July 30, 2015—A study conducted by Grand View Research Inc. expects the global waterborne coatings market to reach $146.11 billion by 2022.
Increased construction and remodeling activities in the emerging economies of Asia Pacific and the Middle East are expected to drive waterborne coatings market growth over the next seven years.
Government regulations to reduce volatile organic compounds (VOC) emissions associated with solvent based coatings are projected to propel market growth. An increase in automobile production in countries such as India, China, Thailand, Indonesia and Mexico has also created a higher demand for waterborne coatings.
Acrylic resins are the most dominant resin in waterborne coatings and accounted for 80 percent of the total market volume in 2014. Polyurethane (PU) is expected to emerge as the fastest growing resin at an estimated CAGR of 7.5 percent from 2015 to 2022. Superior PU properties over other resins are expected to drive the demand over the next seven years.
Further key findings from the study suggest:
- Global waterborne coatings market demand was 20.54 million tons in 2014 and is expected to reach 32.71 million tons by 2022, growing at a CAGR of 6 percent from 2015 to 2022.
- Automotive OEM is anticipated to be the fastest-growing application segment at a CAGR of 8.1 percent from 2015 to 2022.
- Architectural was the largest application segment and accounted for 86.5% of the total market volume in 2014.
- Europe emerged as the largest regional market and accounted for 38.6 percent of global consumption in 2014. Stringent environmental regulations to minimize the use of solvent borne coatings are expected to drive the regional market over the forecast period.
- Asia Pacific is expected to witness the highest growth of 7.9 percent from 2015 to 2022. Increasing infrastructure activities in India, China and Indonesia is expected to drive the regional market. Asia Pacific is expected to surpass Europe to become the leading consumer by 2022.