Water Borne Coatings Market Witnesses Robust Growth, Projected to Reach $152.73 Billion by 2028

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The Water Borne Coatings market has experienced robust growth, escalating from $114.2 billion in 2023 to an anticipated $121.47 billion in 2024, marking a substantial Compound Annual Growth Rate (CAGR) of 6.4%. Projections suggest continued strong growth, with the market expected to surge to $152.73 billion by 2028, maintaining a steady CAGR of 5.9%.

Driving Forces for Market Surge:
Rapid Growth in End-User Industries:
The consumption of water-borne coatings has seen a rapid surge across various industries, including automotive, construction, and manufacturing. Widely used in printing inks, automotive OEM sectors, plastics, and other manufacturing industries, the escalating demand from end-user industries is anticipated to drive the waterborne coatings market.

Growing Automotive Industry:
The burgeoning automotive industry is set to be a significant driver for the waterborne coatings market. Adopting waterborne coatings for emissions reduction, improved durability, and enhanced aesthetic appeal, the automotive sector has witnessed an uptick in waterborne coating usage. With car sales projected to climb by 11.6% annually, reaching 7.65 million units in the first half of 2023, the automotive industry's growth is propelling the water-borne coatings market.

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Key Market Players:
Major companies shaping the Water Borne Coatings market include AkzoNobel NV, BASF SE, Axalta Coating Systems Ltd., Berger Paints Ltd., Kansai Paint Co. Ltd., Nippon Paint Holdings Company Ltd., PPG Industries Inc., RPM International Inc., Sherwin-Williams Company, The Valspar Corporation, Tikkurila Oyj, Asian Paints Ltd., Benjamin Moore & Co., Jotun A/S, Chenyang Waterborne Paint, Sika AG, Hempel A/S, Shalimar Paints Limited, S K Kaken Co. Ltd., Beckers Group, Dunn-Edwards Corporation, Diamond Vogel Paint Company, Kelly-Moore Paints, Vista Paint Corporation, Indigo Paints Pvt. Ltd., Arkema Group, Carboline Company, Chugoku Marine Paints Ltd., Cloverdale Paint Inc., Diamond Vogel Inc., Masco Corporation, Rust-Oleum Corporation, Sakata Inx Corporation, Tnemec Company Inc.

Technological Advances:
Innovative Coating Technologies:
Companies are adopting smart coatings and high-performance coating technologies to enhance coating compound efficiencies. Nanocoatings, characterized by extremely tiny particles and unique attributes like flexibility, corrosion resistance, and anti-microbial properties, are gaining prominence. Additionally, fluoropolymer coatings, known for their high-performance properties, including durability and cost-efficiency, are making strides in the market.

Innovative Product Expansion:
Leading companies in the waterborne coatings market are introducing state-of-the-art waterborne coatings to cater to broader customer bases, drive sales, and increase revenue. Akzo Nobel N.V. launched Wandabase WB Plus in February 2021, a revised aqueous basecoat system delivering excellent coverage, metallic control, and a flawless finish. Compatible with AkzoNobel's MIXIT cloud color tool, Wandabase WB Plus ensures consistently accurate color matching.

Regional Dominance and Market Segmentation:
In 2023, Asia-Pacific emerged as the largest region in the Water Borne Coatings market, with Western Europe securing the second-largest position.

The water borne coatings market covered in this report is segmented -
1) By Type: Acrylic, Epoxy, Polyurethane, Polyester, Alkyd, Polyvinylidene Chloride (PVDC), Polyvinylidene Fluoride (PVDF), Other Types
2) By Application: Appliances, Automotive, Architectural, Marine, Packaging, Wood, General industrial
3) By End User Industry: Building and Construction, Automotive, Industrial, Wood, Other End-User Industries

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Water Borne Coatings Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Water Borne Coatings Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on water borne coatings market size, water borne coatings market drivers and trends, water borne coatings market major players, water borne coatings market competitors' revenues, water borne coatings market positioning, and water borne coatings market growth across geographies. The water borne coatings market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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