Report Predicts Waterborne Coatings Market to Reach $95 Billion by 2024
SHELBYVILLE, DE — According to a report released by Global Market Insights Inc., the market for waterborne coatings should exceed $95 billion by 2024. Shifting trends towards environment-friendly products should favor waterborne coatings market size. These coatings are categorized as eco-friendly products containing, low VOC and HAP content, which offer less risk to the environment, promoting product demand.
The report predicts that architectural applications will witness gains at above 5.5% during the forecast timeframe. An increase in living standards has led to a rise in renovation, interior decoration and remodeling activities in both residential and commercial construction, which should drive the market for waterborne coatings. Government initiatives and financial assistance in restoration activities and public infrastructure development mainly in India and China will also contribute to growth in the market.
Stricter regulations from the EU Commission and the EPA regarding VOC content in coatings and the adoption of green technologies and biobased materials for architectural applications will positively impact waterborne coatings demand, according to the study.
The report predicts that demand for waterborne coatings in automotive refinish applications will reach $1.5 billion by the end of forecast period. Growing demand from automotive repairs to fix damage, such as scratches and fading paint caused by extreme climatic effects, should also propel product demand.
The increased use of waterborne coatings in the automotive industry is also due to low emission standards set forth by automotive emission control agencies, mainly in the United States and Europe. These products also provide additional benefits that include protection from harsh weather, UV rays, and discoloration, also promoting demand for waterborne coatings.
The report predicts that demand for waterborne coatings in the United States could surpass $15.5 billion by end of 2024. Positive indicators include an increase in infrastructure spending along with growth the automotive sector. Stringent standards by the EPA and OSHA to minimize VOC should also promote product demand.
The polyester waterborne coatings market size will surpass $1 billion during the forecast period due to its excellent film-forming properties and pigment dispensability. Recent product developments, including waterborne UV coatings synthesized by biobased polyester resins, should also drive industry growth.
For additional information about the report, Waterborne Coatings Market Size By Application (Architectural, Automotive OEM, General Industrial, Protective Coatings, Metal Packaging, Automotive Refinish, Coil, Marine, Industrial Wood), By Product (Acrylic, Epoxy, Polyurethane, Polyester, PTFE, Alkyd, PVDF, PVDC), Regional Outlook (U.S., Canada, Mexico, Germany, France, UK, Italy, Russia, China, Japan, India, South Korea, Australia, Malaysia, Thailand, Brazil, South Africa, Saudi Arabia, UAE) Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2017–2024, visit https://www.gminsights.com/industry-analysis/waterborne-coatings-market.