Waterborne Coatings Market-Growth Market Reports The global waterborne coatings market was valued at around USD 77.5 billion in 2020 and is projected to reach around USD 111.07 billion by 2028, expanding at a CAGR of 4.6% during the forecast period, 20212028. The growth of the market is attributed to the rise in applications of waterborne coatings in the industry and residential sectors.
Waterborne coatings are used as surface coatings. The composition of the coatings may vary from each other. These types of coatings are made by mixing pigments and binders with water. Unlike paints, the waterborne coatings contain a minimum number of solvents. Generally, after the preservation of these coatings, they do not redissolve in water. The waterborne coatings market holds a key share in the coatings industry. The low environmental impact and the recovering economic conditions during the global pandemic have enabled the waterborne coatings market to gain a significant market share.
Market Trends, Drivers, Restraints, and Opportunities:
Raw materials used in the manufacture of waterborne coatings mainly consist of pigments, additives, surfactants, and resins. The raw materials are used to manufacture different types of waterborne coatings, which are then used for varied applications such as industrial wood, marine, automotive, metal packing, and architectural. Standards such as Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) by European Union (EU) and those by the US Environment Protection Agency (EPA) regularizes the waterborne coatings market. Stringent environmental standards and good economic conditions have contributed to the growth of this industry. Along with this, factors such as the surge in demand for automotive, infrastructure, and architecture have significantly fueled the growth of the market. Properties of waterborne coatings such as heat resistance, low flammability, and abrasion have attracted a large customer base. Waterborne coatings help in the reduction of air emissions. They do not require thinners or hardeners to be mixed with them. Moreover, the pot life of waterborne coatings is high, hence they can be stored in any sealed container for further use. These factors propel the market.