The waterborne coatings market is expected to grow by USD 18.21 billion during 2020-2024, expanding at a CAGR of almost 5%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Waterborne Coatings Market 2020-2024 (Graphic: Business Wire)
The report offers a detailed analysis of the impact of COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. Request a Free Sample Report on Pandemic Recovery Analysis
Waterborne Coatings Market: Advantages of waterborne coatings to drive growth
Waterborne coatings offer excellent resistance to heat and abrasion and exhibit superior adhesive properties. Also, they are less toxic, have low VOC levels, do not emit hazardous air pollutants, and cost less than solvent-borne coatings. Many such benefits have increased the use of waterborne coatings across industries such as automobile, building and construction, marine, oil and gas, aerospace, mining, and medical and healthcare. All these factors are fueling the growth of the global waterborne coatings market.
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As per Technavio, the stringent regulations on the use of solvent-based coatings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Waterborne Coatings Market: Stringent Regulations on the Use of Solvent-based Coatings
Solvent-borne coatings contain volatile compounds and emit hazardous air pollutants that are harmful to the environment. Hence, government bodies across the globe are imposing stricter regulations to control the use of such coatings. For instance, the Clean Air Act in the US regulates VOC and HAP emissions and specifies performance standards for controlling emissions from various types of coatings, including solvent-based coatings. Similarly, the Clean Water Act has limited the concentration of toxic chemicals to be present in solvent-based coatings and wastewater streams. Such stringent regulations are reducing the demand for solvent-based coatings and increasing the use of waterborne coatings among end-users. This trend is expected to positively impact the growth of the global waterborne market during the forecast period.
"Developments in end-user industries and increasing production of automobiles and related components will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Waterborne Coatings Market: Segmentation Analysis
This market research report segments the waterborne coatings market by Product (Water-soluble paints, Emulsion latex coatings, and Water-based alkyd coatings), Geography (APAC, Europe, North America, MEA, and South America), and End-user (Architecture, Automotive, General, Wood, and Others).
The APAC region led the waterborne coatings market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as rapid industrialization and expansion of the architecture industry in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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