Global Waterborne Coatings Market to Record Sturdy Growth by 2026
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According to Transparency Market Research, around 4.5 million tons of waterborne coatings will be sold worldwide by 2026. The report further adds that the global waterborne coatings market will exhibit a 3.9% CAGR in terms of value. On the basis of material type, the demand for polyurethane material is high on account of its high performance abilities. It is anticipated that the demand for this material will continue to be high on account of their use in painting applications, waterproofing, and high level of service protection applications. On the basis of application, it is estimated that the industrial application segment will register the fastest growth in terms of volume and exhibit a 4.3% CAGR between 2017 and 2026. Also, the demand for waterborne coatings from the automotive applications will be a leading growth factor in the years to come.
Most Lucrative Regional Market to be Asia Pacific Excluding Japan, Driven by Easy Procurement of Raw Materials
By geography, it is estimated that Asia Pacific excluding Japan will be the most lucrative regional market for what about coatings on account of the easy procurement of raw polymerizing and liquefying agents resulting in a large-scale production of waterborne coatings. With leading players vying to extend their geographical presents to the developing nations in the Asia Pacific such as South Korea, India, and China this regional market the most sought-after region for investors in waterborne coatings market. By 2026, it is anticipated that Asia Pacific excluding Japan will account for a whopping 45% of the total market and emerge dominant regional market.
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Growing Number of Stringent Regulations with Regards to Limiting Use of Solvent-based Coatings Benefitting Growth of Market
The global waterborne coatings market is primarily driven by the increasing number of stringent regulations that are implemented on account of the hazardous effects of solvent-based coatings on the environment. Since waterborne coatings possess compared to below toxicity due to its low VOC content, these coatings will continue to enjoy support from environmental and other bodies. In addition to this, waterborne coatings can be applied to various surfaces such as metal, glass, and wood as well as possesses minimum fire hazard.
The increasing building infrastructure activities, especially in the emerging economies of Asia Pacific will boost the demand for waterborne coatings. Coatings such as lacquers, paints, varnishes, and stains are used both in commercial residential buildings in order to protect them from UV radiation, microbes and moisture. The low VOC content in waterborne coatings is boosting their adoption in several developed nations.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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