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Global Water-based Alkyd Coatings Market Size Forecast To Reach US$10.1 Billion by 2027

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Global Water-based Alkyd Coatings Market Size Forecast To Reach US$10.1 Billion by 2027

May 04
11:39 2022
Global Water-based Alkyd Coatings Market Size Forecast To Reach US$10.1 Billion by 2027
Global Water-based Alkyd Coatings Market | IndustryARC
The Escalating Production Volume of Furniture Is Augmenting the Growth of the Water-Based Alkyd Coatings Market in the Forecast Period.

Global Water-based Alkyd Coatings Market size is forecast to reach US$10.1 billion by 2027, after growing at a CAGR of 6.2% during the forecast period 2022-2027. Global water-based alkyd coatings use water as a solvent to disperse a resin-like Acrylic, Polyurethane, Polytetrafluoroethylene (PTFE), Polyvinylidene Fluoride (PVDF), Polyvinylidene dichloride, and others, thus making these coatings eco-friendly and easy to apply. In most cases, water-based alkyd coatings contain up to 80% water with small quantities of other solvents, such as glycol ethers. These coatings are also known to be environment-friendly as US and European regulations require waterborne coatings to have a VOC content of fewer than 3.5 pounds per gallon of water. Increasing urbanization for leading a better life increases the number of housing construction. Resulting in the development of affordable housing and infrastructure by the construction industry. This is driving the demand for various wood, industrial, and architectural coatings materials used in the construction of residential as well as commercial complexes. For instance, according to the National Federation of Beverages (FNB), France has aimed to put 15-20% share of wood for new building construction projects by 2030 which currently is 8%. Thus, significantly increasing the demand for global water-based alkyd coatings in the building and construction sector.

COVID-19 Impact

COVID-19 wreaked havoc on the building and construction industries, putting the global water-based alkyd coatings in jeopardy. COVID-19 has had economic impacts on the building and construction and furniture sector related to worker well-being and availability the impact of reduced incomes. However, the effect of increased working from home on household purchases of certain wood products, such as office furniture and wood for do-it-yourself projects and others. For instance, new German housing starts were projected at 204,300 units in 2020 and 206,300 units in 2021. However, due to COVID-19, this was decreased by 6.7%. The abrupt decrease in immigration due to the pandemic is projected to have long-term implications for the building houses. Thus, the market of global water-based alkyd coatings was partially affected during the Covid-19 pandemic in 2020.

Global Water-based Alkyd Coatings Market Segment Analysis – By Product Type

Water-Soluble paints segment held the largest share in the global water-based alkyd coatings market and will grow at a CAGR of 4.5% during the forecast period 2022-2027. It contains small clusters of insoluble resin particles that are suspended in water using mechanical agitation. Small quantities of organic solvents are used as coalescing agents, which evaporate on drying. The resins used in these types of dispersion paints include vinyl propionate copolymers, vinyl acetate copolymers, acrylate-methacrylate copolymers, and styrene-butadiene copolymers and polymers. Colloidal dispersions are used mainly to coat porous materials. When solvent-borne is used for varnishing a can, it produces around 55% to 60% solvent content, with waterborne it brings it down to 14%, a major reduction. It is Low toxicity and flammability due to low VOC levels and HAP emissions and help reducing air emissions. The industries for instance, in 2020 Pittsburgh Plate Glass Company (PPG) launched Low-VOC water soluble paints system for China Refinish Market. On the other hand, in 2020 Axalta expands plant for water-borne coatings in Jiading, Shanghai, China. Such initiatives all over is highly enhancing the Global water-based alkyd coatings market

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Global Water-based Alkyd Coatings Market Segment Analysis – By End-Use Industry

Automotive OEM sector segment held the largest share in the global water-based alkyd coatings market and will grow at a CAGR of 4.7% during the forecast period 2022-2027. The automotive industry is undergoing a significant transformation. Water-based alkyd coatings have an important role to play in making new technologies possible. Beyond their traditional jobs of protecting automobile components from corrosion, abrasion, and ultraviolet (UV) degradation and providing a unique and striking appearance, automotive coatings are already providing additional functionality. This includes soft-touch and sound-dampening interior surfaces and self-healing and easy-to-clean exterior surfaces. Automotive OEM coatings possess advantages such as higher reliability, longer equipment life cycle, maintenance cost reduction, and low on toxic emissions. Moreover, the rise in the public transportation expenditure and adaption of the automotive coating by end-users are some factors imposing market growth. Automotive industry with a growing production of 77.5 million production in 2020 according to Organisation Internationale des Constructeurs d’Automobiles (OICA) potraying a very positive impact on the Global water-based alkyd coatings market

Global Water-based Alkyd Coatings Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the global water-based alkyd coatings market and will grow at a CAGR of 3.7% during the forecast period 2022-2027. Asia-Pacific is one of the world’s largest regional economies, according to China’s government and will remain a powerful player in the global economy for the imminent future, especially for the development of new technologies and the anticipation of investment capital. The region offers distinct opportunities for different end-use industries including chemical, construction, and others. According to China’s Chemical Industry, China is the world’s largest producer of chemicals represents about 24% of the worldwide market, which is valued at US$1.3 trillion. Demand for construction chemicals like water-based alkyd coatings is driven by the rising trend of sustainable and green infrastructure and thus benefiting from the demand for such chemicals is likely to enhance the water-based alkyd coatings market.

