Waterborne Coatings Market Growth Is Attributed To The Increased Application Of Acrylic Waterborne Coating

According to Precision Business Insights (PBI), latest report water-borne coatings market was valued at USD 100.3 billion in 2022, growing at a 5.7% CAGR during the forecast period 2023 to 2029. The increased demand for ultra-low VOC, low-odor epoxy resin-based coatings in the transportation industry and DIY flooring applications is expected to drive the global waterborne coatings market. Opportunities are rising from the growth of bio-based products and rising government support as a result of VOC emissions in the market. For instance, in November 2021, The U.S. Environmental Protection Agency (EPA) proposed to amend the National Volatile Organic Compound (VOC) Emission Standards for Aerosol Coatings, which establishes reactivity-based emission standards for the aerosol coatings category (aerosol spray paints) under the Clean Air Act (CAA) leading to further developments in the water-borne coatings market. Moreover, emerging economies are making large investments in long-term initiatives and infrastructure development. As a result of major investments made by top corporations to take advantage of the prospects in these economies have led to a surge in the demand of the market. Furthermore, the rising construction activities on account of rapid industrialization and urbanization across the globe are anticipated to drive product demand over the projected period.

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The waterborne coating market is segmented based on resin type, end-user industry, and geography.
Based on the Resin type, the market is segmented into the following:
• Acrylic
• Polyester
• Alkyd
• Epoxy
• Polyurethane
• PTFE
• PVDF
• PVDC
• Others

Based on the Application, the market is segmented into the following:
• Building and Construction
• Automotive
• Industrial
• Wood
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Acrylic Waterborne Coating is Dominating the Waterborne Coating Market
The increased use of this sector in radiation curing and electrodeposition is expected to drive the market. This type of resin is intended to safeguard the environment and is frequently used in coatings, bridges, ships, and trains. It is predicted that demand for acrylic resin-based coating will increase significantly in the next years. The acrylic resin market is highly sought-after and used extensively because of its qualities like hardness, resistance to abrasion, harsh weather resistance, and chemical resistance. Due to their low VOC emissions and good performance attributes, aqueous acrylic coatings are frequently utilized in the automotive industry, where they are becoming more and more popular as a replacement for conventional solvent-based coatings. According to a survey by the National Institute of Standards and Technology (NIST), demand for waterborne acrylic coatings increased for 45% of coatings manufacturers in the US in 2020, and 60% of coatings manufacturers intend to increase their production of waterborne coatings in the future.

Asia Pacific Leads the Waterborne Coating Market
The water-borne coatings market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific accounted for a significant share of the water-borne coatings market. The market is expected to grow at a significant CAGR over the forecast years owing to China, Japan, South Korea, and India having well-developed architectural settings. Increased demand for residential, commercial, and industrial infrastructure, as well as rehabilitation and repainting of residential and commercial structures, were the results of Asia Pacific's rapid urbanization, rising disposable income, and expanding GDP. North America region is also anticipated to grow in the forecasting period owing to rising investment by businesses to introduce an improved waterborne coating. In addition, people in North America are becoming more and more aware of how environmentally friendly aqueous coatings are.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The water-borne coatings market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In January 2023, Asian Paint's Board of Directors approved an investment of Rs 2,000 crore (approximately) for a new waterborne paint manufacturing plant with a capacity of 400,000 kiloliters per annum in Madhya Pradesh. In October 2022, Sherwin-Williams Company acquired Industria Chimica Adriatica S.p.A, an Italian designer, manufacturer, and distributor of industrial wood coatings used for kitchen cabinets, furniture, and décor, building products, flooring, and other specialty applications

Key player's profiles in the water-borne coatings market are AkzoNobel NV, BASF SE, Asian Paints Limited, Arkema Group, Axalta Coating Systems LLC, Berger Paints India Ltd., Dow, Hempel, Jotun, Masco Corporation, Shawcor, Kansai Paint Co., Nippon Paint Holdings Company Ltd., PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, The Valspar Corp., and Tikkurila Oyj.

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