Waterborne Acrylic Coatings Market is expected to grow with CAGR of 5.77% and will lead to market size of USD 61.3 billion by 2023

Market Highlights:
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Waterborne Acrylic Coatings Market was valued at USD 41.7 billion in 2016 and is expected to grow at 5.77% CAGR to reach USD 61.3 billion by the end of 2023.

Waterborne acrylic coatings are gaining traction across the global owing to its various advantages over solvent borne coatings such as good resistance to heat and abrasion, low flammability, and excellent adhesion among others. Moreover, less amount of coating material is required for the surface treatment of a desired surface as compared to solvent based coatings. Besides, the environmental feasibility of waterborne acrylic coatings over the solvent based coatings, which is highly regulated and restricted in the developed markets will be a significant factor driving the market for global waterborne acrylic coatings.

Although known as architectural coatings, waterborne acrylic coatings has moved into all sorts of applications such as general industry, automotive, and packaging among others. Over the course of time developing regions witnessed significant industrialization. The globally renowned manufacturers are targeting developing markets for expansion in order to tap the opportunities offered by developing markets. Moreover, the availability of cheap labor and easy availability of raw materials in the developing markets are some of the other factors supporting the paradigm shift. However, the resultant industrialization has propelled the emissions jeopardizing the environment. Coatings being an integral part in construction sector and other process industries contribute significantly to pollution caused by traditional coatings used across these industries. Hence, the need for eco-friendly low VOCs coating is identified as the major market impetus factor driving the overall demand for waterborne acrylic coatings market.

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Key Players
• The Dow Chemical Company,
• PPG Industries,
• BASF SE,
• DIC Corporation,
• DSM,
• Nippon Paints Limited
• Axalta Coating Systems among others.

Segment Analysis
The global waterborne acrylic coating market is segmented on the basis of applications, end use and region. On the basis of applications, global waterborne acrylic coating market is segmented into construction material, architectural wood, automotive OEM, automotive aftermarket, metal packing, and protective coatings among others. Based on the end use industry, the global waterborne acrylic coatings market is divided into building & construction, automotive, woodworking, packaging, and general industries among others.

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Considering the global industrialization and urbanization rates, the construction activities across the globe is also increasing. Also, the housing markets in the developed regions such as North America and Europe is regaining its pace after the economic slowdown that had an adverse effect on the housing markets of the respective regions. Furthermore, automotive production has also surged in the recent past owing to declined crude oil prices. Pickup trucks and SUV sales hit historic high in the North America. Collectively, the above mentioned factors has pulsated the demand for coatings. With increasing legislations on emissions of VOCs, sustainable coatings is the need of the hour, which in turn is propelling the demand for waterborne acrylic coatings owing to its environmental feasibility as well as enhanced performance over solvent based coatings.

Regional Analysis
Asia Pacific emerged as the leading regional market of acrylic based waterborne coatings on account of its wide utilization in automotive and building & construction sector. Building & construction is driven by rising urbanization in Asia Pacific region and specifically the countries like India, China, and Japan are showing significant rise in these areas which resulted into increased demand for commercial, residential and industrial infrastructure. Increasing end use applications for acrylic based waterborne coatings market in all of these region contribute significantly in the regional growth
Stringent environment regulations in North America and Europe is anticipated to drive the demand for acrylic based waterborne coatings market in that regions.

The various applications of waterborne acrylic coatings discussed in the report includes construction material, architectural wood, automotive OEM, automotive aftermarket, metal packing, and protective coatings among others. As an application, the construction material and architectural wood segments accounted for the largest market share in the global waterborne acrylic coatings market followed by the automotive OEM and aftermarket. Rapid infrastructural developments and increasing demand for passenger cars among the middle class population in the developing regions are some of the market impetus factors driving the consumption of waterborne acrylic coatings in the developing markets, whereas, stringent legislations on VOCs from coatings is driving the demand for waterborne acrylic coating in the developed markets. Cumulatively, the construction material and architectural wood segments was valued at USD 31.8 billion in 2016.

Based on the prominent end use industries of global waterborne acrylic coatings the market is segmented into — waterborne acrylic coatings market is divided into building & construction, automotive, woodworking, packaging, and general industries among others. Among the aforementioned end use industries, building & construction accounted for the largest market share in terms of value and volume. As the synonymous name of waterborne acrylic coating i.e., architectural coatings, indicates it is widely consumed for various applications in the building & construction activities. Automotive is the second leading end use industry, the substantial growth of OEMs and aftermarket in the developing regions can be attributed to its dominance in the global market.

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This release was published on openPR.