Water-Based Coatings Market, Key Player, Analysis, Size, Type and Forecast Business Opportunities, Current Trends, Forecast by 2023

 Market Synopsis:

Water-based coatings are anticipated to witness an upsurge in demand over the next couple of years. The study published by Market Research Future (MRFR) has highlighted that the global water-based coatings market is anticipated to mark a moderate growth rate over the assessment period 2016 to 2023. The rising demand for automobiles is poised to fuel demand for the product in the upcoming years.

The growth of the construction sector is also projected to catalyze the expansion of the water-based coatings market in the forthcoming years. It is extensively used for applications such as crack filling, damp proofing, waterproofing, etc. Rising applications across different industry verticals are projected to lead the expansion of the market in the nearby future.

Market Segmentation:

On the basis of product type, the global water-based coatings market has been segmented into colloidal coatings, emulsions/latex paints, water-soluble paints, and water-based alkyds.

On the basis of resin type, the water-based coatings market has been segmented into acrylic, alkyds, formaldehyde, epoxy, polyurethane, and others.

On the basis of end-user, the global water-based coatings market has been segmented into automotive, paper & packaging, electronics, building & construction, marine, and others.

 

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Regional Analysis:

The global water-based coatings market, on the basis of region, has been segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa (MEA). Asia Pacific is projected to dictate the growth of the global market over the next couple of years. The presence of fast-developing economies such as China and India that exhibits rapid industrialization and urbanization are expected to contribute most significantly to the development of the region. Also, the changing lifestyle in the region coupled with rising disposable income is anticipated to fuel demand for water-based coatings over the next few years. The rising demand for automobiles is expected to play a significant role in the growth of the water-based coatings market in the foreseeable future. Increasing construction projects is also poised to boost the expansion of the water-based coatings market over the next couple of years in the region. In addition, the growing demand for electronics is likely to influence the proliferation of the market positively in the upcoming years.

 

North America region is anticipated to grow substantially over the forecast period. The growth of the region can be ascribed to the rising demand for water-based coatings from the end-user industries such as construction, automotive, etc. Rising investments for the development of these end-user industries is likely to pave the way for the growth of the water-based coatings market in the region across the projection period.

 

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The developed economies in the Western Europe is expected to catalyze revenue creation of the Europe segment in the forthcoming years. Advancements in the automotive sector of the region are prognosticated to encourage the pace of growth of the water-based coatings market in the region over the next couple of years.

The growth of Latin America can be primarily ascribed to the developments in the automotive sector of Mexico. The Middle East & Africa’s expansion is anticipated to be driven by the expansion of the end-user industries in developed Middle Eastern nations such as Saudi Arabia, the UAE, etc.

Competitive Dashboard:

The prominent players participating in the landscape of the global water-based coatings market and studied in this MRFR report are Axalta Coating Systems (U.S.), AkzoNobel N.V. (Netherlands), BASF SE (Germany), Kansai Paint Co., Ltd. (Japan), Berger Paints India Limited (India),  Nippon Paint Company Limited (Japan), Rpm International Inc. (U.S.), PPG Industries Inc. (U.S.), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), Asian Paints (India), Tikkurila Oyj (Finland), Jotun (Norway), Chenyang Waterborne Paint (China), and Sika AG (Switzerland).