Water Resistant Paint Market Growth and Trends: Global Report 2024

"The Business Research Company recently released a comprehensive report on the Global Water Resistant Paint Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The water resistant paint market size has grown strongly in recent years. It will grow from $3.43 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increased demand for long-lasting coatings, stringent environmental regulations, a shift from solvent-based to water-based formulations, an increase in disposable income, and innovation in raw materials.

The water resistant paint market size is expected to see strong growth in the next few years. It will grow to $4.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to rising demand for sustainable solutions, expansion of the automotive sector, growing demand from industrial applications, a focus on energy efficiency, and urban air quality concerns. Major trends in the forecast period include the expansion of the construction industry, rising awareness of waterproofing solutions, innovation in formulations, expansion of retail channels, and urbanization and infrastructure development.

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Market Drivers and Trends:

The growing demand for the automotive sector is expected to propel the growth of the water-resistant paint market going forward. The automotive industry is significantly affected by a need for personal mobility, stable semiconductor supplies, rising per capita income, and urbanization. Water-resistant paint is utilized in the growing automotive sector to protect vehicle exteriors from water damage, corrosion, and other environmental factors by ensuring the durability and longevity of the vehicles. For instance, in December 2022, according to a report published by the Driver and Vehicle Licensing Agency (DVLA), a UK-based government body, the number of licensed vehicles in the UK reached 40.7 million, reflecting a 1.0% increase compared to 2021. Therefore, the growing demand for the automotive sector is driving the growth of the water-resistant paint market.

Major companies operating in the water-resistant paint market are focusing on developing waterproof coatings for roofs and walls with synthetic fibers, such as elastomeric liquid waterproofing membranes, to meet the growing demand for advanced waterproofing solutions. Fiber-reinforced elastomeric liquid waterproofing membranes offer a versatile and durable solution for waterproofing applications, combining the flexibility of elastomers with the strength of embedded fibers to create a reliable barrier against water intrusion. For instance, in February 2023, Kamdhenu, an Indian-based provider of steel and paint products, launched its new Kamo Damp Proof to provide a solution for waterproofing and protecting buildings from water damage. This innovative product helps prevent dampness, seepage, and other water-related issues, thereby ensuring the longevity and durability of the building's structure. They aim to offer a superior waterproofing solution to shield external surfaces from rain, algae, fungi, and other damaging elements.

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Major Key Players of the Market:

BASF SE, Sherwin-Williams Company, PPG Industries Inc., AkzoNobel NV, Nippon Paint Holdings Co Ltd., RPM International Inc., KCC Corporation, Axalta Coating Systems Ltd., Valspar Corporation, Asian Paints Limited, Kansai Paint Co Ltd, Shalimar Paints Limited, Jotun group, Hempel A/S, Berger Paints India Limited, DuluxGroup Limited, Benjamin Moore & Co., DAW SE, Rust-Oleum Corporation, Chugoku Marine Paints Ltd., TOA Group, Kelly-Moore Paints, Diamond Vogel Paints, Tnemec Company Inc., Dunn-Edwards Corporation

Water Resistant Paint Market 2024 Key Insights:

• The water resistant paint market size is expected to see strong growth in the next few years. It will grow to $4.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Impact Of Automotive Sector Growth On The Water-Resistant Paint Market
• Advancements In Waterproof Coatings For Building Protection
• North America was the largest region in the water resistant paint market in 2023

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