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The waterborne coatings market share is expected to increase by USD 14.50 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4.04%.
This waterborne coatings market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the waterborne coatings market segmentation by product (water-soluble paints, emulsion latex coatings, and water-based alkyd coatings), end-user (architecture, general, automotive, wood, and others), and geography (APAC, Europe, North America, MEA, and South America). The waterborne coatings market report also offers information on several market vendors, including Akzo Nobel NV, Axalta Coating Systems Ltd., BASF SE, Covestro AG, Henkel AG, and Co. KGaA, Kansai Paint Co. Ltd., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., Sika AG, and The Sherwin-Williams Co. among others.
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Based on our research output, there has been a neutral impact on the market growth during and after post-COVID-19 era. The advantages offered by waterborne coatings are notably driving the waterborne coatings market growth, although factors such as volatile raw material prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the waterborne coatings industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Waterborne Coatings Market Driver
The advantages offered by waterborne coatings are one of the key factors driving the growth of the global waterborne coatings market. Waterborne coatings are extensively used in automobiles, buildings and construction, marine applications, oil and gas, metallurgy and metal forming, aerospace, mining, and medical and healthcare. These coatings function as primers because of their excellent resistance to heat and abrasion, along with providing superior adhesion. Waterborne coatings are less toxic and flammable because of their low VOC levels and hazardous air pollutants (HAP) emissions. Unlike solvent-borne coatings that have severe environmental impacts, waterborne coatings release fewer organic compounds. Waterborne coatings are cost-effective and do not require additives, thinners, or hardeners. Low quantities of waterborne coatings are required for covering surfaces. As a result, the demand for waterborne coatings is increasing substantially. The above factors will increase the market growth during the forecast period.
Key Waterborne Coatings Market Trend
Expansions of vendors will fuel the global waterborne coatings market growth. Major vendors are increasingly focusing on expanding their production of waterborne coatings by either expanding their production capacity of existing plants or opening new plants. For instance, in April 2020, Axalta announced the expansion of its production capacity of advanced waterborne coating solutions in China by 2021. Similarly, in December 2019, BASF announced its plans to double its production capacity of automotive refinish coatings at the Jiangmen site, China. The expansion is expected to be completed by 2022. Moreover, in April 2018, Axalta announced the opening of a new coating facility in India. However, such vendor expansions can increase the production and sales of waterborne coatings, thereby accelerating the growth momentum of the market during the forecast period.
Key Waterborne Coatings Market Challenge
Costs associated with waterborne coatings are major challenges for the global waterborne coatings market growth. As solvent-borne coatings contribute to VOC emissions, manufacturers of coatings prefer waterborne coatings to solvent-borne coatings. Waterborne coatings comply with environmental regulations and are extensively used worldwide. Although these coatings reduce costs associated with conformance to environmental regulations, they increase other costs for manufacturers. Switching costs can be a challenge for manufacturers operating in the global waterborne coatings market. Shifting from solvent-based coatings to waterborne coatings requires various modifications to the existing equipment and operating procedures, along with high capital investments and operating costs. These costs contribute to a major share of the overall switching cost. Waterborne coatings increase the drying time and have a direct impact on conveying systems, ovens, throughput, and energy costs. Electrostatic spray systems must be isolated from the ground because waterborne coatings are highly conductive. Recirculation systems are replaced by stainless steel pumps and pipes to avoid corrosion. All the changes increase the switching cost for manufacturers, which can impede the growth of the global waterborne coatings market during the forecast period.
This waterborne coatings market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global waterborne coatings market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the waterborne coatings market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the waterborne coatings market encompasses successful business strategies deployed by the key vendors. The waterborne coatings market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The waterborne coatings market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the waterborne coatings market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global specialty chemicals market includes the following core components:
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by End-user
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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