Waterborne Coatings Market will Possibly Surpass a Value of US$ 117.7 Billion by 2026- Exclusive Report by MarketsandMarkets™

Waterborne Coatings Market will Possibly Surpass a Value of US$ 117.7 Billion by 2026- Exclusive Report by MarketsandMarkets™
Browse 198 market data Tables and 55 Figures spread through 249 Pages and in-depth TOC on “Waterborne Coatings Market”
Waterborne Coatings Market by Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC), Application (Architectural and Industrial), Region (APAC, North America, Europe, MEA, South America)

The global waterborne coatings market size was USD 77.9 billion in 2020 and is projected to grow at a CAGR of 3.5% during the forecast period to reach USD 117.7 billion by 2026. The growing demand for the product in architectural applications, such as residential and non-residential construction, and industrial applications such as automotive, packaging, construction, wood, and general industrial coupled with their underlying growth, is the key factor driving the waterborne coatings market growth. 

New rules and regulations implemented by the European Commission are aimed at achieving a greener environment with minimum harmful emissions. Car manufacturers are playing an important role in the minimization of carbon emissions and have started adopting these regulations to achieve sustainable growth. Currently, countries in the Middle East region are transforming due to the development of sustainability policies, changes in consumer preferences around the ownership of automobiles, and the rise of new technologies. South America is an emerging market, offering significant opportunities for manufacturers of coating resins to expand. Industrial activities in the region have increased because of the rise in disposable income, shift towards nuclear families, affordable interest rates, and changes in consumer preferences. The emergence of new applications and the expansion of existing applications are expected to fuel the coating resins market in the region.

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Based on resin type, The acrylic segment is projected to be the largest resin type during the forecast period. Waterborne acrylic coatings withstand extreme weathers and oxidation better than oil-based paints and alkyds. These coatings also provide a polymer structure that has lower tendencies to absorb ultraviolet light which helps in retaining gloss and color for longer time periods.

Based on application, architectural coatings are estimated to account for the largest share of the market during the forecast period. Waterborne coatings are majorly used in the architectural application in European and North American countries due to stringent regulations in these regions in comparison to APAC and other smaller regions. Waterborne coatings are extensively used in architectural applications, as it is a low-cost material that provides water resistance, good stain protection, and good water resistance. The number of initiatives is supporting the growth of the market, globally.

Players including PPG Industries Inc., (US), Nippon Paint Holdings Co., Ltd. (Japan), and AkzoNobel N.V. (Netherlands) have adopted various strategies, such as investment & expansion and merger & acquisition between 2017 and 2021, to enhance their market shares and expand their global presence. New product launches were an important strategy adopted by market players. Rising investments in the market as well as support through government policies and subsidies are driving the growth of the market in both, architectural and industrial applications. 

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The Sherwin-Williams Company (US) was the leading company within the global waterborne coatings market in 2021. It has a diversified coatings company and a leading supplier of advanced technology liquid and powder coatings for the global OEM market through 15 manufacturing and 79 facility locations across the US, Canada, Mexico, and China. The company has a wide product portfolio which includes brands such as Sherwin-Williams, HGTV HOME by Dutch Boy, Krylon, Minwax, and Thompson’s Water Seal. Sherwin-Williams has a strong customer base and operates in various countries in Europe, North America, Asia- Pacific, and other regions. The company has increased growth year-on-year by innovating upon their existing products. The products timeline indicates that it has been continuously adding new developed products to the existing product range. As a part of its growth strategy and to meet the rising demand for waterborne coatings in the architectural, energy, and construction sectors, the company entered into joint ventures with other manufacturers. In October 2020, Sherwin-Williams launched Pro Industrial Pre-catalyzed Water-based Urethane, a single-component product but with comparable performance attributes of a two-part coating, helps professionals meet esthetics and performance needs of light industrial or commercial environments.

PPG Industries, Inc. manufactures and distributes coatings, optical & specialty materials, and glass products. The company operates through two segments, namely, industrial and healthcare. It also provides industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pre-treatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food, and beverage container manufacturers. It has 150 manufacturing sites across the globe in the countries in North America, Asia Pacific, South America, the Middle East & Africa, and Europe. The company has undergone various small and large acquisitions and expansions. The major acquisition by the company is that of Tikkurila, headquartered in Vantaa, Finland, which is a leading producer and distributor of decorative coatings with operations in 11 countries. Tikkurila has a strong presence in the Nordic countries and Eastern Europe. This acquisition has helped the company gain additional customary benefits like achieving wider customer reach in the Nordic countries and Eastern Europe. In June 2021, PPG announced the expansion of its coatings manufacturing capacity in Europe for packaging applications. The investment is expected to meet the rising customer demand in the region for the latest generation coatings for aluminum and steel cans used in packaging for beverage, food, and personal care items.

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