Borne Coatings Market:
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The water borne coatings market consists of sales of water borne coatings. Water borne coatings solvents contain organic co solvents that use water as a solvent to disperse resin.
The global water borne coatings market was worth $188.9 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 8.7% and reach $264.01 billion by 2023.
The water borne coatings market in Asia Pacific is forecasted to register the highest CAGR during 2019-2023.
The water borne coatings market covered in this report is segmented by type into acrylic, epoxy, polyurethane, polyester, alkyd, polyvinylidene chloride (pvdc), polyvinylidene fluoride (pvdf) and others. The water borne coatings market in this report is segmented by application into appliances, automotive, architectural, marine, packaging, wood and general industrial.
There is a rapid growth in consumption of water borne coatings in many industries such as automotive, construction and manufacturing. Water borne coatings are widely used in printing inks, in the automotive OEM sector, platics and other manufacturing industries. Therefore, growth in end-user industries is expected to drive the market for water borne coatings.
Rising costs is acting as a restraint on the water borne coatings market. The rise in raw material costs resulted in higher manufacturing costs, thus decreasing the investments in research and development of new products. For instance, in the US, raw material costs for coatings producers generally were around 40-55% of total sales in 2018, and total cost of goods sold encompassed 55-70% of sales. Additionally, companies invested heavily on marketing their products due to intense competition in the market. Rising trucking, railroad, dry-bulk and air-freight rates also negatively impacted the market. This rise in operating costs increased pressure on companies to protect margins while maintaining the quality of their products.
Smart coatings and high performance coating technologies are being adopted by companies to enhance efficiencies of coating compounds. Nano coatings, are a type of smart coating that have extremely tiny particles and unique characteristics such as flexibility, resistance to corrosion and micro bacterial growth. Fluoropolymer coating is known for its high performance properties such as long life cycle and high cost efficiency.
Major players in the market are BASF SE, Axalta Coating Systems LLC, Berger Paints India Ltd, Kansai Paint Co., Ltd., Nippon Paint Holdings Company Ltd, PPG Industries Inc., RPM International Inc.,, The Sherwin-Williams Company, The Valspar Corporation, Tikkurila Oyj.Water Borne Coatings Market Global Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global water borne coatings market.
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