The global water-based coatings market is led by
key companies such as PPG industries, Akzo Nobel, and Sherwin
Williams, which accounted for 55% of the market in 2015, states
Transparency Market Research (TMR) in its latest study. The report
further adds that mergers and acquisitions will be a key strategy for
most players. So as to gain competitive edge among other players,
leading players will enhance their services such as customer
relationships and support services. Vendors in the market are also
offering customized colors to their clients and attracting them.
As per TMR, the global opportunity in the
water-based coatings market will be worth US$80.3 bn by 2024. On the
basis of end use industries, the construction industry segment is
leading and is anticipated to continue to retain its position for the
rest of the forecast period. By geography, the market will witness
high growth in Asia Pacific with China leading in the water-based
coatings market.
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The markets for Latin America and the Middle East
and Africa will also witness a staggering growth. The growth in
commercial sectors such as healthcare, tourism, and hospitality in
the GCC countries will fuel the growth of the market. North America
and Europe are estimated to witness moderate growth.
Acrylic Coatings to Register High Demand
By resins, the acrylic coatings are registering a
higher demand as compared to others. Acrylic coatings are highly used
in architectural coatings and their market is estimated to be worth
US$24.3 bn by 2024. “The demand for formaldehyde coatings is likely
to decline on account of its high VOC content, leading to concerns
for human health,” said a TMR analyst. On the other hand, the
demand for polyurethane coatings will witness a healthy growth owing
to their use in furniture coloring.
Demand for Eco-friendly Coatings to Boost
Market for Water-based Coatings
The global water-based coatings market is driven
by the advancements in infrastructure development. The market is also
receiving an impetus from the strengthening of the economies, leading
to a rise in the expenditure on infrastructure development. There is
an increasing number of construction projects in the pipeline and
this will continue to create a heightened demand for water-based
coatings market. The growing awareness regarding the benefits of
eco-friendly coatings will boost the adoption of water-based coatings
across the globe.
On the other hand, the fluctuation in the pricing
of raw materials will hamper the growth of the market. The market
will also be obstructed by the susceptibility of water-based coatings
to environmental conditions. However, the implementation of stringent
environmental rules and regulations regarding VOC content will work
in favor of water-based coatings and boost their
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The study presented here is based on a report by
Transparency Market Research (TMR) titled “Waterbased Coatings
Market (Resin - Acrylic (Styrene Acrylic), Formaldehyde,
Polyurethane, Alkyds, Epoxy, and Fluoropolymers; End User - Building
and Construction, Automotive (Automotive OEM and Automotive
Refinish), Furniture, Electronics, Marine, and Aerospace, Paper and
Printing) - Global Industry Analysis, Size, Share, Growth, Trends,
and Forecast 2016 - 2024.”
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