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Global Waterbased Coatings Market: Key Players Focus on Product Innovation to Surge Ahead, says TMR
On the contrary, sensitivity of water-based coatings for temperature and humidity fluctuations and lack of viability of water-based coatings as they are susceptible to corrosion is hampering the growth of water-based coatings market. Considering a number of favorable factors, the global water-based coatings market is poised to rise at a CAGR of 6.4% between 2017 and 2024.
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Building & Construction End-use Segment to Remain at Fore through 2024
The global water-based coatings market is segmented on the basis of resin type, end-use, and geography. In terms of resin type, acrylic, epoxy, polyurethane, formaldehyde, alkyds, and others are the segments into which the water-based coatings market is segmented. Vis-à-vis revenue, acrylic segment is the most attractive segment of the water-based coatings market. As acrylic coatings are largely used in architectural coatings, construction of commercial and residential buildings will augur well for the segment. However, polyurethane is anticipated to emerge lucrative as the use of polyurethane is anticipated to be on the rise. On the other hand, formaldehyde segment displays lackluster growth as formaldehyde is associated with VOC emissions.
By end-use, the various segments into which the water-based coatings market is divided are building & construction, automotive, furniture, marine, electronics, paper & printing, and others.
Of them, building & construction segment is the highly lucrative end-use segment; the segment is anticipated to remain lucrative in the years ahead too. Growing construction activities with China and India touted as key construction hub in Asia Pacific are indirectly benefitting the water-based coatings market.
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Growth of Automotive Sector Stokes Demand in Asia Pacific
Region-wise, North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa are the segments into which the water-based coatings market is divided. Asia Pacific, among them, is the highly attractive market for water-based coatings. Growth of the construction sector leading to the heightened demand for paints and coatings is fuelling the water-based coatings market in this region. Moreover, growth of the automotive sector in the region is stoking demand for paints and coatings among OEMs.
Latin America and the Middle East & Africa are predicted to display substantial demand for water-based coatings in the upcoming years. Rising construction activities to serve the residential needs of growing middle-class population in emerging economies of Latin America are indirectly boosting the water-based coatings market.
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Key companies operating in the global water-based coatings market are PPG Industries, Akzo Nobel NV, and Sherwin-Williams Company. Some other companies to name are BASF SE, Asian Paints Limited, Kansai Paint Co. Ltd., Axalta Coating Systems Ltd., Altana AG, Nerolac paints Limited, Schmid Rhymer AG, NIPSEA Group, SKK Pte. Ltd., and Hebei Chenyang Industry & Trade Group Co. Ltd.
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TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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