Global Waterborne Coatings Market To Exhibit Strong Growth, Thanks To Stringent Regulations Limiting Usage Of Solvent-Based Coatings
Waterborne coatings are gaining traction in the global market despite performance limitation chiefly due to the stringent regulations that require product manufacturers to limit their usage of solvent-based coatings. The high content of toxic and volatile organic compounds of several varieties of solvent-based coatings are working against their favor, and are leading end-users to shift to effective varieties of waterborne coatings. The minimum fire hazard of waterborne coatings make them compatible with a wide array of surfaces such as glass, metal, and wood.
The report segments the market on the basis of product type into water-soluble paints, water-based alkyd coatings, and emulsion-latex coatings. Of these, the segment of water-soluble paints dominated the global waterborne coatings market in 2015, accounting for the bulk of sales in the global market. Water-soluble paints find usage in the automotive industry for coating interior body parts of automobiles, chiefly to prevent them from corrosion, rusting, and fouling. Rising government regulations regarding the infrastructure industry will also be a key driving force bolstering the growth of this segment over the forecast period.
On the basis of usage of waterborne coatings across key end-use industries, the market has been examined for industries such as architecture, automotive, wood, marine, and coil. Of these, the architecture industry bagged the title of the largest consumer of waterborne coatings in 2015 and is expected to retain dominance over the forecast period as well.
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A variety of coating products such as varnishes, paints, primers, and lacquers find extensive usage across commercial as well as residential architectural structures. The vast growth of the housing and construction industry across the globe is significantly contributing to the increased demand for waterborne coatings in the architectural industry.
In terms of geography, the global waterborne coatings market is expected to earn a majority share in its overall revenues owing to sales in the APAC (Asia Pacific) region over the forecast period. The rapid rate of industrialization and the flourishing automotive industry in emerging economies such as India and China will lead to the vast demand for waterborne coatings in the region.
The rising number of manufacturing units being set up by a number of automobile companies in the region, the demand for inexpensive automotive interiors has significantly increased. This factor will provide an immense boost to the overall development of the Asia Pacific waterborne coatings market.
The market is highly fragmented and immensely competitive owing to the presence of a large number of players. Established international vendors such as Akzo Nobel, Axalta Coating Systems, RPM International, Sherwin-Williams, and PPG Industries hold commanding positions owing to their huge production facilities and vast geographical presence. Other notable vendors in the market are Kansai Paint, Sika, Nippon Paint, Jotun, and Valspar.
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