Water-based coatings market size worth $ 103.23B, globally, by 2028 at 5.88% CAGR: verified market research ®
A key factor expected to fuel the worldwide water-based coatings market growth is the growing use of water-based coatings across various end-use sectors such as building and construction and paper and packaging. Another factor anticipated to fuel the growth of the global water-based coatings market is the growing demand for water-based coatings in automotive and electrical and electronics applications.
Verified Market Research recently published a report, “Water-Based Coatings Market” By Type (Acrylic, Epoxy, Alkyd, Polyester), By Application (Architectural and Industrial), and By Geography. According to Verified Market Research, the Global Water-Based Coatings Market size was valued at USD 63.51 Billion in 2020 and is projected to reach USD 103.23 Billion by 2028, growing at a CAGR of 5.88% from 2021 to 2028.
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Browse in-depth TOC on “Water-Based Coatings Market”
202 – Pages
126 – Tables
37 – Figures
Global Water-Based Coatings Market Overview
The water-based coatings are used primarily in construction activities for waterproofing, damp proofing, crack filling, plaster additive, screed compound, and others. The rising demand for better physical infrastructures and increasing need for housing along with the higher rate of population growth is likely to drive the growth of the market. The booming construction industry and high adoption of water-based coating in commercial, as well as industrial infrastructure, are the leading reasons that have boosted the growth of the global water-based coating market. The global construction sector is expected to have significant growth in the coming years. In the automotive industry, water-based coatings provide high-quality finishing and durability. Waterborne coatings for vehicle coatings have been suggested by the California Air Resources Board (ARB) as a way to reduce VOC emissions. Along with its non-toxic nature, government rules favoring eco-friendly items should improve product demand. Increased automobile manufacturing in the North American market also provides plenty of room for expansion.
An inconsistent VOC regulation regarding water-based coatings might further hinder the growth of the market. The majority of laws aim to reduce VOC emissions from coatings. REACH and LEED GreenSeal GC-03 2nd Ed. regulations specify the VOC concentration of coatings in grams per liter (g/L). As a result of these requirements, marine coatings manufacturers are under pressure to reduce the VOC levels while still seeking to improve or maintain coating quality and performance. Water-based coatings market growth in the Asia Pacific region is driven by foreign investments and a booming manufacturing sector due to low labor costs and easily accessible raw materials. Architectural coatings demand is expected to rise as the region’s middle-class population grows and living conditions improve. The rise in environmental friendliness, as well as government investment initiatives in infrastructure and industrial sectors in India and China, is expected to be the primary driver of the water-based coatings market.
Key Developments
- The Sherwin-Williams Company has announced an agreement to acquire the European industrial coatings business of Sika AG.
- PPG has announced that it has completed its acquisition of VersaFlex from DalFort Capital Partners.
Key Players
The major players in the market are The Sherwin-Williams Company, BASF SE, AkzoNobel N.V., PPG Industries Inc., RPM International Inc., Asian Paints Limited, Axalta Coating Systems LLC, Nippon Paint Holdings Co. Ltd., Kansai Paint Co. Ltd., and Tikkurila OYJ.
Verified Market Research has segmented the Global Water-Based Coatings Market On the basis of Type, Application, and Geography.
- Water-Based Coatings Market, By Type
- Acrylic
- Polyester
- Alkyd
- Epoxy
- Others
- Water-Based Coatings Market, By Application
- Architectural
- Industrial
- Water-Based Coatings Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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