"Waterborne coatings" are surface coatings or finishes that use water as a solvent to break down the resin. Solventborne coatings, on the other hand, act as a protective layer by covering the material's surface with a liquid layer that stops corrosion. These coatings are easy to apply and safe for the environment. They provide excellent surface characteristics such high gloss, rubbing resistance, and anti-sealing properties. The aqueous coatings are excellent primers due to their resistance to heat and abrasion. Since they also encourage color mixing and high adhesion, they can be put in thick or thin coatings to the exterior and interior surfaces. Coatings that are solvent- or water-borne additionally offer the surface corrosion protection, high gloss, wetting, and durability.
Global Waterborne Coatings Market Driving Factors and Challenges
Drivers: Major investments are being made by emerging nations in infrastructure construction and other long-term projects. Markets in these economies are expanding at a quicker rate than those in North America and Western Europe as a result of significant investments made by leading companies to capitalize on the opportunities in these economies. In the Asia Pacific market, especially in China and India, manufacturers of aqueous coatings and resins are seeing enormous opportunities. Furthermore, Water-based paints are regarded more environmentally benign than paint made with solvents due to their lower volatile organic compounds (VOC) concentration. Customers as well as companies are increasingly concerned with sustainability and minimizing environmental effect. According to an American Coatings Association poll, 74% of consumers are prepared to pay more for green coatings, and 64% are actively shopping for green materials.
Challenges: Coatings manufacturers must continually enhance their processes to meet with the growing number of regulatory standards that various governments are establishing. Environment-conscious countries with strict regulations, particularly those in Western Europe and North America, forbid the use of goods that don't adhere to rules.
Paints based on water are typically more costly to produce than paints based on standard solvents. The intricate production procedures involved, which call for specific tools and raw materials, are to blame for this. The high cost of manufacture might reduce the competitiveness of water-based coatings in particular markets.
Impact of COVID-19 on Global Waterborne Coatings Market
The global lockdown imposed by the COVID-19 epidemic necessitated the temporary closure of auto manufacturing, construction sites, and various other facilities for an unspecified period of time. This hindered the industry's growth. The pandemic also caused significant damage to the industry because to supply chain disruption caused by limitations on cross-border travel. Despite a slight pause brought on by the pandemic, market growth is anticipated to rebound due to the steadily rising global construction sector.
Waterborne Coatings Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AkzoNobel N.V., Arkema Group, Asian Paints Limited, Axalta Coating Systems, LLC, BASF SE, Benjamin Moore & Co, Berger Paints India Limited, Dow, Hempel, Jotun, Kansai Paint Co., Ltd., KCC Corporation, Masco Corporation, Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., RPM International Inc., Shawcor, Sika AG, The Sherwin-Williams Company, Tikkurila.
Global Waterborne Coatings Market Segmentation:
By Resin Type: Based on the Resin Type, Global Waterborne Coatings Market is segmented as; Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC.
By Application: Based on the Application, Global Waterborne Coatings Market is segmented as; Architectural, Industrial.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.