Global waterborne coatings market is anticipated to amass substantial gains by 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the biotechnology market based on type, Resin, end use and region.
According to the report, the global waterborne coatings industry is predominantly driven by the rapid growth of its end-use application avenues such as automotive, construction, and general industries. Exponential growth of construction activities along with an increasing necessity for periodical maintenance of currently standing structures is driving tremendous growth into the global waterborne coatings market.
Waterborne coatings can be defined as advanced coating solutions that exhibit a lesser environmental impact than their conventional counterparts. These coating solutions use water as a solvent medium, which allows them to have less harmful emissions when compared to other solvent-borne products.
Surface protection and decoration are two prominent functions of waterborne coating products, making them of significant economic importance. Moreover, the waterborne nature of these environmentally friendly coating solutions is a result of technological advancements in the coatings and paints industry. Waterborne coatings are fast becoming the preferred coating options for a majority of consumers throughout the world.
When it comes to resin materials, developed specifically for coating formulations, the market has witnessed a significant amount of advancements that would foster its expansion in the forthcoming years. Polyurethane-based waterborne coatings are the outcome of such advancements, the material is widely used on account of its lower Volatile Organic Compound (VOC) emission levels.
Moreover, real-time polymer-monitoring systems have further optimized production of several polymers. These polymers are extensively used during manufacturing of waterborne coatings. UV-coating formulations, Intelligent Binders in protective waterborne coatings are the future trends in the industry. These are novel, attractive, and viable options for applications in OEMs, polymer coatings, extruders, contract coaters, formed polymers, and thermoformers.
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The industry’s ongoing growth can also be attributed to the presence of favorable regulatory framework. Several regulatory agencies such as ECHA and REACH have prescribed standards for lowering harmful emissions in the atmosphere from solvent-borne coatings. However, this trend further fostered growth of the environmentally friendly coating segments like powder and waterborne.
The industry is depicting a wide scope across almost all regions of the world with the Asia Pacific leading the charge as the fastest growing market player. APAC countries such as India, China, South Korea, and Japan are some prominent contributors driving regional growth. Meanwhile, Europe and North America are mature markets with average growth rate that would be slower than that of the APAC in the coming years.
The global waterborne coatings industry is made up of several international as well as domestic players. Some prominent industry players include BASF SE, PPG Industries, Inc, DowDuPont, Axalta Coatings, AkzoNobel NV, and Sherwin-Williams Company. Other distinguished manufacturers include Kansai Paint Company Ltd., RPM International, Jotun Group, and The Valspar Corporation.