Press release
Waterborne Coatings Market to Hit USD 95 Billion by 2024: Analysis of Key Players, Trends, Drivers, & Challenges
Shifting trends towards environment friendly products to reduce harmful effects on surroundings should favor Waterborne Coatings Market. These coatings are categorized as eco-friendly products containing, low VOC & HAP content which pose potentially less risk to human as well as living environment thereby promoting product demand.
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Global waterborne coatings market should exceed USD 95 billion by 2024; according to a new research report.
Architectural applications may witness gains at above 5.5% during forecast timeframe. Increase in living standards has led to rise in renovation, interior decoration and remodeling activities in both residential and commercial construction which should drive waterborne coatings market. Government initiatives and financial assistance in restoration activities and public infrastructure development mainly in India and China should contribute towards industry growth.
Strict amendments by EU Commission and EPA pertaining to VOC content in coating and ensure safety supported by adoption of green technologies and bio based materials for architectural applications may positively impact waterborne coatings demand.
Waterborne coatings demand from automotive refinish applications may exceed to USD 1.5 billion at end of forecast timeframe. Growing demand from automotive repairs to enhance aesthetic appeal and recover damages including scratches & fading body paint caused by extreme climatic effects and accident should propel product demand.
Increasing application outlook in automotive industry owing to compliance with low emission standards set forth by automotive emission control agencies mainly in the U.S. and Europe should propel product demand. These products also provide additional benefits which include protection from harsh weather, UV rays, discoloration and acid rain, thereby promoting waterborne coatings demand.
U.S. waterborne coatings demand may surpass USD 15.5 billion by end of 2024. Positive indicators towards increase in infrastructure spending along with growth of automobile sector should drive regional growth. Stringent norms by EPA & OSHA to minimize VOC content to limit toxicity levels should promote product demand.
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Polyvinylidene chloride & fluoride, polyester, polyurethane and polytetrafluoroethylene are some of the raw materials used for production. Raw material cost concerns may widen demand supply gap which may impact on waterborne coatings market price trend.
Polyester waterborne coatings market will surpass USD 1 billion during forecast timeframe due to its excellent film forming properties and pigment dispensability, along with its self-emulsifying type waterborne resin should boost product demand. Recent product developments including waterborne UV coatings synthed by bio based polyester resins should drive industry growth.
These products finds application in furniture, plastic, wood paints and printing inks industry. Polyurethane, polyacrylate and polyvinyl ethers are used as binders while epoxy and alkyd resins are used to formulate product applications. Recent technology advancements including latent crosslinking, core-shell technology & 1K technology enhancing its ease to clean properties and developing green chemistry based resins should stimulate product demand.
France waterborne coatings market may surpass USD 6.5 billion in sales by 2024. Presence of major manufacturing companies investing in technological innovations to develop new products with additional properties may favor regional growth.
Global waterborne coatings industry share is fragmented with industry players including PPG Industries, AkzoNobel, Valspar, Kansai Paints, Sherwin Williams, Axalta and BASF. Key industry participants strategize to expand is production capacity, adopt new production technology and expand its distribution network to other regions.
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