In light of stricter regulations apropos to use of environment friendly products and reduction in emissions, the demand for water-borne protective coatings is likely to spur at a significant pace. Increasing attention on sustainability, maintaining the sanctity of government regulations, is one of the major aspects driving the sales of water-borne protective coatings, in turn aiding their market’s growth on the global front. For instance, the Government of China has introduced strict regulations in a bid to safeguard human health and maintain air quality. This move is strongly complimented by the desire of using advanced material without compromising on protection that the coating can deliver, which has substantially influenced the demand for water-borne protective coatings.
Environmental benefits on one side, there are other advantages for switching to water-borne protective coatings from solvent based counterparts. For example, when it comes to industrial applications, reducing risk of explosion and lowering of insurance fees is vital, which can be achieved by using water-borne protective coatings. Use of water-borne protective coatings has resulted in decrease in costs associated with waste-removal, as waste streams related to waterborne are comparatively less than those of solvent coatings.
However, challenges continue to maintain their pressure on the water-borne protective coatings market, which are being tackled by suppliers and ingredient formulators. Main non-technical challenge is high pricing of water-borne systems, followed by technical issues related to adhesion, varying flow, application and appearance. Albeit, these challenges, the demand for water-borne protective coatings would be on the positive scale, says the report.
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Use of additive technologies to reduce the performance gap – Novelty used by companies to enhance quality of water-borne protective coatings
The main challenge that players need to address is the application of water-borne protective coatings on surfaces. Water-borne protective coatings provide parallel performance as compared to their solvent-based counterparts, however application of the water-borne protective coating and their optimal curing remains a key challenge. For instance, in the automotive sector, application of water-borne protective coatings is difficult and their curing even more so, which has led to a substantial additional investment in ovens and spray equipment. To remove this performance gap, advances in water-borne protective coatings have been carried out to overcome barriers associated with surface tension. Advances such as use of graphene, nano-material and rheology modifiers are few of the technologies adopted by many companies to enhance the performance quotient of water-borne protective coatings.
Acrylic water-borne protective coatings to account for a major share in the global market
The report on global water-borne protective coatings market says that the sales of acrylic water-borne protective coatings are likely to soar by end of 2020 and maintain their status quo throughout the period of forecast. The dominance of acrylic water-borne protective coatings can be attributed towards their unique aesthetic and chemical properties. Sale of acrylic water-borne protective coatings is expected soar across a multitude of applications in automotive, medical and construction industries. Their unique properties enable superior gloss and colour retention during outdoor exposure. This aspect has considerable enhanced the face value of acrylic water-borne protective coatings in turn increasing their demand.
Asia Pacific to remain at the vanguard of growth
Water-borne protective coatings market in Asia Pacific is expected to soar at a modest rate during the period of forecast. Increasing demand for water-borne protective coatings from various industries such as marine, automotive, paint and new construction across emerging economies of China, Malaysia, India, Vietnam, Indonesia and South Korea is expected to complement the market’s growth in the region. According the report, China is expected to showcase a lucrative growth path for water-borne protective coatings manufacturers in the coming years. Lenient regulations on emission levels coupled with low taxes for manufacturers are supplementing the growth in sales of water-borne protective coatings in China.
Key players in the water-borne protective coatings market focus on emission reduction and enhance product quality
Key players in the water-borne protective coatings market are focused on improving their formulations and introduce quality products that abide the emission norms. They are also planning to collaborate with end use companies in a bid to achieve environment protection by decreasing solvent emissions. In June 2019, a MOU was signed between Jotun and HHI (Hyundai Heavy Industries). According to this MOU, HHI would use Jotun’s marine paint that is capable of reducing emissions by over 90 percent. This partnership will result in meeting environmental norms, and reducing solvent emissions. In December 2018, new fire-retardant waterborne laquer was launched by Tikkurila – the Fontefire WF Clear – specifically for wooden surfaces. It improves aesthetics of treated surfaces and allows the coated material to be used in areas where fire safety is most stringent.
Overall, the market for water-borne protective coatings is likely to remain opportunistic, mainly governed by Environment Protection Act, US EPA (Environment Protection Agency) and REACH (Registration, Authorization and Restriction of Chemicals). Optimistic scenario is likely to be witnessed in the global water-borne protective coatings market attributed to their high water content (over 80%) and low VOC emissions, making them an apt coating material for a multitude of applications.
KEY QUESTIONS ANSWERED IN THE REPORT
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID-19 impact on the market?