Market Segmentation
The Global Water-Based Coatings Market is segmented on the basis of the product Type, Resin Type, End-Use Industries and Region.
On the basis of the Product Type, the Global Water-Based Coatings Market is categorized into water-soluble paints, colloidal coatings, emulsions/latex paints, and water-based alkyds.
Based on the Resin Type, the Global Water-Based Coatings Market is segregated as acrylic, formaldehyde, polyurethane, alkyds, epoxy, and others.
The End-User Industries is further segmented into building & construction, automotive, electronics, marine, paper & packaging, and others.
Competitive Analysis
Some of the prominent manufacturers in the Global Water-Based Coatings Market are AkzoNobel N.V. (Netherlands), Axalta Coating Systems (U.S.), BASF SE (Germany), Berger Paints India Limited (India), Kansai Paint Co.,Ltd. (Japan), Nippon Paint Company Limited (Japan), PPG Industries Inc. (U.S.), Rpm International Inc. (U.S.), The Sherwin-Williams Company (U.S.), asian paints (India), The Valspar Corporation (U.S.), Tikkurila Oyj (Finland), Chenyang Waterborne Paint (China), Jotun (Norway), and Sika AG (Switzerland).
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Market Overview
Water-Based Coatings use water as a solvent for dispersion of pigments. Thus, it is environment-friendly. Water-Based Coatings contain 80% of water and other solvents such as glycol ethers. Water-based coatings offer low toxicity and flammability due to the low VOC and HAP emissions.
Water-Based Coatings are used in various end-use industries such as building & construction, automotive, electronics, marine, paper & packaging, and others. Furthermore, use of this coating in waterproofing, crack filling, plaster additive, screed compound, and others in the construction sector drive the Global Water-Based Coatings Market. The increasing demand for better quality automobiles with superior qualities such as durability and anti-corrosion is another major driver of the market. Moreover, growing demand for these coatings from electronics industries to protect circuitry system from moisture, chemicals, and dust particles is likely to propel the market growth. The other significant drivers include marine and paper & packaging industries are projected to offer substantial growth avenues for the Global Water-Based Coatings Market in the coming years. The water-soluble paints is the leading segment due to its superior properties such as gloss retention, high corrosion resistance, and good pigment wetting & stability. The acrylic water-based coatings are leading the market growth as require less time to dry as compared to other coatings.
Regional Analysis
The Global Water-Based Coatings Market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific is expected to lead the Global Water-Based Coatings Market owing to the growing demand from the construction and automotive sector. The high demand for efficient electronics along with high income and changing lifestyle is another major driver of the market in this region.
The North American market is majorly driven by the high demand for waterborne coatings from various end-use industries such as construction, automotive, and electronics.
Europe is another major region in the Global Water-Based Coating Market on account of the developing infrastructure and automotive industries, especially in Western Europe.
Latin America and the Middle East & Africa are anticipated to showcase a significant growth owing to the increasing demand for automotive and infrastructural activities respectively.
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