Waterborne Coatings Market Growth, Global Industry Share, Upcoming Trends, Revenue, Business Challenges, Opportunities and Forecast Analysis till 2033: SPER Market Research
The term “waterborne coating” refers to any complete or surface coating that uses water as a solvent for dissolving the resin applied to it, resulting in the formation of the coating. The composition of waterborne coatings varies and can combine significant amounts of water with small quantities of other solvents. Waterborne coatings are environmentally conscious since they use water as a solvent, are easy to apply, and may be used in a variety of industries, including appliances, automotive, architectural, marine, packaging, wood, and general industrial. They have flexibility, adhesion, stain resistance, hardness, and corrosion resistance.
According to SPER market research, ‘Waterborne Coatings Market Size- By Resin Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Waterborne Coatings Market is estimated to reach USD 160.15 billion by 2033 with a CAGR of 4.41%.
The increasing transition in coatings from low or high-volatility organic solvents to solvent-free coatings with lower emissions is projected to add to the increased demand for aqueous coatings in both residential and commercial coating applications. When compared to solvent-borne coatings, waterborne coatings use less material to cover the same surface area. Stringent environmental restrictions, as well as increased adoption of low VOC, eco-friendly, and non-hazardous coatings by the end-user industry, are projected to drive up demand for aqueous coatings. Furthermore, the increasing use of acrylic-based industrial coatings is likely to drive market expansion. The introduction of insulation and sound-damping coatings is likely to drive market expansion and create profitable prospects for industry participants. Waterborne coatings are employed in several applications, including beverage cans and canned foods. Changing food preferences, along with a busy lifestyle, are predicted to drive canned food demand and waterborne coatings demand over the forecasted period.
On the other hand, the availability of alternatives and sensitivity to humidity are expected to hamper the development of the waterborne coatings market over the duration of the forecast. Additionally, the availability of cheaper alternatives slows growth. The presence and availability of global brands, as well as the challenges posed by huge or scarce competition from local and domestic brands, all have an impact on the market. The growing number of regulatory guidelines set by various governments necessitates that coatings companies constantly improve their methods to comply with new policies.
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Impact of COVID-19 on Global Waterborne Coatings Market
The COVID-19 pandemic impeded industry growth by causing a temporary stoppage of construction activities, vehicle manufacturing sites, and many other facilities owing to the mandated global lockdown for an unknown period. The pandemic also created significant disruption in the supply chain because of international border restrictions. The pandemic caused a slight slowdown in market growth; however, it is expected to recover due to rapidly increasing construction activities around the world.
Waterborne Coatings Market Key Players:
Europe dominates the industry, but Asia Pacific is the fastest-growing region in the coatings market. AkzoNobel N.V., Arkema Group, Asian Paints Limited, Axalta Coating Systems, LLC, BASF SE, Benjamin Moore & Co, Berger Paints India Limited, Dow, Hempel, Jotun, Kansai Paint Co., Ltd., and KCC Corporation are the major companies in the waterborne coatings industry.
Waterborne Coatings Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Resin Type: Based on the Resin Type, Global Waterborne Coatings Market is segmented as; Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC.
By Application: Based on the Application, Global Waterborne Coatings Market is segmented as; Architectural, Industrial.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Waterborne Coatings Market Revenue
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