- Slew of attractive physical properties attract demand from the industrial sector
- Growth of the construction sector in Asia Pacific accounts for its leading revenue contribution to the waterborne coatings market
ALBANY, N.Y., March 02, 2022 (GLOBE NEWSWIRE) -- The key attribute of waterborne coatings to reduce volatile organic compound (VOC) emissions by nearly 94% as compared to other solvent-based coatings fuels growth of the waterborne coatings market. Volatile organic compound emissions are related to be carcinogenic due to which, some governments have implemented stringent regulations to eliminate or, at least, control their use through alternatives.
The use of waterborne coatings provides protection against corrosion. The corrosion resistance offered by waterborne coatings for salt spray and cyclic testing is 60% more than that offered from zinc formulations and electro coating processes.
These attributes are drawing the interest of automotive and paints & coatings sectors to gradually switch to waterborne coatings to create opportunities in the waterborne coatings market. The waterborne coatings market is projected to expand at a CAGR of 4.9% between 2019 and 2027, find analysts at TMR.
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Waterborne Coatings Market – Key Findings of Report
Attractive Physical Properties for Paints and Coatings Make Building & Construction Sector Key End User
The exponential growth of the building & construction sector in Asia Pacific prior to the outbreak of COVID-19 created ample opportunities in the waterborne coatings market in the region. The development of residential, non-residential, and commercial buildings in several parts of Asia Pacific in the past decade has led to the demand for numerous types of materials, including coatings that are used in building construction. Waterborne coatings are increasingly being favored to be close with VOC compliances that are in place.
Furthermore, waterborne coatings are being favored to address concerns in use of chemicals, the manufacture of paint-and-primer together as one product, and for several physical properties. Waterborne coatings enable easy blending and change in formulation if required. They can be applied on inner and outer surfaces of buildings and provide protection from corrosion. High gloss, wetting, and stabilization are some other attractive physical properties of waterborne coatings.
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The growing demand for decorative paints in China and India is creating opportunities in the waterborne coatings market of the region. Waterborne coatings are desirable for improved film properties of paints such as resistance against sticking to dirt, timely resistance from rain, and desired exterior finish.
The role of various influencers such as synthesis chemists, environment regulators, paint formulators, and end users to gradually switch to water-based coatings cements growth of the waterborne coatings market. Oil-based and other solvent-based coatings that are presently used mostly have different environmental profile that are not clear.
Product Development for New End Users Gathers Steam
The use of waterborne coatings is expanding for a number of light and medium duty industrial applications. Factors such as VOC compliance, easy clean up, less hazardous disposal of waste and its associated cost, low risk of health hazards, and less concerns of flammability are attracting the demand for waterborne coatings from various end users.
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In fact, waterborne coatings are reckoned to be the future of automotive coatings with several paint & coating manufacturers already in the fray. Large automotive manufacturers are emphasizing the use of waterborne coatings for their environmental benefits and for the safety of employees.
In order to serve this, players in the waterborne coatings market are investing in marketing to promote the credibility of new as well as existing products.
Waterborne Coatings Market – Growth Drivers
- Stringent regulations of various governments to reduce VOC emissions from paints and coatings leading to the use of alternatives fuels waterborne coatings market
- Growing demand from the industrial sector due to attractive physical properties to boost the waterborne coatings market
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Waterborne Coatings Market – Key Players
Some of the key players operating in the waterborne coatings market are BASF SE, Asian Paints, Altana AG, Sherwin-Williams, Akzo Nobel N.V., Axalta Coating Systems Ltd., PPG Industries.
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