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.
The study found that the global waterborne coatings market demand was 20.54 million tons in 2014 and is expected to reach 32.71 million tons by 2022, growing at a CAGR of 6.0 percent from 2015 to 2022.
According to the report, architectural was the largest application segment and accounted for 86.5 percent of the total market volume in 2014. Automotive OEM is anticipated to be the fastest growing application segment at a CAGR of 8.1 percent from 2015 to 2022.
Europe emerged as the largest regional market and accounted for 38.6 percent of global consumption in 2014. Stringent environmental regulations to minimize the use of solvent borne coatings are expected to drive the regional market over the forecast period.
Asia-Pacific is expected to witness the highest growth of 7.9 percent from 2015 to 2022. Increasing infrastructure activities in India, China and Indonesia are expected to drive the regional market. Asia-Pacific is expected to surpass Europe to become the leading consumer by 2022.
Global waterborne coatings market is moderately consolidated with presence of large multinational corporations. Some of the major companies operating in the global market include BASF, Berger Paints India Ltd., Kansai Paint Co. Ltd., Axalta Coatings Systems LLC, and Nippon Paint Holdings Company LLC. Other prominent industry participants in the global market include RPM International, PPG Industries Inc., Akzo Nobel NV, The Valspar Corp., The Sherwin-Williams Co. and Tikkurila Oyj.
For additional information about the report, Waterborne Coatings Market Analysis By Resin (Acrylic, Polyurethane, Epoxy, Alkyd, Polyester, Polytetrafluoroethylne, Polyvinylidene Chloride, Polyvinylidene Floride), By Application (Architectural, General Industrial, Automotive OEM, Metal Packaging, Protective Coatings, Automotive Refinish, Industrial Wood, Marine, Coil) And Segment Forecasts To 2022 visit http://www.grandviewresearch.com/industry-analysis/waterborne-coatings-market.