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Waterborne Coatings Market by Types, Applications & Trends | Global Size to Hit USD 93.65 bn with a 6.2% CAGR 2024-2031

Waterborne Coatings Market

Waterborne Coatings Market

"Painting the Future Blue: Exploring Eco-Friendly Innovations and Market Trends in Waterborne Coatings for Sustainable Solutions Across Industries."

TEXES, AUSTIN, UNITED STATES, April 12, 2024 / -- The growth of the waterborne coatings market is fueled by increasing construction activities worldwide, driven by rapid industrialization and urbanization. Additionally, stringent environmental regulations promoting eco-friendly coatings and rising awareness among consumers about the benefits of waterborne coatings contribute to market expansion.

According to the latest report by SNS Insider, the Waterborne Coatings Market Size was valued at USD 61.05 billion in 2023. The forecast indicates a climb to USD 93.65 billion by 2031, with a robust CAGR of 5.5% during the forecast period 2024-2031. The waterborne coatings market is experiencing substantial growth due to increasing environmental regulations, growing awareness about eco-friendly products, and the rising demand for sustainable coating solutions across various industries. Waterborne coatings are formulations that use water as a solvent instead of traditional volatile organic compounds (VOCs) found in solvent-based coatings. These coatings offer several advantages such as low toxicity, reduced emissions, and easy cleanup, making them environmentally friendly alternatives to solvent-based coatings in applications such as architectural coatings, automotive finishes, industrial coatings, and packaging.
One of the key trends shaping the waterborne coatings market is the growing preference for low-VOC and HAPs (hazardous air pollutants)-free coatings. Regulatory agencies worldwide are imposing stricter limits on VOC emissions from coatings to reduce air pollution and minimize health risks associated with exposure to harmful chemicals. As a result, manufacturers are increasingly shifting towards waterborne coatings formulations to comply with regulations and meet consumer preferences for safer and more sustainable products.

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Some of the Key Players Included are:
• Nippon Paint Holdings Co. Ltd,
• Kansai Paint Co. Ltd
• Tikkurila OYJ
• AkzoNobel N.V.
• Sherwin-Williams Company
• RPM International Inc.
• Asian Paints Limited
• Jotun Group (Norway, , PPG Industries Inc.
• Axalta Coating Systems LLC
• other players

Market Report Scope
The market is experiencing a significant shift from traditional solvent-based coatings to waterborne coatings, driven by their low VOC emissions and eco-friendly nature. This transition is notably visible in residential and commercial coating applications, particularly in interior and exterior wall paints. As automotive manufacturers embrace waterborne coatings to meet environmental regulations, investments in research and development aim to enhance manufacturing efficiency and reduce costs. Awareness campaigns highlighting the benefits of waterborne coatings, such as longer pot life and low VOC content, are driving adoption, particularly in emerging economies. Despite being costlier than substitutes like epoxy and polyurethane coatings, the demand for waterborne coatings is soaring across end-use industries including automotive, industrial, and infrastructure sectors. The water content of these coatings, averaging around 80%, renders them excellent solvents with minimal VOC emissions. Rising automobile production capacities, coupled with design innovations, are key drivers, especially in emerging economies of Asia Pacific and Latin America.

Market Analysis
The market is bolstered by various driving factors, including stringent environmental regulations promoting eco-friendly coatings, technological advancements, and increasing infrastructure investments. Moreover, rising consumer awareness regarding sustainable coatings and the growing automotive sector propel market expansion. However, high initial investments in research and development, coupled with the requirement of skilled labor, pose challenges.

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Segment Analysis
By Type, the acrylic resin segment dominated the industry in 2023 due to its versatility, durability, and excellent adhesion properties. By Application, the architectural application segment held the highest share in 2023, driven by escalating construction activities and increasing demand for sustainable coatings in residential and commercial sectors.

By Type
• Acrylic
• Polyurethane
• Epoxy
• Alkyd
• Polyester
• Others
By Application
• Architectural
• General Industrial
• Automotive OEM
• Metal Packaging
• Protective Coatings
• Automotive Refinish
• Industrial Wood
• Marine
• Coil
• Others

Impact of Russia-Ukraine War
The Russia-Ukraine conflict has disrupted the global supply chain, leading to supply shortages and price fluctuations in raw materials, impacting the waterborne coatings market. The instability has heightened geopolitical tensions, affected investor confidence, and caused market uncertainty. Additionally, trade disruptions and sanctions imposed on Russia have further exacerbated supply chain challenges, impacting market dynamics.

Impact of Economic Slowdown
The economic slowdown, exacerbated by global events like the Russia-Ukraine War, has dampened consumer spending and investment, affecting industries including automotive, construction, and coatings. Reduced demand across these sectors has hampered market growth, coupled with supply chain disruptions and labor shortages.
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Key Regional Developments
Europe dominated the waterborne coatings market driven by robust infrastructure and stringent environmental regulations, The region's focus on sustainability and innovation drives market growth. Asia Pacific is anticipated to witness lucrative growth, Asia Pacific benefits from rapid industrialization, infrastructure development, and rising automotive production capacities.

Key Takeaways for Waterborne Coatings Market
• Growing preference for eco-friendly coatings drives waterborne coatings market expansion.
• Technological innovations and stringent regulations propel adoption across diverse sectors.
• Europe emerges as a dominant market region, while Asia Pacific presents significant growth opportunities.

Recent Developments
• In March 2022, BASF expanded its Automotive Coatings application center in Mangalore, India, aimed at developing innovative solutions for automotive coatings.
• In Feb 2022, The Sherwin-Williams Company expanded its architectural paint and coatings manufacturing capacity in North Carolina, including infrastructure and distribution enhancements.
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About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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SNS Insider
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