Global Waterborne Coatings Market
Water is used as a solvent to dissolve the resin in finishes or surface coatings, known as “Waterborne Coatings.” As opposed to this, liquid solvent-borne coatings operate as a protective layer and are applied to the material’s surface to prevent corrosion. Environmentally friendly and simple to use, these coatings. They offer superior surface characteristics such as high gloss, rubbing resistance, and anti-sealing actions. The aqueous coatings’ resistance to heat and abrasion makes them good primers.
According to our recent study, the global market for Waterborne Coatings will experience substantial effects of the recession in the upcoming years. Price inflation is anticipated to moderate in 2023. Still, as interest rates rise, economic growth will likely slow down dramatically. IMF projections show that global inflation will decline from 8.8% in 2022 to 6.5% in 2019. Less relief is anticipated for developing economies because inflation is only predicted to drop to 8.1% in 2023. Prices for energy and raw materials will continue to be high for a while. Aside from these factors, inflation is also influenced by the partial reversal of globalization, labor shortages in many Western countries that raise the cost of production, and the transition to a shared economy to confront the biggest threat to our species.
The key reasons are predicted to drive the growth of the Waterborne Coatings Market: the expansion of environmental laws and the demand for VOC-free coatings. The market for Waterborne Coatings is also expected to be driven by growth in end-use industries. Due to variables such as uneven enforcement, the availability of substitutes, and susceptibility to humidity, the market for Waterborne Coatings is also anticipated to face significant hurdles throughout the forecast period. Additionally, the expansion opportunities in developing nations and the rise in development prospects in highly organized nations will likely also present growth opportunities for the Waterborne Coatings industry in the ensuing years. On the other hand, it is anticipated that inconsistent enforcement, the availability of alternatives, and humidity sensitivity will limit market growth over the forecast year. However, the trade dispute may soon provide further challenges to the aqueous coatings sector.
The Asia Pacific region dominates the Global Waterborne Coatings Market. The region’s waterborne coating market is anticipated to grow as a result of the rising demand for these coatings from a variety of end-use industries, including general industrial, automotive, new construction, marine, and remodel & repaint, in nations like India, China, Malaysia, Taiwan, Indonesia, South Korea, and Vietnam. On the other hand, the second-largest Global Waterborne Coatings Market is Europe because the automotive and aerospace industries are seeing an increase in demand for lightweight components. Additionally, European consumers are becoming more interested in luxury goods. These elements are anticipated to raise the need for Waterborne Coatings in OEM and automobile restoration operations.
The well-known players of the Global Waterborne Coatings Market include Akzo Nobel N.V. (Netherlands), Arkema (France), AXALTA (US), BASF SE (Germany), Benjamin Moore & Co. (US), Berger Paints India Limited (India), Hempel Group (Denmark), Jotun (Norway), Kansai Paint Co. Ltd. (Japan), KCC CORPORATION (South Korea), PPG Industries Inc. (US), The Sherwin-Williams Company (US) and others.