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The Waterborne Coatings Market size is projected to grow at a CAGR of 5.9% during the forecast period 2022-2027 and reach US$112.8 billion by 2027. The booming sectors such as building & construction and automotive industries are the primary factor fueling the demand for environmentally friendly acrylic, polyester and other Waterborne Coatings since these coatings contain fewer solvents. This, in turn, is accelerating the waterborne coatings market growth. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the worldwide automotive production was 77,711,725 units and in 2021, it was 80,154,988 units, an increase of approximately 3% over 2020.
Waterborne Coatings Market: Leading Segment is Building & Construction
On the basis of the end-use industry, the Waterborne Coatings market can be segmented into aerospace, building & construction, automotive and others. The building & construction industry is evaluated to be the leading segment in the waterborne coatings market in 2021. During the forecast period 2022-2027, the building & construction segment is expected to grow with a CAGR of 6.3%. Water-based coatings are used in interior and exterior architectural elements such as ceilings, wood flooring, exterior walls and more. The governmental initiatives for affordable housing, increasing demand for commercial office space and other factors are vital for the growth of the building and construction activities. For instance, in Q3 of 2021, the development of Markisches Zentrum Redevelopment started in Germany, with a completion year of Q4 2023. Thus, the growth of the building & construction activities is driving the demand for waterborne coatings, which, in turn, is propelling the market growth.
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Waterborne Coatings Market: Leading Region is the Asia-Pacific
On the basis of geography, the Waterborne Coatings market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 41.6% share of the total revenue earned by the market globally. The boom in the economic expansion of the Asia-Pacific region is augmenting the growth of various industries, including building & construction activities, automotive and more. The constantly increasing retail store building construction, ongoing development of commercial centers and others are the crucial variables driving the growth of the building and construction industry in Asia-Pacific. For instance, according to the International Trade Administration (ITA), South Korea's construction industry was valued at US$164 billion in 2020, up 15.5% from 2019. Therefore, the growth of the building and construction industry is boosting the demand for waterborne coatings, thereby the overall market growth for the Waterborne Coatings market is rising.
The Major Players in this Market Include
The major companies in the Waterborne Coatings market include 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. and Jotun Group.
The key focus of the companies has shifted towards product launches. For instance, in August 2020, Flint Group Paper & Board introduced TerraCode, a new line of water-based inks and coatings for use in paper and board packaging, in response to growing environmental concerns.