Water-Based Coatings are an eco-friendly option which along with their strong performance capabilities are expected to be key drivers of growth for the Global Water-Based Coating Market. Some characteristics include ease of application, high resistance to heat & abrasion, and excellent adhesive capabilities. Market Research Future (MRFR) has just released its latest report on the subject and predicts a steady CAGR during the forecast period of 2017 to 2023.
Water-Based Coatings have a vast number of applications in end-use industries such as construction, automotive and electronics. Incidentally, these are some of the most rapidly growing industries globally, and this affects positive growth for the market.
Oscillating costs of raw materials and the relatively high price-point of Water-Based Coatings is expected to challenge market growth. However, growing concerns for the environment and encouraging government support for the use of eco-friendly alternatives such as Water-Based Coatings is expected to fuel market growth during the forecast period. Several countries have passed laws regulating or banning the use of solvent-based coatings. Additionally, the wide range of application combined with the superior performance of products in the market is expected to facilitate healthy market growth.
Prominent manufacturers in the market have been analyzed to determine the strategies that affect the competitive landscape. Key players in the Global Water-Based Coatings Market who have been profiled in the report include Jotun, Sika AG, Tikkurila Oyj, Chenyang Waterborne Paint, The Valspar Corporation, AkzoNobel N.V., Axalta Coating Systems, BASF SE, Berger Paints India Limited, Kansai Paint Co. Ltd., Nippon Paint Company Limited, PPG Industries Inc., Rpm International Inc., The Sherwin-Williams Company and Asian Paints.
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Latest Industry News
Government authorities in various Chinese cities have issued an order for industries to replace solvent-based coatings with water-based alternatives. Cities such as Shanghai, Tianjin, Nanjing, Zhongshan, and Taizhou have either begun planning or have put measures in place to comply with the order. For instance, in Shanghai, solvent-based coatings have been banned in construction projects. Meanwhile, in Tianjin, the vehicle maintenance industry has been ordered to replace solvent-based coatings by 1st October 2018 and Zhongshan have put measures in place which prohibit the production of paints with over 200g/l of VOCs.
The global market for Water-Based Coatings is broadly segmented by product type, resin type, end-use industries, and region.
By Product Type, the market has been segregated to include water-soluble paints, colloidal coatings, emulsions/latex paints, and water-based alkyds.
By Resin Type, the market has been divided into acrylic, formaldehyde, polyurethane, alkyds, epoxy, and others.
By End-User Industries, the market has been segmented to include building & construction, automotive, electronics, marine, paper & packaging and others. Building & construction leads with the most significant share of over 30%.
By Region, the global market is divided into North America, Latin America, Europe, the Middle East & Africa and the Asia Pacific.
The Asia Pacific is the strongest contender for the market leader during the forecast period due to the increased demand for application in growing construction activities and the automotive industry. The requirement for eco-friendly and efficient products in emerging economies is expected to drive robust growth for this region.
North America and Europe are the second and third largest regional market segments respectively. The demand for eco-friendly products in developed countries of these regions is a key driver of market growth. Moreover, the ongoing development of infrastructure in these regions and globally growing demand for automobiles is expected to encourage market growth during the review period.
The growing automotive industry in Latin America, namely, Mexico, is predicted to motivate growth for the Water-Based Coating Market in the area.
The presence of rapidly developing countries such as Saudi Arabia, U.A.E, and Qatar are driving significant growth for the Water-Based Coatings Market in the Middle East & Africa. These countries have a high level of construction activities which fuel market growth.
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