Water-Based Coatings Market Worldwide Size, Share Analysis, Geographic Overview, Foremost Players, Segments, Business Development Foreseen to 2023
Overview:
Market Research Future (MRFR) in their analysis of the Water-Based Coatings Market predicted a robust CAGR for the market during the forecast period (2016-2023). Water-Based Coatings primarily use water as solvent to disperse resin. This procedure makes the end-product eco-friendly and increases its ease of application. The composition contains almost 80% water and a little amount of glycol ethers. The end-product shows excellent heat & abrasion resistance and can be used as an adhesion to substrates. In addition, the component offers several benefits such as resistance to water, chemical & weather, gloss retention, good flow and leveling characteristics, durability, and others. These features have also played well in making the product a good name for many end-user industries. The growth of the Global Water-Based Coatings Market depends mostly on the end-users. Sectors such as automotive, electronic, construction, marine, packaging, and others are providing much traction to the market growth. However, Water-Based Coatings are a bit expensive which can deter the market from substantial growth during the forecast period.
Competitive Landscape:
Prominent players enlisted in the MRFR report on the Global Water-Based Coatings Market are BASF SE (Germany), Berger Paints India Limited (India), AkzoNobel N.V. (Netherlands), Axalta Coating Systems (U.S.), Nippon Paint Company Limited (Japan), Kansai Paint Co.,Ltd. (Japan), PPG Industries Inc. (U.S.), Asian Paints (India), The Valspar Corporation (U.S.), Rpm International Inc. (U.S.), The Sherwin-Williams Company (U.S.), Chenyang Waterborne Paint (China), Tikkurila Oyj (Finland), Jotun (Norway), and Sika AG (Switzerland).
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In 2018, Coatex revealed solutions for low VOC waterborne formulations. These rheology modifiers have high-performance coating abilities. Their products include Coadis 790 for industrial coatings, inks and pigment and Coapur 2501, Coapur 520W, and Coapur XS 83 as PU thickener.
Segmentation:
MRFR’s report on the Global Water-Based Coatings Market is segmented by Product Type, Resin type, and End-Use Industries. The report aims at providing a holistic view of the entire market for a better predictive analysis.
Based on the Product Type, the Global Water-Based Coatings Market can be segmented into emulsions/latex paints, colloidal coatings, water-soluble paints, and water-based alkyds. The water-soluble paints are now gaining significant foothold in the automotive sector as the industry is hell-bent on reducing the carbon footprint during production.
As per the Resin Type, the Global Water-Based Coatings Market can be segmented into acrylic, formaldehyde, polyurethane, alkyds, epoxy, and others. The polyurethane segment is quite popular among the ed-users owing to its features such as flexibility, abrasion & impact resistance, and electrical properties.
The Global Water-Based Coatings Market, based on the End-User, can be studied by segmenting it into automotive, marine, paper & packaging, electronics, building & construction, and others. Widespread percolation of electronics is fetching in substantial revenue for the market.
Regional Analysis:
MRFR, for a Region-Specific Analysis of the Global Water-Based Coatings Market, segmented it into Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA).
The APAC market is having a great run at present owing to which the market can be deemed global leader. Rapid urbanization in the region is triggering a growth in construction and automotive sector. Moreover, the electronics sector is invading all the spheres with great speed owing to which the demand for Water-Based Coatings are on the rise. At the same time, huge population base of the region is fueling the market growth by increasing the intake of electronic goods.
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North America depends much on the growth in the construction, automotive, and electronics sectors. The revamped automotive sector is bound to chip in with substantial contribution. The construction sector is benefiting from all sorts of infrastructural superiority. Europe’s market is getting driven primarily by the Western Europe where the automotive market has substantial contribution. Mexico in the Latin America is providing substantial market traction.
The MEA market banks mostly on the infrastructural development that is taking place in regions such as the UAE, Qatar, Kuwait, and others.
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