Global Market Insights, Inc. adds a new Waterborne Coatings Market Research Report for forecast period that shows the growth of the market is rising at a steady CAGR by 2024. Waterborne Coatings Market size should exceed USD 95 billion by 2024. Shifting trends towards environment friendly products to reduce harmful effects on surroundings should favor waterborne coatings market size. These coatings are categorized as eco-friendly products containing, low VOC & HAP content which pose potentially less risk to human as well as living environment thereby promoting product demand.
Architectural applications may witness gains at above 5.5% during forecast timeframe. Increase in living standards has led to rise in renovation, interior decoration and remodeling activities in both residential and commercial construction which should drive waterborne coatings market size. Government initiatives and financial assistance in restoration activities and public infrastructure development mainly in India and China should contribute towards industry growth.
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Axalta’s recent introduction of waterborne coatings in its Tufcote™ portfolio is remnant of the fact that waterborne coatings market is set to buzz with an influx of development activities. The firm has apparently expanded its industrial Tufcote product range with the launch of two waterborne acrylic products, namely Tufcote Hydro LV HG and Tufcote Hydro 2.1 HG.
Through this launch, Axalta, one of the leading suppliers of sustainable and innovative solutions, is plausibly aiming to address the growing consumer demand for economical industrial products, taking a step further in strengthening its position in global waterborne coatings market. Contemplating the extensive sustainability trends across automotive, architectural, and the like industrial sectors, it goes without saying that the waterborne coatings product demand would be massive over the coming years, pertaining to its non-toxicity, low VOC content, eco-friendliness, and exceptional adhesive properties.
For the record, The VOC levels for Tufcote Hydro 2.1 HG and Tufcote Hydro LV HG are 2.1 lbs/gal and 0.8 lbs/gal respectively. The product range is claimed to grab a mass popularity across myriad end-use domains of waterborne coatings industry, Sustainability quotient seems to be the latest differentiating factor driving the global coatings space, the fundamental aspect that can be credited to waterborne coatings market’s extensive proliferation over the past few years. Market players are readily inclining toward diversifying their product portfolio to come up with solutions that are not only of improved functionality but also ensure environmental viability.
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The technological proliferation in waterborne coatings market has transformed architectural sector in more ways than one. Waterborne coatings, over the past few years, has become the standard technology for interior wall coatings, pertaining to its reduced VOC content. Perhaps marred by the fact that interior wall coating procures the largest chunk of the overall architectural coatings space, waterborne coatings market penetration in this particular business sphere is quite extensive.
As per estimates, overall waterborne coatings industry share from architectural applications would record a massive valuation of over USD 85 billion by 2024, with a projected CAGR of 5.5% over 2017-2024. In tandem, stringent mandatory rollouts enforced by governmental entities such as EPA and European Union with regards to reduced VOC content in building infrastructure have apparently led to an increasing adoption of green technologies in architectural sector, in turn contributing to the overall waterborne coatings industry share.
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Automotive sector is claimed to be a major growth source for waterborne coatings market- courtesy the exponentially increasing product demand for protecting the vehicles from UV rays, discoloration, harsh weather conditions, acid rain and the like. In this regard, a key waterborne technology that has been reigning the automotive space over the years is electrocoat, deployed universally as the first level of corrosion protection on light commercial vehicles.
Statistics depict that renowned automakers have been slowly inclining toward waterborne coatings for color basecoats and other applications, barring Ford that still banks on solvent-borne coatings. However, experts claim, waterborne coatings market share from automotive OEM would witness a sluggish growth rate, pertaining to the fact that new automotive production lines are commissioned. Nonetheless, the growth prospects for waterborne coatings market in Europe and U.S. is forecast to be positively high, primarily backed by the emission control standardization set forth by the regional automotive emission control agencies.
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