In a recent published report, Kenneth Research has updated the market report for Waterborne Coatings Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Waterborne Coatings Market products.
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According to the statistics by the Food and Agricultural Organization (FAO) of the United Nations, the total amount of pesticides used around the world grew from 3,089,827 tonnes in 2000 to 4,122,334 tonnes in 2018. Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Waterborne coatings are advanced solutions of the coating products with lesser environmental impact. These products use water as the solvent medium and have lower harmful emissions as compared to the solvent borne ones. The global water borne coatings are primarily driven by the growth of end-use applications such as construction, general industries, and automotive.
Rising construction activities coupled with the maintenance of the existing structures has tremendously driven the demand for these products. Protection of the surface and decoration are two main functions of these products that are of considerable economic importance. As water borne these products is the result of technological development in the paints & coatings industry and is an environmentally-friendly options, it is rapidly becoming preferred option by many consumers around the globe.
The industry has also witnessed significant advancements in terms of the resin materials for the coatings formulation. Polyurethane based waterborne coatings are the result of such developments and are used widely on account of lower volatile organic compound (VOC) emissions. Moreover, real-time polymer monitoring systems have optimized the production of many such polymers, which are widely used in the manufacturing of the coatings.
Further trends in the materials for these products include UV-cure coating formulations and “intelligent binders” in protective water borne coatings. These are new, viable, and attractive options for applications in polymer coaters, OEMs, contract coaters, extruders, thermoformers, and formed polymers.
The growth of industry is also a result of the favorable regulatory framework, however, the scenario became increasingly complex and expensive for the coating suppliers when the trend started. Numerous regulatory agencies such as REACH and ECHA have prescribed standards for reduction of harmful emissions in the environment from solvent borne coatings. This trend resulted in the growth of eco-friendly coating segments such as water borne and powder.
The market has wide scope in almost all the regions of the world with Asia Pacific as the fastest growing regional player. China, India, Japan, and South Korea are significant contributors for this regional growth. North America and Europe are the mature waterborne coating markets with an average growth rate slower than Asia Pacific in the near future.
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The global industry constitutes of large number of domestic and international players. Some of the key market players include PPG Industries, Inc, BASF SE, Axalta Coatings, DowDuPont, Sherwin-Williams Company, and AkzoNobel NV. Other notable manufacturers include RPM International, Kansai Paint Company Ltd., The Valspar Corporation, and Jotun Group
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