Waterborne coatings are coatings that contain around 80% water and small quantities of other solvents such as glycol ethers, which are applied to a surface to disperse a resin. Due to its water content, these coatings are Waterborne coatings possess properties such as low VOC, very low odor, and non-flammability, along with high water content, making it eco-friendly and easy to apply. Waterborne coatings dry at a very fast rate and can be re-coated as well.
Waterborne coatings are used in a myriad of applications, considering properties that make it a perfect primer such as high resistance to heat and abrasion, excellent adhesion, as well as low toxicity and flammability due to low VOC levels and HAP emissions. The U.S. and Europe are very stringent about regulations on coatings, accepting the widespread use of waterborne coatings as they have a VOC content of less than 3.5 pounds per gallon of water. Relatively small amounts of waterborne coatings are capable of covering large surface areas as compared to equal quantity of solvent-borne coatings. In most cases, these coatings cost less than solvent-borne coatings and require no additives, thinners, or hardeners. Waterborne coatings such as acrylic coatings, polyester coatings, polyurethane coatings, alkyd coatings, and epoxies are used in a wide spectrum of applications such as architectural, marine, protective, and automotive.
Waterborne Coatings Materials Market Taxonomy
On the basis of resin type, the global waterborne coatings market is segmented into:
On the basis of application, the global waterborne coatings market is segmented into:
Acrylic-based waterborne coatings is the fastest-growing type of resin. This is due to increasing demand for these resins in architectural and automotive applications. Regions such as Asia Pacific, South America, the Middle East, and Africa are experiencing rampant urbanization. This has led to increasing infrastructural developments in commercial, residential, and industrial sectors, in turn increasing the demand for architectural coatings in these regions The low interest housing loans in the Asia Pacific region, is the key factor driving growth of the waterborne coatings market for architectural applications.
Waterborne Coatings Market Outlook – Asia Pacific is the largest, and fastest-growing region in waterborne coatings market
Asia-Pacific is the largest and fastest-growing region in the global waterborne coatings market. The growing construction and automotive end-use industries is the major driving factor for growth of the waterborne coatings market in the region, with India and China being the key growth engines. As per stats released by Indian Brand Equity Foundation—part of the Department of Commerce, Ministry of Commerce and Industry, Government of India—the real estate market is expected to be valued at US$ 180 billion by 2020. According to stats released by Department of Industrial Policy and Promotion (DIPP), the automotive sector in India has attracted FDI worth US$ 15.79 billion, during April 2000–September 2016. This, along with rapid economic growth in the region creates a highly conducive environment for market growth. The growth in the sales of automobiles has increased the demand for coatings resistant to UV radiation and extreme environmental conditions. Waterborne coatings offer protection against bad weather and UV rays, making them the most applicable for automobiles. Thus resulting in the growth of the waterborne coatings market in the region.
The fluctuating prices of raw materials of different pigments, additives, and resins is a major restraining factor for this market growth. The lack of awareness regarding the uses and benefits of waterborne coatings, is the major challenge faced by the market. Some of the major players operating in the global waterborne coatings materials market are BASF SE, AkzoNobel N.V., Axalta Coating System LLC, PPG Industries, The Valspar Corporation, Sherwin-Williams Company, Nippon Paints Co. Ltd., Kansai Paint Co. Ltd., Tikkurila OYJ, and Berger Paints India Ltd.