Global Waterborne Coatings Market: Key Highlights
Global Waterborne Coatings Market: Key Market Dynamics
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Global Waterborne Coatings Market: Regional Overview
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.
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 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 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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