“One of the primary growth drivers for this market is the advantages offered by waterborne coatings”, says a senior analyst for the materials industry at Technavio. Waterborne coating is extensively used in automobiles, oil and gas, aerospace, and medical and healthcare sectors because of its excellent resistance to heat and abrasion, along with providing superior adhesion. In addition, these water-friendly coatings release fewer organic compounds, are cost-effective in nature, and do not require additives, thinners or hardeners, in turn, becoming the most viable choice for end-users operating in several industries, particularly, construction and marine sectors.
“Factors including stringent regulations on use of solvent-based coatings and developments in end-user industries are expected to drive the market’s growth during the forecast period. However, volatile raw material prices and costs associated with waterborne coatings are expected to limit the market’s growth during the the forecast period.”
Waterborne Coatings Market Segment Highlights
The waterborne coatings market is segmented by product into water-soluble paints, emulsion latex coatings, and water-based alkyd coatings.
The water-soluble paints was the largest product segment of waterbornes coatings market nin 2020 and will continue to retain the dominance in the market.
Water-soluble paints contain alcohol, glycol ethers, and other oxygen-containing solvents which are miscible with water.
The growth of this segment can be attributed to the increasing focus on environment-friendly paints and coatings.
The market is segmented by end-user into architecture, general, automotive, wood, and others.
The architecture end-user segment held the highest waterborne coatings market share in 2020. The segment will continue to account for the largest market share during the forecast period.
Architectural waterborne coatings are mainly designed for roof coatings, wall paints, or deck finishes. These coatings ensure excellent corrosion and temperature resistance, durability, and low fire-hazard risks.
The growth of this segment can be mainly attributed to these coatings gaining popularity due to lower concentrations of VOC content.