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Waterborne coatings are the finishes or surface coatings, which use water as a solvent to dissolve the resin. Whereas, the solventborne coatings acts as a protective layer and applied to the material surface in the liquid form, thereby providing the prevention from corrosion. These coatings are easy to apply and environmental-friendly. They provide excellent surface properties such as high gloss, rubs resistance, and anti-sealing effects. The waterborne coatings are also excellent primers, owing to their resistance to abrasion and heat. They also facilitate color blending and creates strong adhesion, thereby could be applied in thick or thin coats at the inner and outer surfaces. Additionally, waterborne & solventborne coatings aids in protecting the surface from corrosion and deliver stabilization, high gloss, and wetting. These coatings find its application in architectural, automotive, general industrial, protective, and wood applications.
The increasing demand for acrylic coatings will lead to increase the development in the waterborne coatings market. The acrylic coatings are durable, flexible, dry quickly, moisture resistant, breathable, and keep their color intact. These properties surge the demand for acrylic coatings in various applications such as masonry surfaces, direct-to-metal applications, primed metals, and furniture & flooring. Furthermore, the stringent regulation for the use of environmental-friendly coatings will propel the demand for waterborne coatings. Hence, these positive factors will provide a lucrative growth for the market during the forecast period.
However, the availability of cheaper substitute coatings associated with the waterborne & solventborne coatings is anticipated to restrict the market growth.
Key Market Driver -
Rising demand for acrylic resins and stringent regulation has led to the growth of the market
Key Market Restraint -
Availability of cheaper substitute coatings to restrict the market growth
Based on waterborne coating type, the waterborne & solventborne coatings market is segmented into acrylic, polyester, alkyd, epoxy, polyurethane, and others. Based on solventborne coatings type, the market is segmented into one component system coatings and two component system coatings. Based on application, the market is segmented into architectural & decorative, general industrial, automotive, marine, metal packaging, 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 waterborne & solventborne coatings market includes BASF SE, AkzoNobel N.V., PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, Asian Paints Limited, Axalta Coating Systems LLC, Nippon Paint Holdings Co. Ltd., Kansai Paint Co. Ltd., Jotun Group, and Tikkurila OYJ.
Based on the region, the waterborne & solventborne coatings market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific accounted for fastest-growing region in the waterborne & solventborne coatings market, due to incresing demand for waterborne coatings in the architectural and decorative sectors. In North America, the growth is attributed to the rising general industrial and metal packaging applications. In Europe, the rising automotive industry had led to the demand for waterborne & solventborne coatings. The Middle East & Africa is anticipated to witness with substainable growth owing to rising demand for solventborne coatings in printing inks, thus shall gain market share during the forecast period.
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