Analysis of COVID-19 Crisis-driven Growth Opportunities in Waterborne Coatings Market
- The global waterborne coatings market was valued at US$ 77.4 Bn in 2018 and is anticipated to expand at a CAGR of 4.9% from 2019 to 2027
- The global waterborne coatings market is driven by the rise in demand for architectural coatings.
- Asia Pacific accounts for major share of the global waterborne coatings market, led by the increase in building and construction activities in the region
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Key Drivers of Global Waterborne Coatings Market
- Various governments across the world have implemented stringent regulations to reduce VOC content in paints & coatings
- This has increased the use of eco-friendly alternatives with less VOC content
- Development and use of waterborne coatings have reduced VOC in traditional alkyd paints. Water-based coatings emit lesser VOCs than its substitutes such as solvent-based coatings.
- Reduction of VOCs such as organic solvents is a key challenge in the paints industry due to the increased environmental and health legislations aiming at reducing VOC emissions. VOCs participates in atmospheric photochemical reactions to create health hazards.
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Increasing Demand from the Automotive Sector for Global Waterborne Coatings Market
- Major automotive manufacturers emphasize on the use of waterborne coatings owing to its environmental benefits and to ensure the health and safety of their employees
- Waterborne coatings are the future of automotive coatings, with many paint & coatings manufacturers already developing and supplying them
- Rising environmental regulations coupled with developments in the automotive sector are anticipated to fuel the demand for waterborne coatings.
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Global Waterborne Coatings Market, by Resin
- Acrylic
- Formaldehyde
- Polyurethane
- Epoxy
- Alkyd
- Others
Global Waterborne Coatings Market, by Application
- Building & Construction
- Automotive
- Automotive OEM
- Automotive Refinish
- Furniture & Flooring
- Electronics
- Marine
- Paper & Printing
- Others
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