According to a new market research report the “Waterborne Coatings Market by Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC), Application (Architectural and Industrial), Region (APAC, North America, Europe, MEA, South America) – Global Forecast to 2026“, The global waterborne coatings market size was USD 77.9 billion in 2020 and is projected to grow at a CAGR of 3.5% during the forecast period to reach USD 117.7 billion by 2026.Waterborne coatings use water as a solvent, which makes them environmentally friendly and easy to apply. In most cases, this technology uses 80% water with small quantities of other solvents, for instance, glycol ethers. This technology is widely adopted for architectural, automotive, protective, wood, furniture, packaging, and rail coatings end-uses. The binders used for waterborne coatings are acrylics, polyurethane resins, epoxy, alkyd resins, and others.
This report also provides a comprehensive analysis of the companies listed below:
- BASF SE (Germany), AkzoNobel N.V. (Netherlands), PPG Industries Inc. (US), RPM International Inc. (US), The Sherwin-Williams Company (US), Asian Paints Limited (India), Axalta Coating Systems LLC (US), Nippon Paint Holdings Co. Ltd. (Japan), Kansai Paint Co. Ltd. (Japan), Jotun Group (Norway)
COVID-19 Impact on the Global Waterborne Coatings Market
According to our primary respondents, the impact of COVID-19 is expected to remain for the short term; the impact of the pandemic is expected to prevail at worst until the first quarter of 2022. Growth of the market is majorly attributed to companies rearranging their operations and recovering from the impact of COVID-19 which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities which resulted in operational challenges.
The Sherwin-Williams Company (US) was the leading company within the global waterborne coatings market in 2021. It has a diversified coatings company and a leading supplier of advanced technology liquid and powder coatings for the global OEM market through 15 manufacturing and 79 facility locations across the US, Canada, Mexico, and China. The company has a wide product portfolio which includes brands such as Sherwin-Williams, HGTV HOME by Dutch Boy, Krylon, Minwax, and Thompsons Water Seal. Sherwin-Williams has a strong customer base and operates in various countries in Europe, North America, Asia- Pacific, and other regions. The company has increased growth year-on-year by innovating upon their existing products. The products timeline indicates that it has been continuously adding new developed products to the existing product range. As a part of its growth strategy and to meet the rising demand for waterborne coatings in the architectural, energy, and construction sectors, the company entered into joint ventures with other manufacturers. In October 2020, Sherwin-Williams launched Pro Industrial Pre-catalyzed Water-based Urethane, a single-component product but with comparable performance attributes of a two-part coating, helps professionals meet esthetics and performance needs of light industrial or commercial environments.
