Global Water–based Coatings Market: Overview
Water–based coatings are used to paint and coat buildings, furniture, automobile parts, and architecture. They are finding increasing importance in the industry as they are replacing solvent-based coatings. The product are known to be safe for use as solvent-based coatings are highly volatile and are considered harmful for the respiratory system. This makes it favorable among end-users, and people are gradually shifting to water-based coatings.
The global water-based coatings market has been growing steadily in the last few years. The overall market stood at US$ 51.74 bn by the end of 2017 and it is expected to witness a poised growth at 6.4% CAGR. By the end of 2024, the market is projected to hold a total value of US$ 80.36 bn.
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Rising infrastructure projects in both developing and developed nations, innovation in automobiles, fascination for architecture among young people are some factors driving demand for the product. Further, industrial growth and urbanization are also considered to support usage of water-based coatings in the future.
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Construction and Building Segment to Reign the Water-based Coatings Market
The global water-based coatings market is segmented based on end-user, resin type, and geography. When it comes to end-user, buildings and construction is expected to hold the highest share in the forecast period. The segment alone is projected to hold 59.5% of the total share of the global water-based coatings market. With rapid development in countries like India and China, the number of infrastructure projects are rising every year. This is believed to augment demand for water-based coatings in the coming years. Further, developed countries are also investing on refurbishing ancient monuments and places of public importance. These factors could increase potential for growth in the water-based coatings market.
When it comes to resin type, the acrylic segment is expected to hold the highest share in the global water-based coatings market. The segment is projected to hold a total revenue of US$ 24.3 bn by the end of 2024. The rising fascination for architecture, and its increasing usage in commercial and residential buildings is promoting growth in the global water-based coatings market.
Rising Demand for Automotive Fuels Growth in Asia Pacific
Geographically, the global water-based coatings market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Rest of the World. It is projected that Asia Pacific will hold the highest share of the market in the future. One of the major drivers for growth in this region is the flourishing real estate sector. Developing economies like India and China are witnessing increase in their average per capita income, thus escalating demands for residential complexes. At the same time, automotive sector is considered to bolster demand for water-based coatings. With rise in purchase of automotive, the consumption of water-based coatings is also projected to shoot up.
On the other hand, North America and Europe will continue to emerge as important in the global water-based coatings market. Renovation of old buildings and consumption of automobiles are believed to maintain the momentum for water-based coating
Rise in Construction Applications Spurs Growth in Water-based Coatings
Water-based coatings are characterized by the presence of water as the liquefying agent to dissolve resins, binders, and any additives. A key driver for the growth in demand is the wide-range of demand for coating for various applications notably in construction and architectural ones. Over the years, in some end-use segments, water-based coatings have gained preference over solvent-based coatings due to the fact that they typically low volatile organic compounds. Thus, the water-based coatings market has seen a rapidly growing demand in household paints and coatings that are applied in closed spaces. Although they are considered more environmentally friendly, paint companies still need to comply with regional regulations to make them safe for commercial applications. Growing demand for heavy-duty protective coating is a key trend boosting the demand for water-based coatings. Key regional market such as the U.S. have been evolving on the back of changing regulatory frameworks on VOC emissions from the paints and coatings industries. The presence of low solvents make water-based formulations attractive approach in complying with these regulations, and also stay ahead of their competitors.
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