TAGS: Sustainability / Natural Coatings Acrylic Coatings Polyurethane Coatings Architectural Coatings
The global waterborne coatings market size was USD 77.9 billion in 2020 and is projected to grow at a CAGR of 3.5% during the forecast period to reach USD 117.7 billion by 2026.
This technology is widely adopted for architectural, automotive, protective, wood, furniture, packaging, and rail coatings end-uses. The binders used for waterborne coatings are acrylics, polyurethane resins, epoxy, alkyd resins, and others.
Acrylic Segment - Account for Largest Share by Resin Type
The
acrylic resin segment is expected to account for the largest share of the waterborne coatings market, by resin type, during the forecast period, in terms of value and volume.
Based on resin type, the acrylic segment is projected to be the largest resin type during the forecast period. Waterborne acrylic coatings withstand extreme weathers and oxidation better than oil-based paints and alkyds. These coatings also provide a polymer structure that has lower tendencies to absorb ultraviolet light which helps in retaining gloss and color for longer time periods.
Architectural Application Holds Major Share
Architectural is expected to account for the largest share of in the waterborne coatings market, by application, during the forecast period, in terms of value and volume.
Based on application, architectural coatings are estimated to account for the largest share of the market during the forecast period. Waterborne coatings are majorly used in the architectural application in European and North American countries due to stringent regulations in these regions in comparison to APAC and other smaller regions.
Waterborne coatings are extensively used in architectural applications, as it is a low-cost material that provides water resistance, good stain protection, and good water resistance. The number of initiatives is supporting the growth of the market, globally.
Europe waterborne coatings market is projected to register the second largest market share during the forecast period.
The increasing demand from key industries such as automotive, aerospace, general industrial, coil, and rail is driving the market in Europe. Rising car ownership for personal conveyance, advancements in road infrastructure, and an improving economy and lifestyle are some of the major factors driving the automotive industry in the region.
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Source: M&M