Global Water Based Coating Market to Witness Tremendous Growth with Environmental Regulations & Need for Sustainability
Global Water Based Coating Market to Witness CAGR of 4.8% from 2023 to 2031, Anticipated to Reach US$ 148.6 Bn by 2031; states TNR
WILMINGTON, DELAWARE, UNITED STATES, December 4, 2023 /EINPresswire.com/ — Global Water Based Coating Market Outline
The water based coating market is driven by several factors. Stringent environmental regulations that restrict volatile organic compound (VOC) emissions have compelled industries to adopt eco-friendly water-based coatings. Increasing consumer demand for environmentally responsible products in construction, automotive, and furniture sectors further fuels the market. Moreover, continuous technological advancements have enhanced the performance and versatility of water-based coatings, broadening their range of applications across various industries. These drivers collectively promote the growth of this market.
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Before the COVID-19 pandemic, the water based coating market was on a stable growth trajectory, driven by environmental regulations and the preference for eco-friendly coatings. However, the pandemic disrupted supply chains and industrial activities. After COVID-19, a renewed emphasis on sustainability has reignited demand for water-based coatings, especially in construction, automotive, and furniture sectors, as industries recover and prioritize environmentally conscious solutions.
Global Water Based Coating Market Growth Boosting Factors:
• Sustainability and Environmental Regulations: Increasing environmental consciousness and stringent regulations are major drivers of the water based coating market. For example, in the EU, regulations like the VOC Directive have limited VOC content in coatings. As of 2021, only 250 grams of VOC per liter of paint are allowed in architectural coatings, promoting water-based alternatives. In the US, California’s SCAQMD restricts VOCs, fostering the adoption of low-VOC water-based coatings. In 2022, the global market share of water-based coatings in architectural applications was over 43%, reflecting their eco-friendly appeal.
• Consumer Demand for Healthier Environments: Growing awareness of indoor air quality drives demand of the water based coating market. Consumers seek low-VOC coatings for interiors. Water-based coatings emit fewer harmful chemicals, contributing to healthier indoor spaces. This consumer preference aligns with the market trend, as water-based coatings become the go-to choice for residential and commercial interiors.
• Industrial Shift Towards Water-Based Solutions: Industries are shifting towards water-based coatings for their operational benefits. The automotive sector, for example, uses water-based coatings due to their lower VOC content. In the automotive refinish coatings market, waterborne coatings have gained traction, with over 28% market share in 2022. This transition is driven by the need for compliance with environmental standards and reduced health risks for workers.
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Global Water Based Coating Market Recent Developments:
• New technologies, such as UV-curable water-based coatings and water-based powder coatings, are being developed to improve the performance and sustainability of water-based coatings. Moreover, water-based coatings are becoming increasingly popular due to their lower environmental impact compared to solvent-based coatings. This is driving the development of new and more sustainable water-based coating formulations.
• The Asia Pacific region exhibits highest growth rate in the water based coating market. The region’s high growth rate is fueled by burgeoning industries and environmental concerns. For instance, China, the world’s largest automotive market, witnessed a surge in demand for water-based automotive coatings. In 2021, Asia Pacific accounted for over 40% of the global automotive production, further emphasizing the region’s role in driving the adoption of water-based coatings. Government initiatives and policies, such as China’s “Blue Sky Protection Campaign,” encourage the use of environmentally friendly coatings, fostering growth in water based coating market.
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Global Water Based Coating Market: Competitive Landscape and Key Developments
o AkzoNobel N.V.
o Asian Paints
o BASF SE
o Benjamin Moore & Co.
o Hempel A/S
o PPG Industries, Inc.
o Sika Group
o Teknos Group
o Other Industry Participants
In August 2022, Arkema unveiled SYNAQUA 9511, a high-performance waterborne binder tailored for the formulation of industrial paints with significantly reduced levels of volatile organic compounds (VOCs), measuring below 150 g/l.
In August 2022, BASF and Nippon Paint China, a prominent coatings manufacturer, have collaboratively introduced an environmentally friendly industrial packaging solution. This innovative packaging, featuring BASF’s water-based acrylic dispersion Joncryl High-Performance Barrier (HPB) as the key barrier material, is now in use for Nippon Paint’s dry-mixed mortar product line aimed at the construction industry. Notably, this marks the inaugural deployment of BASF’s water-based barrier coatings in industrial packaging within China.
Global Water Based Coating Market:
By Resin Type
o Building and Construction
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)
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December 04, 2023, 13:47 GMT
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