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Several crucial market factors shape the dynamics of the water-based coatings market. One important factor is the increasing awareness and need for ecologically friendly goods. Water-based coatings have become sought-after in industries as sustainability becomes a paramount issue since they emit lower levels of volatile organic compounds (VOCs) than conventional solvent-based coatings. Both regulatory requirements and consumers' demand for environmentally friendly products drive this change. In 2021, the global water-based coatings market size was valued at USD 71.2 billion. The Water-based Coatings Market Size will grow from USD 75.2 Billion in 2022 to USD 111.10 billion by 2030 with a CAGR of 5.72 %.
Another important factor to look at is that different governments have established stringent regulations on air quality and emissions. Governments globally are enacting strict rules aimed at limiting harmful substances released into the atmosphere, forcing manufacturers to shift to eco-friendly options like waterborne coating materials instead of solvent-based ones. Additionally, demand for waterborne paints rises due to increased focus on green building standards that are also energy efficient in the construction industry, so they emerge as an option that can be explored further within that space as well, hence gaining more traction through such sustainable practices being encouraged by various organizations in many countries around the world today who no longer think it's cool pollute all day without any regard given towards our planet earth itself related issues while still looking some respect back home here where we live. Technological advancements continue to take place in this area, though.
Also, fluctuations in the costs of inputs determine what goes on in the water-based paint industry. Resins, pigments, and additives, among their other key constituents, may experience price volatility arising from a variety of interruptions, supply chain events, geopolitical incidents, or changes in demand like anything possible, even off those occurring anywhere over them if ever there were such circumstances then it would involve these commodities experiencing fluctuating prices which need careful handling by manufacturers for them get competitive and profitable in return. Additionally, the global economic situation and end-use industries can be considered market factors for waterborne coatings. The demand for coatings in the automobile, furniture, packaging, and construction industries is driven by industrial activities, economic growth, and construction trends. Therefore, players in the water-based coatings market should understand these macroeconomic drivers to enable them to make quality decisions and adjust their production capacities accordingly, thereby taking full advantage of any emerging opportunities as a result.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 75.2 billion |
| Growth Rate | 5.72% (2022-2030) |
Water-based coatings Market Highlights:
Global Water-based Coatings Market Overview
Water-based coatings Market Size was valued at USD 71.2 billion in 2021. The Water-based coatings industry is projected to grow from USD 75.2 Billion in 2022 to USD 111.10 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.72% during the forecast period (2022 - 2030). Rising construction activities on account of rapid industrialization are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Water-based Coatings Market Trends
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Growing Automobile & Aerospace Sector to boost market growth
Automotive and aerospace components are painted and coated with waterborne coatings in order to shield them from debris, corrosion, and other hazards. The International Organization of Motor Vehicle Manufacturers (OICA) estimates that there were 57,054,295 passenger cars produced worldwide in 2021 compared to 55,834,456 in 2020. In 2021, South American automobile manufacturing increased by 11%, while US car production increased by 3.1%, according to the European Automobile Manufacturer Association. As a result, the demand for Waterborne Coatings would increase due to rising automotive and aerospace production, which would fuel the market for Waterborne Coatings during the forecast period. Buildings frequently use waterborne coatings on things like windows, walls, doors, floors, and more. Governments are taking steps to boost building and construction activities. To rebuild the larger terminal, for instance, Kansai International Airport in Japan would spend roughly 100 billion yen ($911 million) by 2025. The nation's No. 2 hub would have more room for overseas planes as a result. The Indian Union Budget of February 2020 sought to construct 100 new airports by 2024 as part of the Udan program, which was created by the Center to help with the expanding aviation traffic. The South African national health insurance indirect grant's renovation of health facilities has been given a medium-term budget of R4.6 billion. 50,000 crore (US$6.8 billion) has been allocated to India's Ministry of Housing and Urban Development (MoHUA), and a fund of 25,300 crore (US$3.5 billion) has been established to aid in the completion of housing projects that have stagnated. During the forecast period, these government initiatives are expected to boost the demand for coatings in the construction industry and propel the expansion of the waterborne coatings market.Therefore, such condition has enhanced the Water-based coatings market CAGR across the globe in the recent years.
