Market Segments

Market Snapshot

As stated in our extensive report; the Global Waterborne Coatings Market  accounted for USD 98.2 Billion in the year 2021.

Key Developments:

• To help professionals satisfy the aesthetic and functional needs of light industrial or commercial settings, Sherwin-Williams developed Pro Industrial Pre-Catalyzed Water-based Urethane, a single-component product with performance qualities equal to those of a two-part coating.

• A memorandum of understanding (MOU) was signed between the Korean firm Hyundai Heavy Industries (HHI) and the Norwegian firm Jotun in June of this year. Together, we can meet environmental laws by using Jotun's innovative maritime paint, which cuts solvent emissions by 90%. *An environmental coatings and paints industry leader in China, Chenyang Group, established a partnership with Royal DSM in May 2022. With this partnership, we hope to boost the supply of eco-friendly coating options in the Chinese market.

• PPG Industries, a world-renowned manufacturer and distributor of coatings and paints, introduced their aqueous weathering stain, PPG MACHINECOAT, in May 2019. It's a low-VOC alternative to the standard solvent-based PPG Machinecoat alkyd weathering stains.

• Axalta Coating Systems, a global leader in coatings and paints, opened a new coatings manufacturing facility in Gujarat, India, in April 2018. Coatings production will ramp up at this new facility to fulfill the increasing demand.

Market Dynamics:

The growth of the Waterborne Coatings Market  can be attributed to several factors, such as increasing demand for Waterborne Coatings owing to their various advantages, such as improved wetting, adhesion, and transparency. In addition, the growing health concerns regarding air quality and toxicity propel the growth of the Waterborne Coatings Market. Further, technological advancements are also fuelling the growth of the Waterborne Coatings Market. For instance, developments in three-dimensional printing are facilitating the production of customized coatings in bespoke formats that would not have been possible earlier. Various factors, such as increasing awareness about the benefits of corrosion-resistant paints, increasing spending on infrastructure development, and stringent environmental regulations, are driving the growth of this market. Growing awareness about the importance of coatings for protection against water damage has been a key factor propelling the adoption of these products in various industries such as transportation, manufacturing, shipbuilding, food processing, healthcare facilities, etc. Increasing application in industrial sectors also reflects a growing trend towards smart factories where sensors are installed across various processes to optimize performance and minimize disruptions caused due to product failures or malfunctions.

Furthermore, increasing acceptance among customers owing to customization opportunities offered by different manufacturers is also expected to contribute significantly towards the growth of this market.

The increasing investments in renewable energy such as solar, wind, and hydro have driven the growth of the Waterborne Coatings Market. The widespread deployment of renewable energy has led to an increase in demand for environment-friendly coatings. In addition, the shift towards clean and green technologies is also propelling the growth of the Waterborne Coatings Market. These factors are expected to drive market growth over the next few years. The increasing investments in renewable energy such as solar, wind, and hydro have driven the growth of the Waterborne Coatings Market. The widespread deployment of renewable energy has led to an increase in demand for environment-friendly coatings.

In addition, the shift towards clean and green technologies is also propelling the growth of the Waterborne Coatings Market. These factors are expected to drive market growth over the next few years. Reducing emission pollution also fuels the growth of the Waterborne Coatings Market. Governments worldwide are mandating measures for reducing emission levels, increasing demand for Waterborne Coatings that can help reduce emissions. For example, aircraft emissions are reduced with anti-icing agents such as glycol ethers used as additives to automotive fluids and polyurethanes used as catalysts or sealants on engines and moving parts.

The growing awareness about environmental hazards and challenges associated with air and water pollution is responsible for boosting investments in renewable energy projects such as solar, wind, hydroelectric, ethanol production, and others. This has increased demand for Waterborne Coatings that reduces oil or gas emissions, corrosion protection, anti-sludge properties, and anti-foaming agents. Incorporating green technology into wastewater treatment plants has also increased demand for these coatings as they help optimize plant performance while reducing the waste production. In addition, an uptick in manufacturing activities across countries such as China and India is anticipated to contribute to the growth of this market during the forecast period. The continuing increase in investments in renewable energy is the anchor for the Waterborne Coatings Market. Expanding solar, wind, and other renewable sources will require many coatings to protect surfaces from degradation. These coatings are being developed for various end-uses such as automotive, construction, and maritime industries. This continuous expansion in renewable is also fueling the growth of green technology companies supplying these new coatings. Reduction in emission pollutant emissions is another factor triggering the growth of the waterborne coating market. Activities like transport, production, and installation greatly affect air quality. Regulations such as COP21 encourage producers to reduce their emissions by replacing polluting processes with cleaner ones. Increased awareness about environmental issues and reduction in cost associated with implementing clean technology is expected to drive the market forward.

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The key restraints of the Waterborne Coatings Market are environmental concerns, limited raw material availability, and aesthetics. Environmental concerns are the major restraining the growth of the Waterborne Coatings Market. The release of uncontrolled chemicals into waterways causes widespread public health issues and has led to increased regulatory scrutiny of the industry. This is particularly a concern for coatings applied to transportation infrastructures, such as bridges and waterways. Limited raw material availability is another restraining factor for the Waterborne Coatings Market. Unlike traditional paints and coatings, which can be made from various base materials, Waterborne Coatings are limited to a few types of oils and liquids. As a result, suppliers must search for new sources of raw materials as they become available or develop novel formulations that use less-expensive materials. Aesthetics also play a significant role in limiting the growth of the Waterborne Coatings Market. Many people view paints and coatings as unsightly and prefer paintless surfaces. As a result, many transportation infrastructure applications require low-viscosity formulations that can be applied easily with spray guns or roller applicators without staining hands or items being sprayed.

Europe dominated the global industry in 2021 and accounted for the highest share of over 38.1% of the total market value. Asia-Pacific, North America, and the Rest of the World (RoW) collectively followed with a share of about 31.4%. The market is anticipated to grow at a CAGR of about 5.0% during the forecast period. The growth is attributed to increasing demand from key economies in these regions and innovative products launched by leading players. While coatings are widely used in industrial and commercial applications, their application in the transportation and naval sectors has witnessed an alarming increase due to the onset of stringent environmental protection regulations and maritime safety regulations.

Further analysis of geographical segmentation reveals that Europe led the market with a major contribution from Norway, Germany, Russia, the UK, France, and Italy. Germany was identified as the fastest-growing region throughout the study period owing to increasing demand for Waterborne Coatings in the transportation & naval sectors. In Asia-Pacific, India is estimated to be among the fastest-growing countries owing to increasing investments in infrastructure development & industrial initiatives.

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Conclusion

Development of new technologies to enhance performance of coatings will have a positive impact on the overall Waterborne Coatings Market.

Some of the key players in the Global Waterborne Coatings Market include

• Akzo Nobel N.V. (Netherlands)
• Arkema (France)
• AXALTA (US)
• BASF SE (Germany)
• Benjamin Moore & Co. (US)
• Berger Paints India Limited (India)
• Hempel Group (Denmark)
• Jotun (Norway) *Kansai Paint Co. Ltd. (Japan)
• KCC CORPORATION (South Korea)
• PPG Industries Inc. (US)
• The Sherwin-Williams Company (US)
• Sika AG (Switzerland)
• Covestro AG (Germany)
• The Dow Company (US)
• Solvay AG (Belgium)
• Silberline Manufacturing Co. Inc.
• Hexion Inc. (US)

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• Top Companies in Waterborne Coatings Market  by Size, Share, Historical and Future Data & CAGR

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