Water–based coatings are used to paint and coat buildings, furniture, automobile parts, and architecture. They are finding increasing importance in the industry as they are replacing solvent-based coatings. The product are known to be safe for use as solvent-based coatings are highly volatile and are considered harmful for the respiratory system. This makes it favorable among end-users, and people are gradually shifting to water-based coatings.
The global water-based coatings market has been growing steadily in the last few years. The overall market stood at US$ 51.74 bn by the end of 2017 and it is expected to witness a poised growth at 6.4% CAGR. By the end of 2024, the market is projected to hold a total value of US$ 80.36 bn. Rising infrastructure projects in both developing and developed nations, innovation in automobiles, fascination for architecture among young people are some factors driving demand for the product. Further, industrial growth and urbanization are also considered to support usage of water-based coatings in the future.
The global water-based coating markets is segmented based on end-user, resin type, and geography. When it comes to end-user, buildings and construction is expected to hold the highest share in the forecast period. The segment alone is projected to hold 59.5% of the total share of the global water-based coatings market. With rapid development in countries like India and China, the number of infrastructure projects are rising every year. This is believed to augment demand for water-based coatings in the coming years. Further, developed countries are also investing on refurbishing ancient monuments and places of public importance. These factors could increase potential for growth in the water-based coating market.
When it comes to resin type, the acrylic segment is expected to hold the highest share in the global water-based coatings market. The segment is projected to hold a total revenue of US$ 24.3 bn by the end of 2024. The rising fascination for architecture, and its increasing usage in commercial and residential buildings is promoting growth in the global water-based coatings market.