According to a recent report by Reports and Data, the global market size for waterborne coatings was valued at USD 80.96 billion in 2021, and it is projected to experience a revenue compound annual growth rate (CAGR) of 5.2% over the forecast period. The demand for waterborne coatings is expected to increase in the automotive and transportation sectors due to environmental regulations, personal health and safety laws, and sustainability practices. Waterborne coatings have become popular in these industries as they reduce volatile organic compound (VOC) emissions, which can lower the health risks for workers, and improve air quality. Waterborne coatings can be used for a range of automotive finishing applications, such as routine maintenance and coating interior surfaces.
In countries with strict VOC regulations, 2K waterborne acrylic or polyurethane dispersions are commonly used in refinishing procedures. During the forecast period, the reduction of energy consumption and VOC emissions during painting operations is expected to fuel market expansion.
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The architectural segment is anticipated to hold a significant revenue share of the global waterborne coatings market. The demand for waterborne coatings in the building and reconstruction projects in developing nations is expected to increase. The construction industry is trying to comply with stringent government regulations to reduce VOC emissions, which is further increasing the demand for waterborne coatings. Additionally, waterborne coatings are being used more frequently in the building and construction sector due to their low toxicity and flammability.
The Asia Pacific market is expected to have the largest revenue share and experience rapid revenue CAGR growth during the forecast period. Rising construction and reconstruction projects in developing nations are anticipated to fuel market expansion in this region. Waterborne coatings are being used more frequently in decorative applications on wood flooring, furniture, sculptures, and wall paintings. The growing demand for waterborne coatings is a result of increasing car production and expansion of the automotive industry in developing nations.
The report segments the global waterborne coatings industry into resin type, application, and regional outlook categories. The resin type category includes polyurethane, acrylic, and others, while the application category includes industrial, architectural, and others. The regional outlook category includes North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa.
Waterborne Coatings Market: Drive Factors
The waterborne coatings market is being driven by various factors, including environmental regulations, personal health and safety laws, and sustainability practices. The demand for waterborne coatings in the automotive and transportation industries is expected to increase due to the EPA's strict regulations on VOCs. Waterborne coatings are preferred over solvent-based coatings in these industries because they reduce VOC emissions, improve air quality, and lower health risks for factory workers.
In addition, the construction industry is also trying to comply with stringent government regulations to reduce VOC emissions, which is increasing demand for waterborne coatings. Waterborne coatings are being used more and more in architectural applications like window frames, doors, wood varnishes, trims, and interior exterior walls, as they are low in toxicity and flammability.
Furthermore, the rising construction and reconstruction projects in developing nations are anticipated to fuel market expansion in the Asia Pacific region. Growing demand for waterborne coatings is also a result of rising car production and expansion of the automotive industry in developing nations.
Overall, manufacturers of coatings are working tirelessly to reduce energy consumption and VOC emissions during painting operations, which is anticipated to further drive the growth of the waterborne coatings market during the forecast period.
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