Global Waterborne Coatings Market Size to Reach USD 127.77 Billion in 2030

In 2020, the global market size for waterborne coatings was USD 76.96 billion, and it is projected to have a revenue compound annual growth rate (CAGR) of 5.2% during the forecast period. The primary driver for the growth in revenue is the increasing demand for waterborne coatings for construction activities. Additionally, the growth in reconstruction and building activities in developing countries is expected to boost market revenue during the forecast period. The demand for eco-friendly coatings is also increasing, which is contributing to the popularity of waterborne coatings. Waterborne coatings use water as a solvent to disperse a resin, making them eco-friendly and easy to apply.

According to the Paint Quality Institute, water-based paints make up about 80% of household paints, with acrylics being the largest single type of waterborne resin system, representing over 80% of the total waterborne market. Manufacturers supplying coatings to the aircraft industry are working on developing waterborne chromate-free primers to reduce their carbon footprint. Waterborne coatings are mainly used in the automotive and transportation sector for routine maintenance or for coating interior areas.

The demand for waterborne coatings is increasing in areas where environmental legislations are the strictest. Companies are conducting research and development activities to formulate waterborne coatings that would provide similar performance and appearance qualities to those of conventional solvent-borne coatings. Additionally, the implementation of stringent regulations to reduce the emission of volatile organic compounds (VOC) is boosting the demand for waterborne coatings. Waterborne coatings release significantly fewer harmful emissions, making them ideal for complying with strict environmental and health regulations. The growing practice of sustainable development and increasing demand for products with lower VOC content is set to further increase the demand for waterborne coatings.

Various policies and acts, such as the Clean Air Act and the Occupational Safety & Health Act, have shifted preferences towards eco-friendly products to better manage and protect environmental and human resources. The Occupational Safety and Health Administration (OSHA) and the United States Environmental Protection Agency (EPA) have identified Volatile Organic Compounds (VOCs) and Hazardous Air Pollutants (HAPs) as being particularly detrimental to human and environmental health. The coating industry is shifting its focus towards low VOC waterborne coating technologies to comply with EPA regulations.

The rising car manufacturing industry is expected to increase the use of waterborne coatings in countries such as Mexico, China, Indonesia, Germany, and Malaysia. The lower odor of waterborne coatings is making them a popular choice for home-use products and in areas with poor ventilation or confined spaces. Waterborne coatings require less effort to remove from equipment, making them more convenient for consumers and expected to drive market growth. Coating developers are increasingly investing in the development of effective and enhanced waterborne coatings, as well as offering a wide range of innovative colorant solutions customized to meet the requirements of each project.

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Waterborne Coatings Market Segments:

The global waterborne coatings industry has been segmented into three categories for the purpose of this report: Resin Type Outlook, Application Outlook, and Regional Outlook.

Under Resin Type Outlook, the industry has been segmented into three subcategories: Polyurethane, Acrylic, and Others. The revenue generated by the industry under each of these categories has been measured in USD Billion for the years 2019-2030.
Under Application Outlook, the industry has been segmented into three subcategories: Industrial, Architectural, and Others. The revenue generated by the industry under each of these categories has been measured in USD Billion for the years 2019-2030.

Under Regional Outlook, the industry has been segmented into several subcategories based on geography. These include: North America (comprising U.S., Canada, and Mexico), Europe (comprising Germany, U.K., France, Italy, Spain, Sweden, BENELUX, and Rest of Europe), Asia-Pacific (comprising China, India, Japan, South Korea, and Rest of APAC), Latin America (comprising Brazil and Rest of LATAM), and Middle East & Africa (comprising Saudi Arabia, UAE, South Africa, Israel, and Rest of MEA). The revenue generated by the industry in each of these regions has been measured in USD Billion for the years 2019-2030.

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Waterborne Coatings Market: Strategic Developments

The global waterborne coatings market has been categorized into industrial, architectural, and other segments based on application. Among these, the architectural segment is expected to hold a significant revenue share in the market. As developing countries embark on building and reconstruction projects, the demand for waterborne coatings is anticipated to increase. These coatings are being used more frequently as decorative coatings in applications such as window frames, doors, wood varnishes, trims, and interior and exterior walls.

The construction industry is facing strict government regulations to reduce volatile organic compound (VOC) emissions, leading to a surge in demand for waterborne coatings. These coatings are gaining popularity in the building and construction sector due to their low toxicity and flammability, which result from reduced VOC levels and hazardous air pollutant (HAP) emissions.
Regionally, the Asia Pacific market is predicted to hold the largest revenue share in the global waterborne coatings market during the forecast period and experience rapid revenue compound annual growth rate (CAGR) growth. The increasing number of construction and reconstruction projects in developing countries is expected to fuel market expansion in this region. Waterborne coatings are being used more frequently for decorative purposes in the building and construction sector, particularly in wood flooring, furniture, sculptures, and wall paintings. The growing demand for waterborne coatings is also due to the rising production of cars and the expansion of the automotive industry in developing nations.

Waterborne Coatings Market: Competitive Landscape

The market report features profiles of several major companies operating in the waterborne coatings industry. These include Kansai Paint Co., Ltd., a Japanese company specializing in the development and manufacture of coatings for a wide range of applications. Another significant player is Akzo Nobel N.V., a Dutch multinational corporation that produces paints and coatings for both industrial and decorative applications.

Axalta Coating Systems, Ltd. is a leading manufacturer of liquid and powder coatings, while BASF SE is a German multinational chemical company that produces a wide range of products, including coatings and paints. Berger Paints Ltd is an Indian company that produces decorative and industrial coatings, while Nippon Paint Holdings Co., Ltd. is a Japanese company that specializes in automotive, industrial, and decorative coatings.
Other notable companies featured in the report include PPG Industries, Inc., an American global supplier of paints, coatings, and specialty materials, RPM International Inc., a multinational holding company with subsidiaries that manufacture and market high-performance coatings and sealants, and Sherwin-Williams Company, an American Fortune 500 company engaged in the manufacture, distribution, and sale of paints, coatings, and related products.

Finally, Tikkurila Oyj is a Finnish company specializing in decorative paints and coatings for the construction industry. The report highlights these companies' financial information, recent developments, key strategies, and product portfolios to provide a comprehensive overview of the competitive landscape in the waterborne coatings market.

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