Water-borne Protective Coatings Market Analysis:
Water-borne protective coatings are coatings that are based on water-soluble resins such as acrylic, epoxy, and alkyd. These coatings are used to protect various surfaces, such as concrete, metal, and wood, from corrosion, weathering, and abrasion. Water-borne protective coatings are increasingly being used in the construction, automotive, and marine industries due to their environmentally friendly nature, low VOC content, and easy application.
The global water-borne protective coatings market size was valued at USD 5.5 billion in 2020 and is projected to reach US$ 7.9 billion by 2028, growing at a CAGR of 4.6% during the forecast period (2021-2028). The growth of the market is attributed to the increasing demand for eco-friendly coatings and the rising need for corrosion protection in various end-use industries.
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Based on resin type, the acrylic segment dominated the market in 2020 and is expected to continue its dominance during the forecast period. Acrylic resins offer excellent weathering resistance and are used in a wide range of applications, including automotive, construction, and marine industries. The epoxy resin segment is expected to grow at a significant rate due to its excellent adhesion and chemical resistance.
Based on end-use industry, the construction segment dominated the market in 2020 and is expected to continue its dominance during the forecast period. The growth of the construction industry, particularly in emerging economies such as China, India, and Brazil, is driving the demand for water-borne protective coatings. The automotive segment is expected to grow at a significant rate due to the increasing use of water-borne coatings in the production of cars and other vehicles.
Geographically, Asia Pacific dominated the market in 2020 and is expected to continue its dominance during the forecast period. The growth of the construction and automotive industries, coupled with increasing infrastructure development activities in emerging economies such as China, India, and Southeast Asia, is driving the demand for water-borne protective coatings in the region.
Key players operating in the market include Akzo Nobel N.V., PPG Industries Inc., The Sherwin-Williams Company, Axalta Coating Systems Ltd., Kansai Paint Co. Ltd., The Valspar Corporation, BASF SE, Hempel A/S, RPM International Inc., and Nippon Paint Holdings Co. Ltd. These companies are focusing on new product development, mergers and acquisitions, and partnerships to strengthen their position in the market.
In conclusion, the global water-borne protective coatings market is expected to grow significantly during the forecast period due to the increasing demand for eco-friendly coatings and the rising need for corrosion protection in various end-use industries. The acrylic resin segment and the construction industry are expected to continue to dominate the market, while Asia Pacific is expected to be the largest market for water-borne protective coatings.
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