Global Paints & Coatings Market: Waterborne Technology’s Lucrative Foothold

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Global Paints Coatings Market Waterborne
Technologys Lucrative Foothold
Paints coatings comprise a mixture of
components, such as a carrier (water, solvent, or
both), a film-forming element in the coating,
such as polyurethanes, alkyds, and oils, as well
as pigments or dyes that add color. Although
their primary purpose is protecting the surface
to which they are applied, paints coatings
also add aesthetic value to interiors and
exteriors. According to Inkwood Research, the
global paints coatings market is set to record
a CAGR of 4.97 during the forecast period of
2023 to 2032, capturing a revenue share of
241.624 billion by 2032.
Waterborne Paints Coatings Whats the
Appeal? While some wooden houses, bridges, signs,
and stores were painted as early as the 18th
century, it wasnt until recently that mass
manufacturing rendered a broad variety of paints
universally indispensable. Today, paints
coatings are utilized in interior and exterior
house painting, planes, appliances, boats,
automobiles, furniture, and other surfaces where
aesthetics and protection are essential. In this
regard, waterborne coatings constitute a major
percentage as solvents, binders, pigments, and
performance additives, based on the applications
requirements. Also, waterborne is the dominant
type of paints coatings technology utilized
globally and is expected to capture the highest
share of 43.23 by 2032. (Source Inkwood
Research)
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• The market share of waterborne paints coatings
  has grown rapidly over the years, given their
  favorable properties such as increased
  availability, fast-drying nature, and lower VOC
  levels.
• Moreover, they entail a wide variety of resin
  types, like acrylic, urethane, polyester, alkyd,
  fluoropolymer, epoxy, and waterborne powders. As
  per Inkwood Research, the acrylic segment, under
  the resin type category, is expected to grow with
  the fastest CAGR of 5.11 by 2032, capturing the
  highest revenue share of 31.35 in 2022.
• Waterborne Technology Market Observations
• Waterborne coatings in the architectural
  (interior/exterior) segment expected CAGR by
  2023 5.29 are projected to show healthy growth
  in the next five years. The growth is mainly
  driven by the following
• Significant investments in infrastructure
  developments
• Rise in housing projects
• Renovation of existing residential and commercial
  buildings
• The increasingly eco-friendly nature of
  waterborne coatings, along with their versatile
  properties, are boosting their demand across
  developing economies, primarily in the Asia-
  Pacific.
• Accordingly, Asia-Pacific is set to lead and
  dominate the global paints coatings market
  over the forecast period, capturing a revenue
  share of 49.38 by 2022 and a CAGR of 5.85 by
  2032.
• Waterborne coatings are commonly required in
  automotive paints. Aligning with this, there has
  been a steady shift toward waterborne acrylics,
  particularly in automotive basecoats, owing to
  environmental challenges.
• This factor, in turn, plays a vital role in
  positioning automotive (OEM) as one of the
  fastest-growing applications, with a CAGR of
  5.15 by 2032.
• Painting a Strategic Landscape with Waterborne
  Technology
• The growing focus on environmental
  sustainability, in addition to stringent
  government regulations to minimize the use of
  harmful substances, is anticipated to promote the
  demand for water-based paints during the
  forecast period. This has also encouraged
  companies to increase their investments and
  advance their strategic ventures in waterborne
  paints, predominantly given the advantages and
  subsequent profits they yield.
• For example
• In January 2022, PPG Industries (United States)
  announced that it would invest over 10 million
  to expand the production capacity of automotive
  original equipment manufacturer (OEM) coatings
  at its site in Weingarten, Germany. The expansion
  was completed in Q2 2022, in addition to its
  existing facility with a capacity to produce more
  than 5,000 metric tons of waterborne basecoats
  annually.
• In October 2022, The Sherwin-Williams Company
  (United States) announced an agreement to
  acquire an Italian designer, distributor, and
  manufacturer of industrial wood coatings,
  Industria Chimica Adriatica SpA (ICA). The
  latters focus on innovative waterborne as well
  as solvent liquid coatings technology, including
  an expanding portfolio of BIO water-based
  coatings, is set to provide the company with
  numerous opportunities to accelerate profitable
  growth, globally.

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• LANXESS (Germany), a Specialty chemicals company,
  established a new manufacturing line for the
  production of water-based compounds in Nantong,
  China, in 2021. Typical application areas for
  these products entail flat materials for
  automotive interiors, i.e., instrument panels,
  as well as door and sear panels.
• Michael Timm (Head of Marketing Development
  Cast Elastomers at URE) states, As the
  automotive industry will continue to switch from
  solvent-based to environment-friendly
  water-based coatings, we see strong potential
  with attractive growth rates. (Source)
• In May 2020, Foseco (India) developed a new
  fast-drying waterborne coating, SEMCO FD. It
  enables foundries to utilize coatings with
  significantly higher solids content, thus
  offering greater protection against casting
  defects. Subsequently, SEMCO FD yields advantages
  such as an accelerated drying process, a
  tremendous improvement in the quality of the
  working environment, lower energy consumption,
  and improved foundry profitability.
• BASF (Germany) and Nippon Paint China, a leading
  coatings manufacturer, collaboratively launched
  an eco-friendly industrial packaging in August
  2022. With Joncryl High- Performance Barrier,
  the water-based acrylic dispersion by BASF as the
  barrier material, the novel packaging material
  is commercialized for constructing Nippon Paints
  dry mortar products.
• Arkema (France), a global chemical company,
  acquired Polimeros Especiales, a Mexico- based
  producer of waterborne acrylic resins, in
  September 2022. Polimeros Especiales
  manufactures high-performance waterborne resins
  for diverse markets, such as construction,
  architectural and decorative paints,
  pressure-sensitive adhesives, and textiles. The
  move is set to strengthen the companys position
  in Mexico, a fast-growing region, as well as its
  key offering in solvent-free solutions.
• Over the years, the driving force for the
  development of waterborne technology has been
  environmental, with water-based paints coatings
  offering a holistic approach to sustainability.
  They also provide high color retention over time,
  in addition to generating limited odors.
• Consequently, these characteristics increase the
  demand for waterborne solutions across myriad
  applications, thus contributing to the growth of
  the global paints coatings market during the
  forecast period.
• Frequently Asked Questions (FAQs)
• What is UV-curable technology for waterborne
  coatings?
• A UV-curable technology for waterborne coatings
  is a surface treatment that is either cured by
  UV radiation or shields the underlying material
  from the radiations adverse effects. The
  technology has also received significant traction
  in industrial research.
• What are some of the challenges faced by the
  global paints coatings market?
• A Uncertainties associated with raw material
  prices, geopolitical tensions, and regulatory
  issues are among the key challenges faced by the
  global paints coatings market.

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