Market Overview: The water-soluble paints market was valued at around USD 54.23 billion in 2030 and is expected to register a CAGR of approximately 3.56% during the forecast period, 2021-2030.
Water-soluble paints are a relatively new class of paints, which use 80% water as a solvent in paints by volume. These paints use water-soluble resins, which are produced by polymerization or polycondensation in an organic medium. Moreover, since water is the major solvent in the formation of these paints, they have better color retention, glossy finish, and are environmentally-friendly. The major factors driving the global water-soluble paints market is the rapid urbanization, expanding building and construction industry, and growing automobile sectors. Stringent government policies have been introduced for reducing the use of volatile organic compounds (VOCs) in paints as they lead to global warming by ozone depletion and also affects the air quality, which leads to various health problems such as nose, eye, and throat irritation, headaches, nausea, and potential damage to kidney, liver, and central nervous system. Water-soluble paints offer several advantages such as low toxicity, low fire hazard, and low VOC content, making them a better alternative compared to conventional solvent-based paints. Thus, making water-soluble paints an opportunistic market during the forecast period.
However, the slow drying rate and an upsurge in the prices for raw materials is expected to hinder the growth of the global water-soluble paints market.
The global water-soluble paints market report has been segmented based on material type, application, and region.
Based on material type, the global water-soluble paints market has been segmented into acrylic, polyurethane, polyester, alkyd, epoxy, epoxy esters, and others.
Based on application, the global water-soluble paints market has been classified into residential, commercial, infrastructure, automotive, and others.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regions analyzed under the scope of the water-soluble paints market.
Asia-Pacific was the dominant region in the global water-soluble paints market in 2018 and is expected to dominate the global market during the review period. The growing building & construction industry coupled with the increased standard of living, which has led to an increase in demand for water-soluble paint in the region. Additionally, the increase in per capita disposable income and the growing health-concerns related to conventional solvent-based paints are expected to propel the growth of the water-soluble paints market in the region.
Europe held the second-largest share in the water-soluble paints market in 2018, owing to the stringent government regulations in the region regarding VOCs emissions, compelling the paints and coating manufacturers in the regional market to shift towards production of zero-VOCs paints. According to the European Paints Directive, in 2010, the maximum amount of VOCs content an interior matt paint for walls or ceilings can have is 30g per liter. Owing to these factors, the water-soluble paints market in the region is expected to grow significantly during the forecast period.
The primary factor driving the water-soluble paints market in North America is the growing preference of individuals for water-based paints as they are environmentally friendly and ensure better indoor air quality. Moreover, the region has a strong GDP per capita and individuals who are increasingly becoming concerned about their health. Furthermore, environmental organizations in the region, including the Environmental Protection Agency (EPA), have set stern regulations for VOC usage, fueling the increased need for water-soluble paints in the regional market.
The Middle East & Africa is expected to witness a positive demand for water-soluble paints during the forecast period due to the rapidly growing building & construction sector in the regional market.
The water-soluble paints market in Latin America is expected to witness slow but steady growth during the forecast period owing to the emerging economy of the region.
Some of the prominent players in the global water-soluble paints market are AkzoNobel N.V. (Netherlands), Axalta Coating Systems (US), BASF SE (Germany), Berger Paints India Limited (India), Kansai Paint Co., Ltd. (Japan), NIPSEA GROUP (Japan), PPG Industries Inc. (US), Rpm International Inc. (US), The Sherwin-Williams Company (US), Asian Paints (India), Valspar (US), TIKKURILA OYJ (Finland), Chenyang Group Ltd (China), Jotun (Norway), and Sika AG (Switzerland).
|Market Size||USD 54.23 billion 2030|
|Forecast Period||2021 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material type, application, and region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||AkzoNobel N.V. (Netherlands), Axalta Coating Systems (US), BASF SE (Germany), Berger Paints India Limited (India), Kansai Paint Co., Ltd. (Japan), NIPSEA GROUP (Japan), PPG Industries Inc. (US), Rpm International Inc. (US), The Sherwin-Williams Company (US), Asian Paints (India), Valspar (US), TIKKURILA OYJ (Finland), Chenyang Group Ltd (China), Jotun (Norway), and Sika AG (Switzerland).|
|Key Market Opportunities||Water-soluble paints offer several advantages such as low toxicity, low fire hazard, and low VOC content, making them a better alternative|
|Key Market Drivers||The rapid urbanization, expanding building and construction industry, and growing automobile sectors.|
The global water-soluble paints market was valued at USD 45.21 billion in 2018.
The global water-soluble paints market is expected to exhibit a solid 3.56% CAGR over the forecast period from 2021-2030.
Increasing government regulations restricting the usage of VOC-emitting paints are likely to be the major driver for the global water-soluble paints market.
Asia Pacific is the leading regional market for water-soluble paints.
Leading players in the global water-soluble paints market include BASF, AkzoNobel, Axalta, Nipsea Group, Kansai Paints, Asian Paints, Valspar, and Sherwin-Williams, among others.