Waterborne Automobile Coatings Market Size, Share Growth Status, Demand Dynamics, Key Players, Industry Challenges, and Forecast till 2030 | Akzo Nobel N.V., BASF SE, Axalta Coating Systems

The Waterborne Automobile Coatings Market is estimated for $23 billion for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Waterborne automobile coatings protect vehicles from corrosion and improve aesthetics. They are applied on various exterior and interior components like bodies, bumpers, and trim parts. These eco-friendly coatings emit lower volatile organic compounds (VOCs) compared to solvent-borne coatings.

Market Dynamics:

Stringent environmental regulations regarding VOC emissions from automobile coatings across regions are expected to drive the market growth. The European Union has imposed stringent regulations to curb VOCs in automobile refinish coatings through its Solvent Emissions Directive. Similarly, regulations in North America and Asia Pacific are promoting use of waterborne coatings. Additionally, growing demand for lightweight and low-emission vehicles along with availability of technically advanced and superior performance waterborne coatings will provide opportunities over the forecast period.

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Top Key Players are Covered in this Report:

★ Akzo Nobel N.V.
★ BASF SE
★ Axalta Coating Systems
★ Berger Paints India Limited
★ Nippon Paint Company Limited
★ Kansai Paint Company Limited
★ PPG Industries Inc.
★ Williams-Hayward Protective Coatings Inc.
★ Tikkurila Oyj
★ The Valspar Corporation
★ RPM International Inc.
★ The Sherwin Williams Company.

Detailed Segmentation

By Product Type:

★ Colloidal coatings
★ Water-soluble paints
★ Latex paints
★ Water-based alkyds

By Resin:

★ Epoxy
★ Polyester
★ Polyurethane
★ PVDF
★ PTFE
★ Alkyd
★ PVDC
★ Acrylic

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Increased Adoption of Waterborne Automobile Coatings to Reduce VOC Emissions

The transition towards waterborne coatings is a major market driver in the waterborne automobile coatings industry. Strict government regulations aimed at reducing VOC emissions from automotive coatings are compelling automakers to adopt more eco-friendly waterborne formulations. Waterborne coatings emit negligible amounts of VOCs during production and application compared to solvent-borne coatings. They help manufacturers comply with stringent environmental norms and avoid heavy penalties. As regulations become even more stringent worldwide in the coming years, the demand for low-VOC and zero-VOC waterborne coatings from OEMs and auto refinish shops is expected to rise sharply.

Cost Savings Associated with Waterborne Coatings Technology

Another key factor driving higher consumption of waterborne automobile coatings is their ability to lower production costs for manufacturers. Waterborne coatings are designed to dry at room temperature unlike conventional solvent-borne systems that require energy-intensive baking. This allows automakers to reduce energy and operating costs. Additionally, waterborne formulations produce fewer VOCs which means less air pollution control equipment is needed. Their lower toxicity also decreases health and safety requirements. All these cost benefits compared to solvent systems are compelling many companies to adopt waterborne technologies and transition existing production lines.

Restrictions on Hazardous Substances Hamper Market Growth

While regulations promoting waterborne coatings are a major market driver, additional environmental regulations can negatively impact the industry. Growing restrictions on hazardous substances like chromates present in some waterborne coatings formulations are a key market restraint. Chromates are highly effective corrosion inhibitors but are known carcinogens. Their inclusion in coatings is being phased out under global regulatory norms. This forces manufacturers to invest in R&D to replace chromates and comply with Restriction of Hazardous Substances (RoHS) directives. Formulating chromium-free coatings without compromising on performance attributes remains a challenge hampering the market's progress in some regions.

Opportunities in Emerging Economies Due to Rising Automobile Production

One significant growth opportunity for waterborne automobile coatings providers lies in emerging economies experiencing a boom in vehicle manufacturing. Countries like India, Brazil, China and Mexico are witnessing double-digit annual increases in automotive production to meet rising domestic demand. As these nations tighten environmental policies and adopt international standards, local OEMs will need to upgrade coating technologies and shift to waterborne systems. This presents attractive commercial potentials for global suppliers targeting these fast-growing automotive hubs. The emerging markets segment is forecast to be a major source of incremental demand over the coming decade.

Advancements in Binder Formulation Expand Coatings Applications

A key market trend is the ongoing R&D to engineer advanced binder systems that enable waterborne coatings to replace solvent-borne options across a wider scope of automotive applications. Current limitations restrict their use primarily to OEM metal part coatings. Developing binders tolerant to higher baking temperatures and curing at lower energy inputs is allowing waterborne technologies to expand into refinish paints and other demanding segments like plastic part coatings. Resins with improved characteristics like corrosion resistance, chip resistance and flexibility are also expanding coatings applications. Such ongoing innovations in binder chemistry are helping waterborne coatings gain even broader acceptance.

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The report answers a number of crucial questions, including:

✦ Which companies dominate the global Waterborne Automobile Coatings market?
✦ What current trends will influence the market over the next few years?
✦ What are the market's opportunities, obstacles, and driving forces?
✦ What predictions for the future can help with strategic decision-making?
✦ What advantages does market research offer businesses?
✦ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
✦ What is the anticipated growth rate for the Waterborne Automobile Coatings market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Waterborne Automobile Coatings Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.