Waterborne Coatings Market Research Report: Information By Product Type (Freac Sand, Resin-Coated Proppant, Ceramic Proppant) By Application (Shale Gas, Tight Gas, Coal Bed Methane) By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) Forecast till 2028

Waterborne Coatings Market Overview:

The waterborne coatings market is expected to reach USD 83.37 billion by the end of 2028, registering a CAGR of 6.7% during the forecast period (2021–2028). The market was valued at USD 3.89 billion in 2020.

Waterborne coatings contain up to 80 percent of water to dissolve additives, resin, pigments, and resin to apply this mixture on the body surface of the material to be painted. These coatings are environmentally friendly and are used for an extensive range of applications such as protective coatings, coils, marine, and industrial wood. The high demand for waterborne coating from the automotive sector is owing to its low toxicity level nature, and growing adoption in several applications, including metal packaging and architectural applications, will augment the industry growth during the foreseeable period.

The global waterborne coatings market is facing a cascading repercussion caused by the imposition of lockdowns across the globe to decrease the spread of COVID-19. The pandemic has created numerous challenges for the manufacturers and suppliers of waterborne coatings, including disruption in the supply chain, halt in the manufacturing process, and persistent problems with the transportation and shipment of both raw materials and finished products of waterborne coatings. Several testing laboratories had been closed due to prevent the spread of coronavirus.

However, many manufacturing sites are currently working on low production capacities by enhancing various protocols of COVID-19 and adapting the ongoing challenges with innovation in product and process. Henceforth, the market is expected to overcome this situation by the end of 2022.

• Growing Demand for waterborne coatings in various end use industries

The key factor driving the growth of the global waterborne coatings market is the upsurge in demand for waterborne coatings in the automotive and marine industries. The growing demand for waterborne coatings in the automotive & transportation, and marine industry, is due to their excellent performance properties such as anti-sealing effects and non-yellowing film, high gloss, and rub resistance, which is expected to boost the global performance coating market over the forecast period.

• Increasing usage of waterborne coating OEM automotive applications

Rising production and sales of automobiles across the globe on account of improving economic development are expected to fuel the demand for waterborne coatings during the review period. In recent years, automotive coatings have been considered one of the most important markets and play a crucial role in the automotive industry. Polyurethane coating is widely used as a high-performance overcoat binder for automotive applications. In the same line, epoxy coatings are also used as a primer on the layer beneath the overcoat due to their good adhesion and good corrosion resistance properties.  

Furthermore, extensive use of acrylic coatings in the automotive, construction, medical and general industrial for a wide range of applications are expected to dominate the global waterborne coatings market.

• High cost of waterborne coatings

The increasing prices of waterborne coatings and a weaker performance than solvent coatings are significant factors expected to restrain the global market growth during the assessment period. This is due to fluctuation in prices of raw materials used to manufacture waterborne coatings. Moreover, another factor hampering the growth of the global market is the formation of foam during the manufacturing process of waterborne technology, and this residual foam can be harmful to the environment.

• Disadvantages of waterborne coating technology

Waterborne coating technology is allergic to humidity and dew points. Humidity and dew play a crucial role throughout the curing method of waterborne coatings. The growing relative humidity rate led to slow or can even stop the drying process of a waterborne coating. Exposure of the waterborne coating to high humidity or moisture before the coating has dried completely can also damage the paint film. Henceforth, this factor can act as a challenging factor for market growth during the forecast period.

The supply chain analysis is the process of comprehending the steps taken by the stakeholders involved in the manufacturing and distribution of waterborne coatings throughout the international market. The supply chain includes suppliers, producers, distributors, and end-use industries.

The key raw material used in the production of waterborne coatings is waterborne resin, synthetic resins, pigments, surfactants, additives, and fluoropolymers. The other raw materials include petrochemical products, and as a result, raw material prices vary.

The distribution channel in this market comprises distributors, wholesalers, and e-commerce merchants. Generally, the distributors are engaged in long-term sales agreements with producers and end-users. Ellsworth Adhesives, Imagineering Finishing Technologies, The Dowell Co., Inc., Aremco Products, Inc., Warren Paint & Color Co., and Key Resin Co. are some of the key distributors of waterborne coatings.

The introduction of e-commerce is the latest ongoing trend in the global market that offers on-door delivery and an inexpensive pricing edge. Third-party online platforms, such as Alibaba, India MART, and others, are involved in e-commerce.

