Waterborne Coatings Industry

The global waterborne coatings market size was valued at USD 57.67 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. The growth is driven by the fostering of construction activities across the globe. Rising construction activities on account of rapid industrialization and urbanization across the globe are anticipated to drive product demand over the projected period. The excessive shift in coatings trend from low or high-volatility organic solvents to complete solvent-free coatings that have fewer emissions is likely to contribute to the growing demand for waterborne coatings in residential as well as commercial coating applications. Interior and exterior wall paint formulations mainly rely on waterborne coatings.

These formulations are usually based on acrylate/styrene dispersions. The product manufacturers are also focusing on reducing the average binder requirement in the formulation by 8–12% without affecting the property profile. Alkyd-based waterborne coatings are also preferred by many interior decorators as they are easier to apply, have a glossy finish, and provide better compensation for climatic variation in application and drying. A rise in automobile production capacities coupled with the growing innovation in design and aesthetics is anticipated to remain a key driving force behind the market growth in automobile applications. Automobile production is expected to rise owing to population expansion and rising per capita disposable income, particularly in emerging economies of Asia Pacific and Latin America.

Gather more insights about the market drivers, restrains and growth of the Global Waterborne Coatings market

Waterborne Coatings Market Segments:

Resin Insights

The acrylic resin segment dominated the industry with the highest revenue share of 83.4% in 2022. Growing demand from infrastructure and automotive industries on the account of glossy color retention in outdoor exposure is anticipated to propel the demand for acrylic waterborne coatings. The demand for acrylic resin-based coatings is likely to grow substantially over the foreseeable future owing to increasing applications in radiation curing and electrodeposition. Growing demand in the transportation industry for refinishes in aircraft, autos, ships, railroads, and trucks is expected to drive Polyurethane (PU) coatings demand.

Application Insights

The architectural application segment dominated the industry in 2022 and accounted for the highest share of 87.1% of the overall revenue. Waterborne coatings account for a major share of total architectural coatings and are expected to increase significantly over the next seven to ten years owing to increasing regulations regarding VOC emissions. Increasing construction spending owing to higher income levels in emerging economies of Asia Pacific, Latin America, and Middle East is expected to drive the segment growth over the next seven years. The rising usage of acrylic-based coating in the industrial coating is also expected to boost market growth. The advent of insulation and sound-damping coatings is expected to propel segment growth and provide lucrative opportunities for industry participants.

Regional Insights

Europe dominated the global industry in 2022 and accounted for the highest share of over 38.1% of the overall revenue. This is attributed to the presence of various major automobile manufacturers in the region. Furthermore, there has been a growing consumer preference for luxury in Europe. These factors are expected to increase the demand for waterborne coatings in automobile OEM & refinishing work. The highest growth in terms of construction spending is expected to be cantered in emerging economies of Asia Pacific including China, followed by India and Indonesia.

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1. The global ceramic coating market size was valued at USD 11.16 billion in 2023 and is projected to grow at a CAGR of 8.1% from 2024 to 2030.

2. The global hydrophobic coating market was valued at USD 2.06 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2030.

Key Companies & Market Share Insights

The competition among global companies is likely to grow in future on the account of rapid innovations by new and emerging players in the industry. Manufacturers are targeting to improve their product portfolios, by innovating, designing, and launching a range of new products. This factor is expected to trigger competition in the industry. Some of the prominent players in the global waterborne coatings market include:

1. AkzoNobel NV

2. BASF SE

3. Axalta Coating Systems LLC

4. Berger Paints India Ltd.

5. Kansai Paint Co.,

6. Nippon Paint Holdings Company Ltd.

7. PPG Industries Inc.

8. RPM International Inc.

9. The Sherwin-Williams Company

10. The Valspar Corp.

11. Tikkurila Oyj

Segments Covered in the Report

Grand View Research has segmented the global waterborne coatings market on the basis of resin, application, and region:

Waterborne Coatings Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

1. Acrylic

2. Polyurethane (PU)

3. Epoxy

4. Alkyd

5. Polyester

6. Polytetrafluoroethylene (PTFE)

7. Polyvinylidene Chloride (PVDC)

8. Polyvinylidene Fluoride (PVDF)

9. Others

Waterborne Coatings Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

1. Architectural

2. General Industrial

3. Automotive OEM

4. Metal Packaging

5. Protective Coatings

6. Automotive Refinish

7. Industrial Wood

8. Marine

9. Coil

10. Others

Waterborne Coatings Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

1. North America

   1. US

   2. Canada

   3. Mexico

2. Europe

   1. Germany

   2. UK

   3. France

   4. Italy

   5. Spain

3. Asia Pacific

   1. China

   2. India

   3. Japan

   4. South Korea

4. Central & South America

   1. Brazil

   2. Colombia

5. Middle East & Africa

   1. Saudi Arabia

   2. South Africa

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