The global waterborne coatings market is projected to reach USD 82.9 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to expand at CAGR of 5.7% over the forecast period.
The prices of raw materials used in manufacturing waterborne coatings are expected to have a significant impact on the production cost of the final product. The demand for these raw materials from other application industries is expected to impact their availability for manufacturing waterborne coatings.
Increasing construction spending and requirement for improved infrastructure, particularly in Asia Pacific, is expected to drive waterborne coatings market over the forecast period. The share of construction spending is expected to shift from developed regions of North America and Europe to developing regions of Asia Pacific.
Increase in production capacities and launch of new automobile models is expected to remain a key driving factor for waterborne coatings market in automobile applications. Growing automotive industry in emerging markets of Asia Pacific, Central & South America, and the Middle East & Africa is expected to be another major factor driving waterborne coatings market.
Automotive OEM application segment is expected to grow at the highest rate over the forecast period. Increasing middle-class income level coupled with rising living standard in emerging economies of Asia Pacific and Central & South America is projected to fuel the automotive sales. Low-cost of production of waterborne coatings coupled with longer shelf life is expected to drive the demand for these coatings in this application segment.
Stringent government regulations to lower VOC content in paints & coatings is expected to drive the demand for waterborne coatings in the North American market. Countries in this region such as U.S., Canada and Mexico are witnessing an increase in government stimulus packages after the global economic recession that hit the region. Factors such as rising employment rates and improvement in consumer confidence are expected to drive North America waterborne coatings demand over the forecast period.
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Further key findings from the report suggest:
- In terms of volume, the global revenue for architectural application is anticipated to reach USD 21.70 billion by 2025, growing at a CAGR of 4.4% from 2018 to 2025
- Acrylic resin dominated the market in terms of revenue, with a market share of over 83.07% in 2017 and is expected to continue its dominance over the forecast period.
- Some of the key companies present in the market include AkzoNobel N.V., BASF SE, Axalta Coating Systems LLC, Berger Paints India Ltd.; Kansai Paint Co., Ltd; Nippon Paint Holdings Company Ltd; and PPG Industries, Inc. among various others players.
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com