Grand View Research Predicts Waterborne Coatings Market Worth $146.11 Billion by 2022
SAN FRANCISCO - The global waterborne coatings market is expected to reach $146.11 billion by 2022, according to a new study by Grand View Research Inc. Increasing construction and remodeling activities in emerging economies of Asia-Pacific and Middle East are expected to drive waterborne coatings market growth over the next seven years. Waterborne coatings are widely used in interior and exterior paints, doors, trims and facades in the architectural industry. Stringent government regulations in order to reduce VOC emissions associated with solvent-based coatings are projected to propel market growth. Increasing automobile production in countries such as India, China, Thailand, Indonesia and Mexico has also prompted the demand for waterborne coatings.
According to the report, acrylic resins were the most dominant resin in waterborne coatings and accounted for over 80 percent of total market volume in 2014. They find wide application scope in end-use industries such as infrastructure and automotive refinishes owing to exterior durability coupled with low production cost. Polyurethane (PU) is expected to emerge as the fastest growing resin at an estimated CAGR of 7.5 percent from 2015 to 2022. Superior PU properties over other resins are expected to drive its demand over the forecast period.