Global Waterborne Acrylic Coating Market Analysis, Size, Share, Development, Growth & Demand Forecast 2019 -2023
Waterborne Acrylic Coating Market Overview:
According to MRFR analysis, global waterborne acrylic coating market was valued at USD 41.67 billion in 2016 and is expected to be valued at USD 61.31 billion by the end of 2023, expanding at a CAGR of 5.77%, owing to increasing consumption of waterborne acrylic coating consumption among the architectural sector.
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The global waterborne acrylic coating market is segmented on the basis of applications, end use and region. On the basis of applications, global waterborne acrylic coating market is segmented into construction material, architectural wood, automotive OEM, automotive aftermarket, metal packing, and protective coatings among others. Construction material as an application is expected register a higher CAGR of 6.0% over other applications during the forecast period. Based on the end use industry, the global waterborne acrylic coatings market is divided into building & construction, automotive, woodworking, packaging, and general industries among others.
Some of the key players operating in the global waterborne acrylic coatings market are The Dow Chemical Company, PPG Industries, BASF SE, DIC Corporation, DSM, Nippon Paints Limited and Axalta Coating Systems among others.
Synopsis of Waterborne Acrylic Coating Market
Waterborne coatings can be simply defined as an environmental friendly coating used for surface treatment of materials that utilizes water as a solvent medium. The resins used for this type of coatings are readily water soluble resins such as styrene butadiene copolymers, acrylics, and alkyds among others. The market research report waterborne acrylic coatings covers the overall consumption of waterborne coatings based on water soluble acrylic resins. Water being a major constituent of this type of coatings, it releases low VOCs (Volatile Organic Compounds) over other solvent borne coatings, hence, minimising the impact on environment. Apart from the environmental advantages, waterborne acrylic coatings offer good resistance to heat and abrasion, low flammability, excellent adhesion, and requires less amount of coating to cover a particular surface area as compared to the solvent borne coatings. Waterborne acrylic coatings are widely used across an array of industries namely building & construction, automotive, woodworking, and packaging among others Building & construction as an end use industry is the largest consumer of waterborne acrylic coating owing to its exclusive properties which makes waterborne acrylic coatings as the standard choice of coatings for various applications within the building & construction industry.
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Based on geography, the global waterborne acrylic coating market is divided into five regions namely— North America, Europe, Asia-pacific, Latin America and Middle East & Africa. Among the aforementioned regions, Asia-Pacific market acquired more than half of the market share in terms of value and volume.
Asia-Pacific market for waterborne acrylic coatings is divided into China, Japan, and India among other Asian and Oceania countries. Comparatively, China dominated the market for waterborne acrylic coatings over other countries in the region accounting for more than half of the consumption of waterborne acrylic coatings in the Asia-Pacific market.
Some of the substantial factors attributed to the market growth in China are the increasing consumption of waterborne acrylic coatings across an array of end use industries. On the plus side, the fragmentation of waterborne acrylic coatings market with small Chinese players operating in the market is attributed to substantial value addition in the waterborne acrylic coatings market in the country. India is trailing behind China in terms of consumption owing to the immense urbanization and infrastructural developments in the country.
Overall, the Asia Pacific region witnessed substantial industrial growth in the recent past with prominent manufactures expanding their base to the region with new production facilities, R&D facilities and distributorships etc., which in turn resulted in immense construction and infrastructural developments in the region. Collectively, these factors are some of the prominent factors propelling the demand for waterborne acrylic coatings in the region. A similar trend as Asia Pacific’s is observed across other emerging markets such as Latin America and Middle East & Africa. For instance, increasing building & construction activities in various sectors such as residential, institutional and industrial in the region which is expected to be completed in the coming 8-10 years and the paradigm shift from oil centric business to other manufacturing and service sectors in the region is anticipated to boost the demand for waterborne acrylic coatings in the region.
Regional dominance for production and consumption of waterborne acrylic coatings ranks the North America market as the second largest market for waterborne acrylic coatings. Though the overall coatings market is growing at a slower rate in North America, the demand for eco-friendly coatings market still holds growth opportunities with the increasing norms and need for sustainable coatings in the region, owing to which the waterborne acrylic coatings market is gaining traction in the North America market. In addition, the housing market and automotive industry in the region is regaining its pace with declined crude oil prices and economic recovery from the past recession. Thus, these factors are pushing the demand for waterborne acrylic coatings in the North America market. Similarly, Europe market is driven by the increasing environmental legislations associated with the VOCs and regained stability of construction industry in the region. Europe accounted for 23.7% of the global market value share in 2016.
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