However, the growing demand for water-based coatings in automotive and electrical and electronics applications is another factor driving the growth of the Water-based coatings market revenue.March 2023: AkzoNobel announced that it has acquired the water-based coatings business of RPM International for $1.2 billion. This acquisition will strengthen AkzoNobel's position in the water-based coatings market and expand its reach into new applications.April 2023: PPG Industries announced that it has launched a new line of water-based coatings for the architectural market. These coatings are designed to be more environmentally friendly and have a lower VOC content than traditional solvent-based coatings.
Water-based Coatings Market Segment Insights
Water-based coatings Product Type Insights
The Water-based coatings market segmentation, based on product type, water-soluble paints, emulsions paints, and water-based alkyds. The water-based alkyds segment held the majority share in 2021 contribution to around ~45% in respect to the Water-based coatings market revenue. Water reducible alkyds are basically conventional alkyd resins (i.e., polyesters based on saturated or unsaturated oils or fatty acids, polybasic acids and alcohols) modified to confer water miscibility.
Water-based coatings Resin Type Insights
The Water-based coatings market segmentation, based on resin type, includes acrylic and polyurethane . The metal segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Due to acrylic coatings' outstanding color and gloss retention, great external durability in outdoor exposure, and rising demand from the infrastructure and automotive industries, it is projected that demand will rise. The key benefits of acrylic resins are their physical properties, cost, and ease of use. They have better moisture resistance, longer pot life than average, and good fungus resistance. The strength and ability to reduce monthly energy expenses are two of acrylic resin's key advantages. Therefore, all of these reasons would raise the demand for acrylic resins during the forecasted time. Hence, rising applications of for Water-based coatings positively impacts the market growth.
Figure 2: Water-based coatings Market, by Resin Type, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Water-based coatings End User Insights
Based on End Users, the Water-based coatings industry has been segmented into building & construction, automotive, electronics, and paper & packaging,. Building & construction held the largest segment share in 2021, All types of residential, commercial, industrial and institutional buildings have paints and coatings applied to their interior and exterior walls as they have protective qualities. Paints and coatings shield the building from extreme weather conditions like rain, sun and wind. Water-based coatings are also used in interior architectural elements like wall paintings, wood flooring, sculptures and furniture. The demand for waterborne coatings in buildings is also increasing as environmental concerns grow. Therefore, it is anticipated that all these growing paint and coating applications in the architectural sector would significantly drive the Waterborne Coatings Market during the forecast period.
The fastest growing segment in the Water-based coatings industry is electronics. Due to growth in electronic market.
Water-based coatings Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific Water-based coatings market accounted for USD 30.54 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. due to the region's thriving building and construction industry's growing demand for waterborne coatings. The International Trade Administration (ITA) forecasts that the Chinese construction industry would expand by an average of 5% per year in real terms between 2019 and 2023. The Building and Construction Authority (BCA) projects that Singapore's construction demand would be between S$27 billion and S$34 billion in 2021 and 2022, and between S$28 billion and S$35 billion in 2023 and 2024. Moreover, China Water-based coatings market held the largest market share, and the India Water-based coatings market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Water-based Coatings MARKET SHARE BY REGION 2021 (%) 
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Water-based coatings market accounts for the second-largest market share. This is explained by the fact that numerous significant automakers are located in the area. Additionally, European consumers are becoming more interested in luxury goods. The need for waterborne coatings in automotive OEM and refinishing operations is anticipated to rise as a result of these causes. Further, the Germany Water-based coatings market held the largest market share, and the UK Water-based coatings market was the fastest growing market in the European region.
