatings
· This hasincreased the use of eco-friendly alternatives with less VOC content
· Developmentand use of waterborne coatings have reduced VOC in traditional alkyd paints.Water-based coatings emit lesser VOCs than its substitutes such assolvent-based coatings.
· Reductionof VOCs such as organic solvents is a key challenge in the paints industry dueto the increased environmental and health legislations aiming at reducing VOCemissions. VOCs participates in atmospheric photochemical reactions to createhealth hazards.
· Coatingand paint technologies adapt to environmental requirements. Waterborne coatingsand solvent-free coatings are the new health and safety trends in coatingtechnology.
· Environmentalstandards establish that the VOCs must either be removed or controlled at thelowest possible levels. The carcinogenic environmental impact of VOCs hassubstituted solvent borne coatings with waterborne coatings. Epoxy- andacrylic-based coatings have special significance over other waterbornecoatings.
· Waterbornecoatings reduce VOCS by nearly 94% as compared to otherssolvent and zinc liquid formulations, and up to 60% bettercorrosion resistance in salt spray and cyclic testing than e-coat and zincformulations
· Hence,the demand for waterborne coatings is anticipated to increase during theforecast period.
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Increasing Demand from the Automotive Sectorfor Global Waterborne Coatings Market
· Majorautomotive manufacturers emphasize on the use of waterborne coatings owing toits environmental benefits and to ensure the health and safety of theiremployees
· Waterbornecoatings are the future of automotive coatings, with many paint & coatingsmanufacturers already developing and supplying them
· Risingenvironmental regulations coupled with developments in the automotive sectorare anticipated to fuel the demand for waterborne coatings.
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Volatility in Raw Material Prices toHamper Global Waterborne Coatings Market
· Rawmaterials represent a major section of the paints & coatings market. Thus,a surge in the cost of any element is projected to significantly reduceprofitability.
· Fluctuatingprices of raw materials of different Waterborne Coatings, additives, and resinsare a major restraint of this market
· Varyingcost of raw materials is anticipated to inhibit the market even thoughwaterborne coatings contain less solvents.
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Asia Pacific Dominates Global Waterborne CoatingsMarket
· AsiaPacific leads the global waterborne coatings market, followed by Europe andNorth America. Latin America and Middle East & Africa are expected to bethe key upcoming regions of the global waterborne coatings market during theforecast period.
· Significantincrease in building and construction activities, especially in developingregions, is anticipated to be a major factor driving the waterborne coatingsmarket in these regions. Waterborne coatings are widely employed in buildingand construction activities, as these coatings offer properties such as highgloss, better esthetics, and highly durable structures.
High Degree of Competition among EstablishedPlayers of Global Waterborne Coatings Market
· Largenumber of small- and large-scale manufacturers operate in the global waterbornecoatings market. These companies offer different types of waterborne coatingsfor various applications.
· Prominentplayers profiled in the global waterborne coatings market report are BASFSE, Akzo Nobel N.V., Asian Paints, Axalta Coating Systems Ltd., Altana AG, PPGIndustries Inc., and Sherwin-Williams. Market players are adoptingstrategies such as pricing and product improvement to strengthen their marketposition.
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