• Polyurethane- Polyurethane helps avoid corrosion and offers durability on the material's surface with this coating. In the construction application, polyurethane coating is used to numerous floors, concrete supports, and steel supports.


• Alkyd- Alkyd waterborne coating is solvent-free and has high-gloss retention and good drying times, used widely for decorative purposes in the paint and coating industry.


• Polyester- Polyester is a cost-effective product and is majorly used in the construction industry in architectural projects. The polyester powder coating is supremely used in doors, windows, residential areas, and metal furniture.


• Acrylic- Acrylic coatings are known for their inertness and exceptional color retention when exposed to certain environments.


• Epoxy- Epoxy coatings consist of outstanding characteristics such as good adhesion, chemical resistance, and corrosion. It is extensively used as a high-performance primer for metal substrates.


• PTFE- PTFE coatings are used for applications such as fasteners, screws and bolts, and others to provide high corrosion resistance, dry lubrication, and anti-seize properties to prevent galling.


• PVDF- PVDF coatings are widely used for architectural applications due to long time weathering performance needed for exterior architecture components.


• PVDC- PVDC is a high-performance polymer that provides superior protection from both oxygen and water vapor.


•  Others- Others include amino acids, acrylic-epoxy, urethane-acrylic, and others.

By Application

• Architectural- Architectural segment is further divided into the residential and non-residential sectors through which residential are further subclassified into new construction and remodel & repaint applications. Several construction materials are used to meet specific needs and different limitations in new construction. Steel and other metals are protected by high-waterborne coatings that create a long-lasting barrier between the metal and its service environment.


• 
  Industrial- The industrial segment comprises several applications, including automotive, general industrial, protective coating, wood, marine, packaging, coil, and others (aerospace and rail). These coatings are used for various industrial purposes such as oil & gas, chemical, textile, or other large-scale industrial structures, subject to harsh environmental conditions. Applying a performance coating on various components used in the oil & gas industry helps reduce corrosion rate. 

• The waterborne coatings market in the Asia-Pacific region is anticipated to account for the largest share of the waterborne coating market and register the highest CAGR during the forecast period. The growing demand for these coatings from various end use industries, including general industrial, automotive, new construction, marine, and remodel & repaint, from countries such as India, China, Malaysia, Taiwan, Indonesia, South Korea, and Vietnam in the region, is projected to drive the growth of the waterborne coating market in the region.

The North American region is expected to boost the global waterborne coating market growth during the forecast period due to an upsurge in demand for lightweight components in the automotive and aerospace industries.

The competitive landscape offers an analysis of the key developments by the companies operating in the global market in the last three years. The global market for waterborne coatings is expected to witness the highest growth rate during the forecast period, owing to the increasing demand from the automotive industry. The global market represents strong numbers in terms of consumption. Leading players in this market are BASF SE (Germany), Sherwin-Williams Company (US), AkzoNobel N.V. (The Netherlands), PPG Industries Inc. (US), RPM International Inc. (US), Asian Paints Limited (India), Axalta Coating Systems LLC (US), Nippon Paint Holdings Co. Ltd (Japan), Kansai Paint Co. Ltd (Japan), Tikkurila OYJ (Finland), and Jotun Group (Norway).

• AkzoNobel N.V. (The Netherlands)


• BASF SE (Germany)


• Sherwin-Williams Company (US)


• PPG Industries Inc. (US)


• Asian Paints Limited (India)


• RPM International Inc. (US)


• Nippon Paint Holdings Co. Ltd (Japan)


• Jotun Group (Norway)


• Axalta Coating Systems LLC (US)


• Kansai Paint Co. Ltd (Japan)


• Tikkurila OYJ (Finland)

Recent Developments

• In 2018, Tikkurila had introduced a new waterborne fire-retardant Laquer and Fontefire WF Clear for wooden wood surfaces. The fire-retardant Laquer and Fontefire WF enhances the attraction of treated surfaces and allows the coated wood to be used in hospital and school places, where the most rigorous fire safety necessities are.


• In 2019, Jotun had signed an agreement with Korean Hyundai Heavy Industries (HHI). In this agreement, the Korean Hyundai Heavy Industries will use the marine paint of Jotun, which reduces solvent emissions by 90 percent. This partnership will help HHI meet the environmental regulations that aim to reduce solvent emission.