The North America Water-based coatings Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the increasing use of polyurethane-based water-based coatings in the automotive and aerospace industries. Moreover, US Water-based coatings market held the largest market share, and the Canada Water-based coatings market was the fastest growing market in the Asia-Pacific region.
Water-based coatings Key Market Players & Competitive Insights
In order to expand their product portfolios, major market players are investing heavily in R&D, which will fuel further growth for the water-based coatings market. Participants in the market are also undertaking a variety of key development to expand their footprint, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To grow and survive in a market climate that is becoming more competitive and growing, competitors in the water-based coatings industry must offer products that are affordable.
Manufacturing locally to cut operational costs is one of the main business tactics used by manufacturers in the Water-based coatings industry to benefit customers and increase the market sector. The water-based coatings industry has recently offered some of the greatest advantages. The Water-based coatings market major player such as PPG Industries, Inc, Sherwin-Williams Company, and others are working to expand the market demand by investing in research and development activities.
PPG Industries, Inc. is an American Fortune 500 company and supplier of paints, coatings, and specialty materials. With headquarters in Pittsburgh, Pennsylvania, PPG operates in more than 70 countries around the globe. In June 2021, PPG announced an increase in its coatings production capacity for packaging purposes in Europe. The investment is anticipated to meet the region's growing demand from consumers for the newest coatings for steel and aluminum cans used to package beverages, food and personal care products.
Also, Sherwin-Williams Company is an American Cleveland, Ohio–based company in the paint and coating manufacturing industry. In October 2020, Pro Industrial Pre-catalyzed Water-based Urethane, a single-component product with performance characteristics similar to those of a two-part coating, was introduced by Sherwin-Williams to assist professionals in meeting the functional and aesthetic of light commercial or industrial environments..
Key Companies in the Water-based coatings market includes
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AkzoNobel N.V. (Netherlands)
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Axalta Coating Systems (U.S.)
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BASF SE (Germany)
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Berger Paints India Limited (India)
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Kansai Paint Co.Ltd. (Japan)
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Nippon Paint Company Limited (Japan)
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PPG Industries Inc. (U.S.)
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Rpm International Inc. (U.S.)
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The Sherwin-Williams Company (U.S.)
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Asian paints (India)
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The Valspar Corporation (U.S.)
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Tikkurila Oyj (Finland)
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Chenyang Waterborne Paint (China)
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Jotun (Norway)
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Sika AG (Switzerland), among others
Water-based coatings Industry Developments
November 2020: NuVasive, Inc. recieved 510(k) approval from the US Food and Drug Administration (FDA) for expanded indications for the CoRoent Small Interlock system. The market has grown because of this commonly performed surgery to treat cervical disc degeneration or spinal instability
November 2020: DePuy Synthes launched the SYMPHONY Occipito-Cervico-Thoracic (OCT) System, expanding its offering for the surgical treatment of conditions in the neck and upper back. It includes a differentiated offering of instruments and implants designed to stabilize the spine in patients.May 2023: Sherwin-Williams announced that it has invested $100 million in a new water-based coatings manufacturing plant in China. This plant is expected to be operational by the end of 2023 and will help Sherwin-Williams meet the growing demand for water-based coatings in China.June 2023: BASF announced that it has developed a new water-based coating that is resistant to extreme temperatures. This coating is designed for use in applications where the temperature can reach up to 200 degrees Celsius.July 2023: Tikkurila announced that it has launched a new line of water-based coatings for the marine market. These coatings are designed to be more durable and resistant to corrosion than traditional solvent-based coatings.
Water-based coatings Market Segmentation
Water-based coatings Product Type Outlook
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Water-Soluble Paints
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Emulsions Paints
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Water-Based Alkyds
Water-based coatings Resin Type Outlook
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Acrylic
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Polyurethane
Water-based coatings End-Use Industries Outlook
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Building & Construction
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Automotive
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Electronics
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Paper & Packaging
Water-based coatings Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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