The rapid urbanization and improving economic conditions provide significant demand in the waterborne coatings market growth
The global waterborne coatings market size is projected to reach nearly USD 109.2 billion by 2028. Additionally, the market is forecasted to grow a CAGR of above 4.4% over the forecast period of 2020-2028. Growing demand from the end-user sector for non-hazardous, eco-friendly, low VOC green coatings is expected to boost demand for waterborne coatings over the next few years. Moreover, the current growth factors for waterborne coatings have been the growth of the automotive and construction industries as well. However, it is expected that the growing consumption of green substrates with good performance, such as powder coatings, helps to provide a high demand for the waterborne coatings.
The report also outlines the various characteristics of the global waterborne coatings industry by assessing the market from value chain analysis. Moreover, the waterborne coatings market report comprises various qualitative parts of the waterborne coatings industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The waterborne coatings market has huge competition amongst the already well-known and new market players. Also, the waterborne coatings industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Compared to solvent-borne coatings, low amount of waterborne coatings are required to cover the same surface area. Strict environmental regulations along with expanded acceptance of low VOC, eco-friendly, and non-hazardous coatings by the end-user industry are factors likely to raise demand for waterborne coatings. The availability of cheaper alternatives, however, restricts production.
In terms of waterborne coatings, North America was the top buyer. Future demand growth is projected, to come from Asia Pacific. The presence of some of the key manufacturers such as The Sherwin-Williams Company, and Asian Paints Limited in emerging economies such as China and India in the region, are forecasted to dominate the market over the next few years.
The major players of the global waterborne coatings market are PPG Industries Inc., BASF SE, AkzoNobel N.V., The Sherwin-Williams Company, Asian Paints Limited and RPM International Inc. Moreover, the market comprises several other prominent players in the waterborne coatings market as Kansai Paint Co. Ltd., Jotun Group, Axalta Coating Systems LLC, and Tikkurila OYJ and Nippon Paint Holdings Co. Ltd. The major players in the market comes up with some of the developments to enhance the market growth in the global industry.
Segment Overview of Global Waterborne Coatings Market
Type Overview, 2018-2028 (USD Million, Kilo Tons)
Application Overview, 2018-2028 (USD Million, Kilo Tons)
- New Construction
- Remodel & Repaint
- General Industrial
Regional Overview, 2018-2028 (USD Million, Kilo Tons)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America