The waterborne coatings market is projected to reach USD 124.3 billion by 2027 and USD 140.7 billion by 2030, at a CAGR of 3.8% between 2022-2027 and 4.2% between 2028-2030. Asia Pacific accounts for a major share of the overall waterborne coatings market due to the increasing infrastructural development, technological advancement related to waterborne coatings, and rising consumer awareness regarding the benefits of using waterborne coatings.
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Based on resin type, The acrylic segment is projected to be the largest resin type during the forecast period. Waterborne acrylic coatings withstand extreme weather and oxidation better than oil-based paints and alkyds. These coatings also provide a polymer structure that has lower tendencies to absorb ultraviolet light which helps in retaining gloss and color for longer time periods.
Based on application, architectural coatings are estimated to account for the largest share of the market during the forecast period. Waterborne coatings are majorly used in the architectural applications in European and North American countries due to stringent regulations in these regions in comparison to APAC and other smaller regions. Waterborne coatings are extensively used in architectural applications, as it is a low-cost material that provides water resistance, good stain protection, and good water resistance. The number of initiatives is supporting the growth of the market, globally.
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Players, including Sherwin-Williams (US) and PPG Industries Inc. (US), have adopted several growth strategies between 2018 and 2022 (July) to expand their global presence and increase their market shares. New product launches/developments, mergers & acquisitions, investments & expansions, partnerships & agreements, and joint ventures & collaborations were the strategies adopted by these players to achieve growth in the waterborne coatings market.
PPG Industries is a global manufacturer and supplier of paints, coatings, optical products, and specialty materials. It caters to consumers in the industrial, consumer goods, transportation, and construction industries. PPG offers industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pretreatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food & beverage container manufacturers. For a variety of industries, the company also offers protective coating solutions. Industrial coating and performance coating are the two primary operating segments. Through its performance coating segment, the company provides waterborne coatings. It operates over 156 manufacturing facilities around the world.
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Sherwin-Williams Company is one of the world’s leading manufacturers, developers, distributors, and retailers of paints, coatings, and related products to professional, industrial, commercial, and retail customers. The American group, Performance Coatings Group, and Consumer Brands Group are its three primary operating segments. The performance coatings Group segment of the company provides waterborne coatings. Bridge and highway, flooring, food, steel fabrication, marine, oil and gas, power, and rail are among the market served by the company. It operates in over 120 countries, focusing on Europe, North America, and Asia Pacific.
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