Waterborne Automobile Coatings Market Analysis
Waterborne Automobile Coatings Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Waterborne coatings are surface coatings or finishes that make use of water as a solvent to disperse the resin added to it. The high content of water makes these coatings eco-friendly and easy to apply. Generally, waterborne coatings comprise up to 80% water along with small amounts of other solvents, such as glycol ethers. Conventional coatings have VOC solvent content of about 84% (and 16% solids), while a waterborne base-coat comprises of 70% water (and 20% solids) and 10% solvent. Stringent regulations on the use of VOC have driven the growth of waterborne automotive coatings. The California Air Resources Board (ARB) approved a suggested controller extent for automotive coatings in October 2005. The purpose of the supply chain management (SCM) is to increase enforceability and consistency among air district rules and to accomplish VOC emissions reductions, which started in 2009.
Waterborne coatings offer various advantages such as good resistance to abrasion and heat, excellent adhesion properties, low flammability and toxicity due to low HAP emissions and VOC levels. These coatings are more economical as compared to solvent-borne coatings, do not require thinners, additives or hardeners, and require less coating to cover the same surface area as compared to solvent-borne coatings. These coatings are used to cover the internal as well as external parts of an automobile including hoods, bumpers, etc.
Waterborne Automobile Coating Market Taxonomy
On the basis of product type, the waterborne automobile coating market is classified into:
On the basis of resin, the waterborne automobile coating market is classified into:
Water-soluble paints consist of water-soluble resins that completely dissolve in water. The resins used are synthesized by polymerization or polycondensation reactions in an organic medium. The resins used for manufacturing such type of coatings are alkyds, polyacrylates, polyesters, epoxies and epoxy esters. These paints offer high gloss, excellent corrosion protection, and stabilization. Water based alkyds have versatile applications as they can be diluted with water to any viscosity. These alkyd coatings can be applied with dip or spray applications.
Waterborne Automobile Coatings Market Outlook – rising demand for eco-friendly materials to be the Major Market Driver
Asia Pacific and North America are expected to be the most potential markets for Waterborne Automobile Coating manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. This is mainly attributed to the anticipated growth in automotive industry, especially in emerging economies such as China and India. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India. IBEF estimates that the Indian automotive industry is expected to generate US$ 300 billion over the forecast period. Rapidly increasing automotive industry is driving the growth of waterborne automobile coating market, especially in Asia Pacific and the Middle East regions. Product launch and expansion in various geographies is a key strategy adopted by the major players in the Waterborne Automobile Coating market. In June 2017, BASF Corporation expanded invested US$ 40 Million in the production of automotive coatings production in North America. This investment will add production capacity to the company’s plants in Ohio, Greenville, and Tultitlan, Mexico. This will also support the company’s innovation of products. Some of the major companies operating in the global waterborne automobile coating market include Akzo Nobel N.V., BASF SE, Axalta Coating Systems, Berger Paints India Limited, Nippon Paint Company Limited, Kansai Paint Company Limited, PPG Industries Inc., Williams-Hayward Protective Coatings Inc., Tikkurila Oyj, The Valspar Corporation, RPM International Inc., and The Sherwin Williams Company.