Waterborne Coating Market Size & Share, by Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC); End-user (Construction, Automotive, Industrial Wood) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3887
  • Published Date: Jun 21, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 – 2035

Waterborne Coating Market is estimated to surpass USD 466 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of the waterborne coating was USD 101 Billion. With rapid industrialization and urbanization across the world, increasing construction activities are expected to give rise to the demand for waterborne coatings within the estimated period. There is a 12% increase in total construction activities across 2021 compared to 2020 across the globe, reported by the statistics.

Waterborne coatings are expected to grow in demand from automotive production. An operator working for OEM and refinishing company for automobiles is expected to follow regulations and move from a solvent-based coating system to a water-based coating system. A typical waterborne coating contains approximately 70% water, 20% solids, and 10% solvent. Water-based paints for automotive applications contain fewer VOCs, which reduces health-related risks.


Waterborne Coatings Market
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Waterborne Coating Sector: Growth Drivers and Challenges

Growth Drivers

  • Escalating Demand for Environment-friendly Coatings - Water-based paints are considered more environmentally friendly as compared to solvent-based paints due to their lower volatile organic compound (VOC) content. Consumers and businesses are increasingly focused on sustainability and reducing environmental impact. A survey by the American Coatings Association found that 74% of consumers are willing to pay more for green coatings and 64% of consumers are actively looking for green products.  
  • High Profitability in Emerging Markets – Developing countries invest mainly in infrastructure and long-term projects. In addition, the market in the region is experiencing strong growth due to heavy investment by large companies in projects in the region. Especially in China and India, there are significant growth opportunities for manufacturers of coating resins and waterborne coatings.
  • Establishing New Technologies to Improve Coating Performance – Waterborne technology continues to evolve, and it is estimated that there is an increasing awareness and education about the benefits and merits of water-based paints
  • Increasing Preference for Water-Based Coatings in Various End-Use Industries – Water-based coatings are becoming increasingly popular in various end-use industries such as construction, automotive, packaging, and furniture.

Challenges

  • High Production Cost - Water-based paints are generally more expensive to manufacture than traditional solvent-based paints. This is due to the complex manufacturing processes involved, including the need for specialized equipment and raw materials. High production costs may make water-based coatings less competitive in some markets.  
  • Strict Regulation Associated
  •  Stability of Waterborne Coatings is Affected by Low Temperatures and High Humidity

Global Waterborne Coating Market: Key Insights

Base Year

2022

Forecast Year

2023 – 2035

CAGR

~6%

Base Year Market Size (2022)

~USD 101 billion

Forecast Year Market Size (2035)

~USD 466 billion

Regional Synopsis

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Global Waterborne Coating Segmentation

End User (Construction, Automotive, Industrial Wood)

The construction segment is set to hold around 42% share of the global waterborne coating market by the end of 2035. Waterborne coatings make up the majority of all architectural coatings and are expected to grow significantly over the next 7-10 years due to tightening regulations on VOC emissions. Rising construction spending driven by rising income levels in emerging markets in Asia-Pacific, Latin America, and the Middle East is expected to drive the growth of the segment over the next seven years. A World Bank report predicts that emerging markets accounted for 56% of global construction spending by 2022. 

Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC)

The acrylic segment in the waterborne coating market is estimated to experience the highest revenue between 2023 – 2035. The growth of the segment can be propelled by the growing application of this segment in radiation curing and electrodeposition the demand for acrylic resin-based coating is estimated to grow substantially in the future. Owing to its properties such as toughness, resistance to abrasion, and also harsh weather, and chemical resistance the acrylic resin segment is high in demand and widely used.

Our in-depth analysis of the global market includes the following segments:

           Resin Type

  • Acrylic
  • Polyester
  • Alkyd
  • Epoxy
  • Polyurethane
  • PTFE
  • PVDF
  • PVDC

 

          End User Industry

  • Construction
  • Automotive
  • Industrial Wood
  • Others

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Waterborne Coating Industry- Regional Synopsis

APAC Market Analysis

The waterborne coating market in the Asia Pacific region is predicted to dominate the market with a share of 32 % by the end of 2035. The rise of new industries in Asia ascribing to the provision of government tax incentives and low labor costs is also expected to boost the market growth in the region in the coming years. Mainly the residential and commercial building sector constitutes a major share of the Asia Pacific construction sector, and this factor is expected to offer lucrative growth opportunities for the waterborne coating market in the Asia Pacific region during the projected period. Moreover, rising costs of establishing residential and commercial structures, leading to the need for waterborne coatings are anticipated to rise in additional nations including Malaysia, Thailand, Indonesia, and Vietnam.

European Market Forecast

Moreover, the European waterborne coating sector is projected to grab a noteworthy share of 23 % during the projected timeframe. This can be attributed owing to the rising investment by the companies in order to launch a better version of waterborne coating. In addition, there has been growing awareness among the population of the Europe region related to the eco-friendly nature of waterborne coatings. According to a European Coatings Journal survey, 58% of European consumers are willing to pay more for eco-friendly coatings.  

Research Nester
Waterborne Coatings Market Size
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Companies Dominating the Waterborne Coating Landscape

top-features-companies
    • BASF SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • PPG Industries Inc.
    • RPM International Inc.
    • The Sherwin-Williams Company
    • Asian Paints Limited
    • Axalta Coating Systems LLC
    • Nippon Paint Holdings Co. Ltd.
    • Kansai Paint Co. Ltd.
    • Tikkurila OYJ
    • AkzoNobel N.V.

In-the-news

In The News

  • The Sherwin-Williams Company came under an agreement with North Carolina, Iredell County, and the City of Statesville to grow the architectural paint and coating manufacturing ability.
  • BASF SE announced a new product line for waterborne basecoats that is claimed to increase the efficiency of body shops and improve their environmental footprint

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 3887
  • Published Date: Jun 21, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving market growth are rapidly rising urbanization around the world, and growing preference for waterborne coatings in various end-user industries.

The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2035.

The major players in the market are BASF SE, PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, Asian Paints Limited, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by the end user, resin type, and by region.
Waterborne Coating Market Report Scope
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