Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global waterborne acrylic coatings Market was valued at USD 41.7 billion in 2016 and is expected to grow at 5.77% CAGR to reach USD 61.3 billion by the end of 2023.
Waterborne acrylic coatings are gaining traction across the global owing to its various advantages over solvent borne coatings such as good resistance to heat and abrasion, low flammability, and excellent adhesion among others. Moreover, less amount of coating material is required for the surface treatment of a desired surface as compared to solvent based coatings. Besides, the environmental feasibility of waterborne acrylic coatings over the solvent based coatings, which is highly regulated and restricted in the developed markets will be a significant factor driving the market for global waterborne acrylic coatings.
Although known as architectural coatings, waterborne acrylic coatings has moved into all sorts of applications such as general industry, automotive, and packaging among others. Over the course of time developing regions witnessed significant industrialization. The globally renowned manufacturers are targeting developing markets for expansion in order to tap the opportunities offered by developing markets. Moreover, the availability of cheap labor and easy availability of raw materials in the developing markets are some of the other factors supporting the paradigm shift. However, the resultant industrialization has propelled the emissions jeopardizing the environment. Coatings being an integral part in construction sector and other process industries contribute significantly to pollution caused by traditional coatings used across these industries. Hence, the need for eco-friendly low VOCs coating is identified as the major market impetus factor driving the overall demand for waterborne acrylic coatings market.
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- The Dow Chemical Company,
- PPG Industries,
- BASF SE,
- DIC Corporation,
- Nippon Paints Limited
- Axalta Coating Systems among others.
The global waterborne acrylic coating market is segmented on the basis of applications, end use and region. On the basis of applications, global waterborne acrylic coating market is segmented into construction material, architectural wood, automotive OEM, automotive aftermarket, metal packing, and protective coatings among others. Based on the end use industry, the global waterborne acrylic coatings market is divided into building & construction, automotive, woodworking, packaging, and general industries among others.
Taste the market data and market information presented through more than 50 market data tables and figures spread in 110 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Waterborne Acrylic Coatings Market Research Report- Forecast to 2023”
Considering the global industrialization and urbanization rates, the construction activities across the globe is also increasing. Also, the housing markets in the developed regions such as North America and Europe is regaining its pace after the economic slowdown that had an adverse effect on the housing markets of the respective regions. Furthermore, automotive production has also surged in the recent past owing to declined crude oil prices. Pickup trucks and SUV sales hit historic high in the North America. Collectively, the above mentioned factors has pulsated the demand for coatings. With increasing legislations on emissions of VOCs, sustainable coatings is the need of the hour, which in turn is propelling the demand for waterborne acrylic coatings owing to its environmental feasibility as well as enhanced performance over solvent based coatings.
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Asia Pacific emerged as the leading regional market of acrylic based waterborne coatings on account of its wide utilization in automotive and building & construction sector. Building & construction is driven by rising urbanization in Asia Pacific region and specifically the countries like India, China, and Japan are showing significant rise in these areas which resulted into increased demand for commercial, residential and industrial infrastructure. Increasing end use applications for acrylic based waterborne coatings market in all of these region contribute significantly in the regional growth
Stringent environment regulations in North America and Europe is anticipated to drive the demand for acrylic based waterborne coatings market in that regions.
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