WATERBORNE COATINGS MARKET TO REACH USD 102.1 BILLION BY 2027 | CAGR 4.1% – FORENCIS RESEARCH

Global Waterborne Coatings Market: Key Highlights

• According to the new market research report “Waterborne Coatings Market by Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC, Others), by End-use (Architectural, General Industrial, Automotive, Metal Packaging, Protective Coating, Industrial Wood, Automotive Refinish, Marine, Others),by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global waterborne coatings market is estimated to reach USD 102.1Billion by 2027 at a CAGR of around 4.1% during the review period.
• Waterborne coatings are eco-friendly coating which uses water as a solvent and can be applied easily that are used in various end-use industries such as automotive, architectural, marine, and other
• This coating contains up to 80% of water with small quantities of other solvents such as glycol ethers
• Strain resistant, flexibility, adhesion, hardness, and corrosion resistance are some of the benefits offered by the waterborne coating

Global Waterborne Coatings Market: Key Market Dynamics

• Growing environmental regulations to reduce harmful VOC emission has increased demand for VOC-free coatings which has further expected to drive the market growth
• Rising demand from various end-use industries such as automotive, architectural and among others has expected to drive the market growth
• Availability of cheaper substitutes in the market has expected to hamper the market growth during the forecasted period

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Global Waterborne Coatings Market: Regional Overview

• North America

North America is anticipated to be the fastest-growing waterborne coating market during the forecasted period. This is attributed to rising environmental concern in the construction and manufacturing industries. For instance, the U.S. EPA regulates VOCs at Federal level in 40 CFR 59, which is the National Volatile Organic Compound Emission Standards for consumer and commercial products for applications such as automobile coating, architectural coating, and consumer products. Moreover, the growing renovation and repairing activities has expected to drive market growth.

• Asia-Pacific

The Asia-Pacific is anticipated to witness the largest growth in the waterborne coating market during the forecasted period. This is attributed to increasing automotive manufacturing sector in countries such as China, Japan, South Korea, Taiwan, and Singapore.  According to the United Nations Industrial Development Organization (UNIDO), the growth rate of manufacturing output in Asia-Pacific was 7.3% and with China as a leading country in manufacturing with a 19.2% growth rate in 2018. Additionally, rising urbanization and infrastructural projects are some other factors boosting the market growth.  Moreover, the COVID-19 pandemic breakout in January 2020 has expected to hinder the growth to some extent.

Global Waterborne Coatings Market: Key Players Overview

• Jotun:

Jotun is engaged in manufacturing and dealing in decorative paints and performance coatings. The company operates in four business segments namely decorative paints, marine coating, protective coating, and powder coating. Jotun has 37 production facilities and 64 companies located in more than 100 countries across the globe. In June 2019, the company signed a memorandum of understanding (MoU) with Korean Hyundai Heavy Industries (HHI) stating that it will use Jotun’s new marine paint to reduce solvent emission by 90%. This partnership will help HHI to meet the environmental regulations that aim at reducing solvent emission.

• TIKKURILA OYJ:

TIKKURILA OYJ is one of the global leaders in Nordic paint and its products are manufactured using raw materials with high-quality standards. The company has more than 300 eco-labeled products which are manufactured in 8 different production facilities across the globe. Tikkurila, Beckers and Alcro are three core brands of TIKKURILA. In December 2018, the company launched a new waterborne fire-retardant Fontefire WF Clear Lacquer. This product will help to enhance the look of the treated surface and will enable the wood to use in various places.

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