According to a new research report by Global Market Insights Inc., the Waterborne Coatings Market size is set to surpass USD 115 billion by 2027.
Waterborne coatings are an environment friendly surface treatment that use water as a solvent to disperse the resin to make paint or coatings. The product makes the paint or coating easy to apply and eco-friendly as it contains 80% water. It can be applied to furniture and plastic substrates owing to its ability to provide advantages of high gloss, high corrosion protection, good flow, and leveling properties.
Increasing demand for polyurethane coatings for automotive and electronic use should augment market growth
Global waterborne polyurethane coatings market witnessed a consumption of over 4.5 million tons in 2020. Increasing use of polyurethane in laptops, mobile phones and PCs should augment product demand. These coatings offer protection to electronic parts against fungus, moisture, oil and corrosion.
Polyurethane coatings are used in vehicle exterior for high gloss, scratch resistance, durability and corrosion resistance which represents substantial growth opportunities for the waterborne coatings market. They are also used in car windshields and windows to provide glaze, increase strength, and provide fog resistance capabilities.
“Waterborne polyurethane coatings market size should register over 6% gains by 2027, on account of rising product demand in the electronics sector”
Browse key industry insights spread across 250 pages with 180 market data tables and 40 figures & charts from the report, “Waterborne Coatings Market By Type (Acrylic, Polyurethane, Epoxy, Alkyd, Polyester, PTFE, PVDC, PVDF), By Application (Architectural, General Industrial, Automotive OEM, Metal Packaging, Protective Coatings, Automotive Refinish, Industrial Wood, Marine, Coil), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing product use for automotive refinish applications should stimulate product demand
Automotive refinish applications is expected to exceed USD 1.5 billion up to 2027. The product is widely used to protect automotive body from corrosion and high abrasion. These coatings are used to maintain glossy finish of the car for a longer time period. Increasing product demand from automotive manufacturers for vehicle refinishes should foster the waterborne coatings market growth.
Increasing demand for automotive refinish coatings from automotive repair centers and manufacturing facilities should augment market growth. Increasing government regulations on the utilization of coatings with lower VOC levels will increase automotive manufacturers’ inclination towards waterborne refinish coatings.
“Automotive refinish applications should register gains over 5.5% by 2027, with increasing product use for protection of automotive body from corrosion and abrasion”
Growing automotive industry along with increasing vehicle sales should drive waterborne coatings demand in Europe
Europe market is slated to exceed USD 40 billion by 2027, with substantial growth over the next six years. Increasing automotive manufacturing along with rising demand for eco-friendly coatings should boost the product demand. The product is used in vehicles to provide gloss and protection from external forces such as abrasion and corrosive damage. Increasing vehicle sales and production are expected to be the chief growth drivers for the regional waterborne coatings market.
The global waterborne coatings industry share is competitive and comprises various companies such as Sika AG, BASF SE, Arkema S.A., Hempel, RPM International Inc, AkzoNobel N.V., Teknos, DuPont, PPG Industries Inc and Nippon Paints Co. Ltd. Companies are primarily engaged in business strategies such as production expansion, merger, and acquisitions.
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