Waterborne coatings are eco-friendly that use water as a solvent and can be applied easily, and are applicable in appliances, automotive, architectural, marine, packaging, wood, general industrial, and others. They offer properties such as flexibility, adhesion, stain resistance, hardness, and corrosion resistance.
The major factors driving the market growth include increasing adoption of waterborne coatings over solvent-borne coatings and rapid economic growth in emerging countries. The major factor that is expected to drive the automotive and architectural demand is increasing consumer spending and population, especially in Asia-Pacific region, which supplements the market for waterborne coatings.
Less amount of waterborne coating is required to cover the same surface area as compared to solvent-borne coatings. Factors likely to boost the demand for waterborne coatings include stringent environmental regulations along with increasing adoption for low VOC, eco-friendly, and non-hazardous coatings from the end-user industry.
However, availability of cheaper substitutes limits the growth.
On the basis of resin type, the waterborne coatings market is segmented into epoxy, polyester, acrylic, polyurethane, alkyd, polyvinylidene chloride (PVDC), polyvinylidene floride (PVDF), and others. Acrylic waterborne coating is likely to be the fastest growing segment during the forecast period due to the superior hardness and durability properties offered by this resin.
The waterborne coatings application market is segmented into appliances, automotive, architectural, marine, packaging, wood, general industrial, and others. Architectural & automotive application segment was the largest in 2015, in terms of volume, owing to increase in adoption of waterborne coatings in emerging and developed countries.
Based on geography, the market is segmented across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the largest market in terms of both volume and value in 2015 on account of relative rise in the consumers disposable income and strict regulations in paints & coatings industry.
The key strategies adopted by key players include product launches, expansions, and agreements & mergers. Leading waterborne coating manufacturers such as BASF SE, Akzo Nobel N.V.
focus on R&D activities and product innovations for green coatings. Key players include BASF SE, Akzo Nobel N.V., Axalta Coating Systems, PPG Industries, Berger Paints, The Valspar Corporation, and Sherwin Williams.
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