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Water-soluble coatings are also called dispersion coatings. These coatings contain almost 80% of water and a small number of other solvents which include glycol ethers. Some of the important categories of water-soluble coatings include formaldehyde, polyurethane, alkyds, epoxy, and fluoropolymers. Additionally, the water-soluble coatings are easy to apply, heat & abrasion resistant, environment friendly, and provide strong adhesion to the substrate. These benefits make it an ideal choice over solvent-based coatings. The coatings are used to paint and coat various surfaces of products such as buildings, furniture, and automobile parts.
The water-soluble coatings market is growing at a rapid pace owing to increasing the demand for the product in the building & construction application. In the construction activities, the water-soluble coatings are primarily used for screed compound, damp proofing, waterproofing, plaster additive, and crack filling. The rising demand for better physical infrastructures coupled with advancement in the coatings will surge the product demand. Hence, the increasing demand for the product in building & construction application will contribute to water-soluble coatings market growth during the forecast period.
However, the high price of water-soluble coatings owing to fluctuation in the raw material prices impacts the overall demand. This also restricts their adoption in various applications. Hence, this is anticipated to hamper the market growth.
Key Market Driver -
The rising demand for water-soluble coatings in the building & construction applications to drive the market growth.
Key Market Restraint -
The high price of the water-soluble coatings to restrict the market growth
Based on type, the water-soluble coatings market is segmented into formaldehyde, polyurethane, alkyds, epoxy, fluoropolymers, and others. Based on application, the market is segmented into building & construction, automotive, furniture, electronics, marine, aerospace, paper & printing, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the water-soluble coatings market include AkzoNobel N.V., Axalta Coating Systems, BASF SE, Berger Paints India Limited, Kansai Paint Co.,Ltd., Nippon Paint Company Limited, PPG Industries Inc., Rpm International Inc., The Sherwin-Williams Company, asian paints, The Valspar Corporation, Tikkurila Oyj, Chenyang Waterborne Paint, Jotun, and Sika AG.
Asia Pacific is expected to grow at a highest rate in the water-soluble coatings market. The growth is associated with the rising demand for the product in building & construction applications. The increasing use of epoxy-based water-soluble coatings in the electronics and furniture applications will fuel the market growth in Europe, in which the UK and Germany are leading countries. In North America, the growth is due to the increasing use of polyurethane-based water-based coatings in the automotive and aerospace industries. Latin America and the Middle East & Africa are expected to grow at a significant rate, owing to the adoption of the product in the marine application.
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