The global waterborne and solvent borne coatings market size is expected to gain momentum backed by the growing demand for acrylic coatings across several industrial applications such as automotive and construction, and the stringent government regulations to adopt eco-friendly coatings across the globe. This information is published by Fortune Business Insights
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Waterborne and solvent borne coatings are primarily surface coatings that are adopted on the surface to prevent corrosion. Waterborne coatings utilize water as a solvent to dissolve the resin materials, whereas solvent borne is applied to the material surface in liquid form that acts as a protective layer. These coatings are widely used for industrial applications owing to them being eco-friendly and easy to apply.
What does the Report Include?
The global market for waterborne and solvent borne coatings report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Growing Demand for Acrylic Coatings to Promote Growth
The rising automotive, construction, and paints & coatings sector is driving the demand for advanced acrylic coatings across the globe. These coatings possess excellent properties such as corrosion resistant, optimum moisture protection, and long shelf life. Owing to their beneficial properties, they are widely used across several industrial applications that are likely to surge the demand for advanced waterborne and solvent borne coatings. Additionally, stringent government regulations to reduce the solvent emission are expected to contribute to the global waterborne and solvent borne coatings market growth during the forecast period.
REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant; Increasing Demand for Waterborne Coatings to Aid Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the global waterborne and solvent borne coatings market in the forthcoming years. This is attributable to the increasing demand for eco-friendly waterborne coatings for decorative and architectural purposes in the region.
The market in Europe is expected to experience considerable growth backed by the rising automotive sector that is likely to boost the consumption of waterborne and solvent borne coatings to prevent corrosion and abrasion on automotive components between 2020 and 2027.
COMPETITIVE LANDSCAPE
Contract Signing by Key Players to Expand Their Product Portfolio & Boost Sales Revenue
The global waterborne and solvent borne coatings market is consolidated by the presence of major companies that are striving to gain a major chunk of share by signing lucrative contracts to expand their waterborne and solvent borne coatings product portfolio. Additionally, other key players are developing innovative coatings to cater to the growing demand from industrial applications that will contribute to the growth of the global market for waterborne and solvent borne coatings.
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Industry Development:
- June 2019 – Jotun signs a MOU with Korean Hyundai Heavy Industries that enables KHHI to use Jotun’s new marine paint. Additionally, the partnership aims at reducing solvent emissions to meet the stringent government environmental regulations.
List of Companies Operating in the Global Market for Waterborne & Solvent borne Coatings:
- BASF SE
- AkzoNobel N.V.
- PPG Industries Inc.
- RPM International Inc.
- The Sherwin-Williams Company
- Asian Paints Limited
- Axalta Coating Systems LLC
- Nippon Paint Holdings Co. Ltd.
- Kansai Paint Co. Ltd.
- Jotun Group
- Tikkurila OYJ
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