Waterborne Coatings Market – Global Industry Report, 2027

February 9, 2021

Waterborne Coatings: Description

Waterborne coatings are surface coatings or finishes that use water as a solvent to disperse the resin. Composition of waterborne coatings varies; these coatings may include as much as 80% water with small amount of other solvents such as glycol ethers.
The content of water is high in waterborne coatings. Therefore, these coatings are environmentally-friendly and easy to apply. Waterborne coatings provide excellent surface properties such as anti-sealing effects, high gloss, and rub resistance. Waterborne coatings are excellent primers due to their resistance to heat and abrasion. They create strong adhesion, and can be applied in thick or thin coats.
They also allow for easy color blending and changes. Waterborne coatings can be applied on inner and outer surfaces. These coatings help protect the surface from corrosion and provide high gloss, wetting, and stabilization. Waterborne coatings are used to increase surface resistance from weathering and rust. They are also used to improve esthetics and durability of structures.

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What are Key Growth Drivers of Global Waterborne Coatings Market?

The building & construction coatings industry has changed over the last ten years. Presently available coatings have different raw material base and different environmental profile and properties. These changes have been brought about through a variety of influencers such as synthesis chemists, paint formulators, end-users, and environmental regulations.
The building & construction coatings industry has enjoyed a period of healthy innovation over the last decade. A few of the key drivers have been the conversion from oil-based to waterborne paints, VOC reduction, removal of chemicals of concern, emergence of paint-and-primer-in one products, the desire to provide improved film properties such as dirt pickup resistance and early rain resistance, and the desire to provide easy-to-apply new looks.
Rise in urbanization is increasing the demand for residential, commercial, and industrial infrastructure. This, in turn, is propelling the demand for waterborne coatings from Building & Construction End Users.
Low interest rates on housing loans are increasing the demand for new houses, which in turn is driving the Building & Construction coatings segment, especially in the Asia Pacific. This segment is estimated to expand at a rapid pace due to the increase in demand for infrastructure in residential, non-residential, and commercial sectors in Asia Pacific and MEA.

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What are Key Challenges for Global Waterborne Coatings Market?

Waterborne coatings are likely to present a difficulty in the surface prep stage of a project. Water is a proffered substitute for solvents in some situations; however, it is also a key component of corrosion.
Humidity and temperature have a negative effect on film formation and quality of waterborne coatings. Waterborne films are likely to remain wet and soupy at high humidity, while at low humidity, the film are expected to be too dry and have poor appearance. Therefore, waterborne basecoats for automotive are sprayed in booths with temperature and humidity control. This is costly for most industrial paint users.
These coatings are susceptible to environmental conditions such as temperature and humidity during the curing phase making them impractical in certain climates.

Lucrative Opportunities for Players in Global Waterborne Coatings Market

New opportunities for end-users of waterborne coatings have arisen, with companies developing products for different markets. Of late, the demand for these coatings has shifted from the building & construction sector to the industrial division. Companies could also invest higher amounts in advertisement in order to enhance their sales and the credibility of their existing as well as new products.
Waterborne coatings are one technology which provides an opportunity to reduce VOC levels relative to traditional solvent borne technologies.
Waterborne acrylics now find use in a variety of light and medium duty industrial End Users. Overall, the phenomenal growth of waterborne acrylic has been driven by a number of factors, including compliance with VOC regulations, ease of clean-up, less hazardous waste disposal and its associated costs, lower risk of health hazards due to exposure to solvents, less concerns with flammability

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Asia Pacific to Dominate Global Waterborne Coatings Market

In terms of volume, Asia Pacific dominated the global waterborne coatings market in 2018. The waterborne coatings market in the region is primarily driven by the rise in infrastructure requirements in residential, non-residential, and commercial sectors. The building & construction segment in Asia Pacific is projected to expand at a rapid pace in the near future.
Increase in demand for decorative paints and coatings in India and China, coupled with rise in awareness about waterborne coatings is driving the market in the region. Growth in population in Asia Pacific is propelling the construction industry in the region. This, in turn, is augmenting the building & construction segment. Regulations on emission of VOC are becoming increasingly stringent in countries such as China and India.
Therefore, manufacturers are switching to environmentally-friendly technologies. The trend of using waterborne coatings is expected to gain momentum in the near future.

Leading Players in Global Waterborne Coatings Market

The global waterborne coatings market is highly competitive. Key players operating in the waterborne coatings markets are
- BASF SE
- Akzo Nobel N.V.
- Asian Paint
- Axalta Coating Systems Ltd.
- Altana AG
- PPG Industries Inc.
- Sherwin-Williams.
Some of these companies are increasingly focusing on expanding their business by establishing new production facility and through strategic acquisition in Asia Pacific region. This will enhance their business related to waterborne and solvent based coatings in Asia.