Waterborne Coatings Market Segmentation by Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, and PVDC); and by End User (Construction, Automotive, Industrial Wood, and Others) – Global Demand Analysis & Opportunity Outlook 2031
Buy Now Report ID: 3887 | Published Date: Feb 06, 2023
Regionally, the global waterborne coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth and acquire notable share over the forecast period on the back of the growing production of automobiles in the region. In September 2021, about 300,000 commercial vehicles and 1.5 million passenger cars were produced in China. The automobile industry manufactured around 1.5 million vehicles more that month as compared to October, 2021. In addition, rise of new industries in Asia ascribing to provision of government tax incentives and low labor costs is also expected to boost the market growth in the region in the coming years. Moreover, the market in Europe is projected to grab the largest share during the forecast period owing to the launch of government initiatives about lowering VOC content in coatings and paints in the region.
The global waterborne coatings market is further classified on the basis of region as follows:
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Our in-depth analysis of the global waterborne coatings market includes the following segments:
By Resin Type
By End User
Growth Drivers
Challenges
September 2020- PPG launched a new waterborne coating system in China for the refinish market, consisting of an epoxy primer, primer surfacer and clearcoat.
September 2020- BASF announced new product line for waterborne basecoats that is claimed to increase the efficiency of body shops and improve their environmental footprint
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The major factors driving market growth are rapidly rising urbanization around the world, and growing preference of waterborne coatings in various end-user industries.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022-2031.
Ans: High sensitivity of waterborne coatings to low temperature and high humidity is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the growing production of automobiles in the region.
Ans: The major players in the market are BASF SE, PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, Asian Paints Limited, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by resin type, end user, and by region.
Ans: The acrylic segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
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