Global Water-based Alkyd Coatings Market Drivers

Rapid Demand from Furniture Industry

With the increasing housing construction, population, and income levels, the demand for furniture, such as chairs, tables, beds, sofa, shelves, and cupboards, has been increasing significantly. In the furniture industry, water-based alkyd coatings are widely used. As a result, the escalating production volume of furniture is augmenting the growth of the water-based alkyd coatings market in the forecast period. Customers have the accessibility to order furniture both online and offline. The preferred online furniture business is growing to improve the digitalization and flexibility of home delivery. Online platforms are producing considerable revenue for corporations like Ikea and Poco. According to Verband der Deutschen Möbelindustrie (VDM), the turnover of the top 20 in the German furniture trade increased by 2.7% to US$26.1 billion in 2019-2020. Observing the past decade, the increase in turnover volumes to nearly 40%. Ikea excels the list of retailers with US$6.09 billion, followed by XXXLutz including Poco, Höffner, the Otto Group, and Tessner Group with US$4.8 billion, US$2.5 billion, US$1.84 billion, and US$1.74 billion respectively in 2019-2020. Therefore, with the increase in development in the furniture sector, the demand for water-based alkyd coatings is also anticipated to grow during 2022-2017. Besides, 468 German furniture companies generated sales of 19.8 billion euros. Furniture has been a fundamental piece of FraFrance’sfestyle for centuries. Currently, the furniture market in France is flourishing. France marked third place in Europe and seventh in the furniture market globally. Thus, it shows the high potential growth other f water-based alkyd coatings market

Implementation of Sustainability Law for Wood Materials in Building & Construction Sector

Water-based Alkyd coatings are widely used in wood-based products and with the increased focus on wood-based products and wood as a raw material in building houses due to the imposition of sustainability law especially in European countries by the European Government, which ensures that 50% of all the new buildings construction should be wood from 2022 in most of the European countries. The France government had already pledged the sustainable city plan where the use of natural materials such as wood, straw and hemp, and any buildings higher than eight-story built for the 2024 Paris Olympics must be made entirely of timber to showcase France’s low-carbon ambitions in the lead-up to the 2024 Summer Olympics and Paralympics in Paris. According to Statistisches Bundesamt, in 2021, the total permits for building construction in Germany is 151,657, which is 3.5% growth compared to the previous year. Since wood would be highly used in the construction process of all the new buildings as per the law, it anticipates the growth of wood coatings market in the forecast period. Due to the rise in urbanization and increase in demand for wood in building new residence and furniture, the wood coating market has witnessed certain growth alongside as wood coatings are highly use in protecting the woods from moisture and UV damages and giving it an aesthetic look and also contains low volatile organic compound. The European government aim to invest US$1.15 trillion over the period of 2021-2030 for the European Green Deal sustainability law imposed in Germany and France and some other major European countries. The law ensures the use of wood in construction of new building or reconstruction of old buildings, accumulating the market growth of global water-based alkyd coatings in the forecast period.

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Global Water-based Alkyd Coatings Market Challenges

Fluctuation in raw material prices

Manufacturers are functioning hard to maintain challenging market position along with the maintenance of customers by executing a low-cost strategy for water-based alkyd coatings, hence compromising on their profit margins. Besides, increased raw material prices have become a critical issue for manufacturers of wood coatings. Rising prices of flaxseed oil, dammar gum, and a highly pure nontoxic is aliphatic solvent, are hampering the enhancement of all the concerned businesses in the water-based alkyd coatings market. According to the Department of Commerce, prices of coating oils have risen from 2018 to 2021 from 2 to 4% higher than the average rates. Factors that will be watched critically in the months ahead are the domestic and export demand. According to the Centre for Sustainable Crop Management, the market price for flaxseed in the European region has ranged from US$0.09 to US$0.14 per pound. At $0.10 per pound, gross income would be a modest US$120 to US$140. Therefore, the volatility in the prices of raw materials might hinder the market growth of water-based alkyd coatings in the forecast period

Global Water-based Alkyd Coatings Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in this market. Global water-based alkyd coatings top 10 companies include:

BASF

DowDuPont

Yung Chi Paint & Varnish Mfg

Akzo Nobel

Berger Paints

Benjamin Moore

Sherwin Williams

Diamond-Vogel

Sika

Valspar

Key Takeaways

The Asia Pacific dominates the global water-based alkyd coatings market owing to a rapid increase in the building and construction sector.

Rapid demand from furniture industry is one of the major drivers for the global water-based alkyd coatings market

Implementation of sustainability law for wood materials in building & construction sector is boosting the market growth.

The fluctuation in raw material prices is hampering the market growth 

Related Reports:

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https://www.industryarc.com/Report/16410/waterborne-coatings-market.html

For more Chemicals and Materials related reports, please click here

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