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Waterborne Coating Market: Global Industry Analysis, Growth, Trends and Forecast, 2020-2024
Waterborne Coating Market
Low toxicity due to less HAP emissions and VOC levels, alongside high water-content that helps in reducing air emissions, will augment the product demand over the forecast spell. Waterborne coatings are comprised of approximately 70% water, 20% solids and 10% solvents, which is considerably lesser than the 84% solvent content of conventional basecoats.
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Furthermore, strict regulatory standards issued by the EU Commission to curb the VOC emissions in coatings, supported by various initiatives such as green building programs, are on the rise.
Accelerating shift towards waterborne coatings by architects to meet the green building standards is likely to give the waterborne coating market a substantial boost over the estimated timeframe.
According to Global Market Insights, Inc, estimates, the global waterborne coating market size is expected to exceed $95 billion by 2024.
What are the key application segments propelling waterborne coatings market share over the projected timeframe?
With regards to the application spectrum, the U.S. waterborne coatings industry from the architectural segment is poised to record a $15.5 billion revenue by 2024. Increased prominence of this segment can be attributed to enhanced features of the product such as excellent adhesion, heat resistance, and good abrasion. Cost-effectiveness, coupled with rising applications in residential, industrial, commercial, and institutional buildings for protective proposes are anticipated to amplify industry expansion.
The automotive refinishing application segment is set to record remuneration worth $1.5 billion by 2024. Additionally, the waterborne coating industry from the industrial application segment is projected to exhibit a growth rate of nearly 3.5% through 2024. This segment is gaining vast prominence due to the increasing usage of waterborne coatings in building and steel structures.
On the other hand, the industrial wood application segment is anticipated to register a significant growth rate in the foreseeable future. Rapid technological advancements in developing waterborne UV-curable coatings for applications in industrial woods, with enhanced performance and stain & chemical resistance will add impetus to the waterborne coating industry growth.
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How is rising acrylic coatings consumption in Germany expected to drive waterborne coating market expansion?
The Germany waterborne coating industry from the acrylic product segment is anticipated to expand at over 4.5% growth rate through 2024.
The product is extensively used in furniture, road marking, high traffic interior surfaces including walls, frames, and doors. This can be attributed to its enhanced properties such as color retention, high gloss, impact resistance, easy cleaning, and quick drying, which will provide an opportunity for the waterborne coatings market to grow exponentially.
Key waterborne coating industry players include Axalta, Kansai Paints, Sherwin Williams, and AkzoNobel, among others. These companies are focusing on enhancing their footprints in the market through various strategies such as product development, R&D, and technological advancements including UV technologies. To illustrate, Axalta has initiated the expansion of its waterborne coatings production, by commencing work on the latest phase of its Shanghai-based Jiading plant, in an effort to accommodate the rising need for sustainable coatings from industrial customers.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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