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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:

  • Colloidal coatings
  • Water-soluble paints
  • Latex paints
  • Water-based alkyds

On the basis of resin, the waterborne automobile coating market is classified into:

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

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.

Key Developments:

  • Various companies are focusing on launching new products in order to stay competitive in the global market. For instance, In February 2020, Axalta Coatings System, a U.S. based Coatings Company, launched two new products - Standoblue and Cromax Pro waterborne automobile refinishing products at Expo CESVI in Mexico. These products provide accurate color matching and ease of application which helps the refinish customers in achieving utmost quality.
  • Furthermore, In February 2020, Grauer & Well India Ltd., had launched a range of products related to the surface finishing & automotive industry at the 15th edition of the Auto Expo 2020. Among these products, the company had also launched a water-based zinc aluminium flake coating for application in the automotive and auto ancillary industry.
  • In February 2020, Brenntag Canada Inc., part of the Brenntag Group, was awarded as the main distributor for Arkema’s water-borne resins in Canada. Effective from March 2020, Brenntag will be the primary distributor of approximately 45 water-borne resins & coatings of Arkema Inc. in Canada.
  • 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.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users