Summary
Major players in the water-borne coatings market are BASF SE, Axalta Coating Systems LLC, Berger Paints India Ltd, Kansai Paint Co. Ltd., Nippon Paint Holdings Company Ltd, PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, The Valspar Corporation, and Tikkurila Oyj.
The global water borne coatings market will grow from $107.98 billion in 2022 to $114.8 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The water borne coatings market is expected to grow from $142.61 billion in 2027 at a CAGR of 5.6%.
The waterborne coatings market consists of the sales of waterborne powder, urethane, and fluoropolymer waterborne coatings.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Waterborne coatings is a coating that uses water as a solvent to spread a resin, making them environmentally safe and simple to apply. Waterborne coatings utilize binders such as copolymers of acrylic, vinyl, and styrene compounds.
Asia Pacific was the largest region in the water-borne coatings market in 2022.Western Europe was the second-largest region in the water-borne coatings market.
The regions covered in the water-borne coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of water-borne coatings are acrylic, epoxy, polyurethane, polyester, alkyd, polyvinylidene chloride (PVDC), polyvinylidene fluoride (PVDF), and others.Polyurethane is a type of plastic that is commonly used to manufacture paint or substances that prevent water or heat from getting through.
The water-borne coatings are applied in appliances, automotive, architectural, marine, packaging, wood, and general industry and are used by building and construction, automotive, industrial, wood, and other sectors.
There is a rapid growth in the consumption of water-borne coatings in many industries, such as automotive, construction, and manufacturing.Water-borne coatings are widely used in printing inks, in the automotive OEM sector, plastics, and other manufacturing industries.
Therefore, growth in end-user industries is expected to drive the market for waterborne coatings.
Rising costs are acting as a restraint on the waterborne coatings market.The rise in raw material costs resulted in higher manufacturing costs, thus decreasing the investment in research and development of new products.
For instance, according to a blog by HPS Hygienic Pigging Systems, a UK-based integrated design and manufacturing company, the prices of raw materials used to make paint and coatings such as solvents increased in March 2021 with acetone at 123%, n-butyl acetate at 91%, and n-butanol at 54% respectively.The prices of raw materials increased by 10% more in June 2021 and by around 50% in December 2021.
Thus, the rise in raw material costs will restrict the growth of the market.
Additionally, companies invested heavily in marketing their products due to intense competition in the market.Rising trucking, railroad, dry-bulk, and air-freight rates also negatively impacted the market.
This rise in operating costs puts pressure on companies to protect margins while maintaining the quality of their products.
Smart coatings and high-performance coating technologies are being adopted by companies to enhance the efficiencies of coating compounds.Nanocoatings are a type of smart coating that has extremely tiny particles and unique characteristics such as flexibility, resistance to corrosion, and micro-bacterial growth.
Fluoropolymer coating is known for its high-performance properties such as durability and cost-efficiency.
The countries covered in the water borne coatings market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The water-borne coatings market research report is one of a series of new reports that provides water-borne coatings market statistics, including global market size, regional shares, competitors with a water-borne coatings market share, detailed water-borne coatings market segments, market trends and opportunities, and any further data you may need to thrive in the water-borne coatings industry. This water-borne coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
