Waterborne Coatings Market Outlook - 2027
SELBYVILLE, Del. - July 22, 2021 - (Newswire.com)
As per recent research by Global Market Insights Inc., the waterborne coatings market would surge to USD 115 billion by 2027, registering a CAGR of 6% from 2021 to 2027. Moreover, in most cases, these coatings are relatively less expensive than solvent-borne coatings and require no additives, hardeners, and thinners. Given these attributes, the global market for waterborne coatings is slated to account for massive returns over 2021 to 2027.
The need for protective coatings for offshore facilities, bridges, ships, and industrial plants has laid a significant emphasis on the demand for waterborne coatings across various prominent industries including marine, automotive, and others. Waterborne coatings are environmentally friendly surface treatments that are known to offer exceptional adhesion, low toxicity, and flammability owing to the presence of low VOC levels and HAP emissions.
Surging demand for polyester coatings
The demand for polyester coatings is gradually rising worldwide. This can be accounted for the increasing use of the product in plastic, furniture, wood paint, and printing ink industries for coating applications. Not to mention that big industries like automotive, and industrial coating have also been constantly focusing on the use of these coatings due to their ability to offer highly desired corrosion resistance properties to the finished product. Industry analysts estimate that the business share of the polyester coatings segment would exceed USD 1.3 billion by the end of 2027.
On the other hand, the rising popularity of waterborne epoxy coatings, subject to its robust properties of excellent chemical and corrosion resistance, would enable the segment to grow at a rate of 6% through 2027.
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Paradigm shift to metal packaging
The world is continuously striving to bring up sustainable innovations in the packaging industry, leading to a gradual shift from plastic to metal packaging. This paradigm shift has offered a considerable boost to the adoption of waterborne coatings. It was observed that the global waterborne coatings market from the metal packaging applications segment acquired a business share of more than $800 million in 2020, driven by the elevating use in cosmetics, F&B, and perfumery industry.
However, today, the waterborne coatings market size is projected to surpass an overall valuation of USD 1 billion by 2027 end. Reason? Its rising applicability in the packaging of food and beverages cans that protects food from chemicals, while offering more sustainable packaging options as compared to solvent-borne coatings.
Thriving building and construction and manufacturing industries across APAC
A substantial boost in construction and manufacturing industries across the Asia Pacific region is anticipated to have a positive impact on the waterborne coatings industry in the years to come. This can be reasoned to the extensive usage of the product as a protective coating in these industries. It would be essential to mention that polyurethane and acrylic are being extensively used in the construction and building industry across the region to facilitate flooring, decks, and finished rods on grounds of their protective and anti-corrosion purposes.
The report suggests that the regional waterborne coatings market growth is set to exhibit a CAGR of 7% over the forecast time frame, with the growth evidently coming in from major developing countries like India, China, Japan, South Korea, and others, fueled by the growing construction industry statistics. As of 2019, the Asia Pacific construction market was worth $4.95 trillion and is predicted to reach $5.45 trillion by 2021.
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Potential developments by waterborne coatings manufacturers and market vendors
One of the key drivers fueling the growth structure of the waterborne coatings industry is the novel innovations and developments taken up by various industry conglomerates and market vendors. For instance, in May 2021, Axalta Coatings Systems announced completing the expansion of its waterborne coatings plant in the Shanghai province of China. The main aim behind this move was to cater to the burgeoning demand for sustainable coatings for commercial vehicle, automotive, and industrial markets in the country and the other Asia Pacific economies.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Original Source: Top 4 Trends Reshaping the Future of Waterborne Coatings Market