Global Waterbased Coatings Market to be worth US.36 Billion by 2024

The global water-based coatings market is displaying a steadfast growth over past several years. Powered by economic development in China and India, growth of the building & construction sector in Asia Pacific is indirectly benefitting the water-based coatings market. Water-based coatings are increasingly replacing their solvent-based counterparts due to volatile organic compound (VOC) emission norms in place in several countries.

On the contrary, sensitivity of water-based coatings for temperature and humidity fluctuations and lack of viability of water-based coatings as they are susceptible to corrosion is hampering the growth of water-based coatings market. Considering a number of favorable factors, the global water-based coatings market is poised to rise at a CAGR of 6.4% between 2017 and 2024.

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The global water-based coatings market is segmented on the basis of resin type, end-use, and geography. In terms of resin type, acrylic, epoxy, polyurethane, formaldehyde, alkyds, and others are the segments into which the water-based coatings market is segmented. Vis-à-vis revenue, acrylic segment is the most attractive segment of the water-based coatings market. As acrylic coatings are largely used in architectural coatings, construction of commercial and residential buildings will augur well for the segment. However, polyurethane is anticipated to emerge lucrative as the use of polyurethane is anticipated to be on the rise. On the other hand, formaldehyde segment displays lackluster growth as formaldehyde is associated with VOC emissions.

By end-use, the various segments into which the water-based coatings market is divided are building & construction, automotive, furniture, marine, electronics, paper & printing, and others.

Of them, building & construction segment is the highly lucrative end-use segment; the segment is anticipated to remain lucrative in the years ahead too. Growing construction activities with China and India touted as key construction hub in Asia Pacific are indirectly benefitting the water-based coatings market.

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Key companies operating in the global water-based coatings market are PPG Industries, Akzo Nobel NV, and Sherwin-Williams Company. Some other companies to name are BASF SE, Asian Paints Limited, Kansai Paint Co. Ltd., Axalta Coating Systems Ltd., Altana AG, Nerolac paints Limited, Schmid Rhymer AG, NIPSEA Group, SKK Pte. Ltd., and Hebei Chenyang Industry & Trade Group Co. Ltd.