Waterborne Coatings Market May Exceed Worth US$117.7 Billion by 2026 – Exclusive Report by MarketsandMarkets™

Waterborne Coatings Market by Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC), Application (Architectural and Industrial), Region (APAC, North America, Europe, MEA, Americas from South)

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

New rules and regulations implemented by the European Commission aim to create a greener environment with minimal harmful emissions. Automakers play an important role in minimizing carbon emissions and have begun to adopt these regulations to achieve sustainable growth. Currently, countries in the Middle East region are transforming due to the development of sustainability policies, changing consumer preferences regarding automobile ownership, and the rise of new technologies. South America is an emerging market, offering significant expansion opportunities for coating resin manufacturers. Industrial activities in the region have increased due to increasing disposable income, the move towards nuclear families, affordable interest rates and changing consumer preferences. Emergence of new applications and expansion of existing applications are expected to drive the coating resins market in the region.

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Based on resin type, acrylic segment is expected to be the largest resin type during the forecast period. Water-based acrylic coatings resist weathering and oxidation better than oil-based paints and alkyds. These coatings also provide a polymeric structure that is less likely to absorb ultraviolet light, helping to retain gloss and color for longer periods.

Based on the application, architectural coatings are estimated to account for the largest share of the market during the forecast period. Waterborne coatings are mainly used in architectural application in European and North American countries due to strict regulations in these regions compared to APAC and other smaller regions. Water-based coatings are widely used in architectural applications because it is an inexpensive material that provides water resistance, good stain protection, and good water resistance. The number of initiatives supports the growth of the market, globally.

Players such as PPG Industries Inc., (USA), Nippon Paint Holdings Co., Ltd. (Japan) and AkzoNobel NV (Netherlands) have adopted various strategies, such as investment and expansion and merger and acquisition between 2017 and 2021, to improve their market shares and expand their global presence . New product launches have been an important strategy adopted by market players. Increasing investment in the market along with support through government policies and subsidies is driving the growth of the market in architectural and industrial applications.

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Sherwin-Williams Company (USA) was the leading company in the global waterborne coatings market in 2021. It has a diversified coatings company and a leading supplier of liquid and powder coatings of advanced technology for the global OEM market through 15 manufacturing sites and 79 installation sites. in the United States, Canada, Mexico and China. The company has a broad product portfolio that includes brands such as Sherwin-Williams, Dutch Boy’s HGTV HOME, 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 its growth year on year by innovating on its existing products. The product schedule indicates that it has continuously added new developed products to the existing product line. As part of its growth strategy and to meet the growing demand for water-based coatings in the architectural, energy and construction sectors, the company has entered into joint ventures with other manufacturers. In October 2020, Sherwin-Williams launched Pro Industrial Pre-Catalyzed Waterborne Urethane, a one-component product but with performance attributes comparable to a two-part coating, helps professionals meet the aesthetic and performance needs of industrial or light commercial environments.

PPG Industries, Inc. manufactures and distributes coatings, optical and 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 and sealants to the automotive industry, metal pretreatments and related chemicals for industrial and automotive applications, and packaging coatings to aerosol manufacturers, of food and beverages. It has 150 manufacturing sites around the world in countries in North America, Asia-Pacific, South America, Middle East and Africa and Europe. The company has undergone various acquisitions and expansions, large and small. The company’s main acquisition 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 Nordic countries and Eastern Europe. This acquisition provided the company with additional customary benefits, such as expanding its customer base in the Nordics 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 growing customer demand in the region for next-generation coatings for aluminum and steel cans used in beverage, food and personal care packaging.

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