Waterbased Coatings Market – Positive Long-Term Growth Outlook 2024

In the global water-based coatings market, PPG industries, Akzo Nobel, and Sherwin Williams are the main competitors. In 2015, these three players together held a share of more than 55% in the overall market. Mergers and acquisitions has been the most preferred strategy among the leading participants for the development of their businesses. TMR expect the trend to continue over the next few years, intensifying the competition.
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As per TMR’s estimations, the global market for water-based coatings, which offered an opportunity worth US$46.1 bn in 2015, is likely to rise at a CAGR of 6.40% over the period of 2016 to 2024 and reach US$80.3 bn by the end of the forecast period. With a share of nearly 58%, the building and construction industry emerged as the key consumer of water-based coatings across the world. Researchers at TMR expect this scenario to remain more or less same over the forecast period.

Asia Pacific to Remain Leading Contributor to Global Waterbased Coatings Market

 

The report also presents a geographical analysis of the global market for water-based coatings. According to it, Asia Pacific, Latin America, the Middle East and Africa, North America, and Europe are the main geographical segments of this market. Thanks to the swift rise in the pace of infrastructural development, boosted by the increasing disposable income of consumers, Asia Pacific has emerged as the leading contributor to the worldwide water-based coatings market. Analysts expect this regional market to retain its position over the forecast period, rising at a CAGR of 7.0%. China will lead the water-based coatings market in Asia Pacific over the next few years.

The markets for water-based coatings in Latin America and the Middle East and Africa are also expected to witness strong growth during the forecast period. The rise in economic diversification of the GCC countries and the increasing focus on the commercial sectors such as hospitality, healthcare, and tourism are likely to boost these markets in the near future. On the flip side, North America and Europe are likely to register moderate growth in their respective markets for water-based coatings over the forthcoming years. Although the revival of the economy in the European Union is likely to provide momentum to the Europe market for water-based coatings, it will present less lucrative prospects than Asia Pacific over the years to come.

Increasing Infrastructural Developments to Fuel Demand for Waterbased Coatings
“Infrastructural advancements across the world is having the most prominent impact on the global demand for water-based coatings,” says the author of the study. With the strengthening of economies, the expenditure on the development of infrastructure has been increasing, globally. A number of new construction projects have begun, which has fueled the need for paints and coatings. Thanks to the growing awareness pertaining to the benefits of eco-friendly coatings, the adoption of water-based coatings has increased remarkably, leading to the rise of the global water-based coatings market.

Going forwards, the increasing implementation of stringent government regulations concerning VOC contents and their negative impact on the environment is projected to boost this market considerably over the forecast period. However, the volatile prices of raw materials may limit the demand for these coatings to some extent in the near future, notes the study.

The study presented here is based on a report by Transparency Market Research (TMR) titled “Waterbased Coatings Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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The global waterbased coatings market has been segmented as follows:

By Resins

-Acrylic

-Styrene Acrylic

-Formaldehyde

-Polyurethane

-Epoxy

-Alkyds

-Others (fluoro-polymers etc.)

By End-use Industries

-Building & Construction

-Automotive

-Automotive OEM

-Automotive refinish

-Furniture

-Electronics

-Marine

-Paper & Printing

-Others (Aerospace etc.)

By Region
-North America

-U.S.

-Canada

-Europe

-Germany

-Italy

-France

-U.K.

-Spain

-Rest of Europe

-Asia Pacific

-China

-India

-ASEAN

-Rest of Asia Pacific