The global waterborne coatings market size is projected to grow from USD 74.1 billion in 2019 to USD 91.8 billion by 2024, at a CAGR of 4.4% between 2019 and 2024. The growing demand for the product in architectural applications, such as residential and non-residential construction, and industrial applications such as automotive, packaging, construction, wood, and general industrial coupled with their underlying growth, is the key factor driving the waterborne coatings market growth.
Players including PPG Industries Inc., (US), Nippon Paint Holdings Co., Ltd. (Japan), and AkzoNobel N.V. (Netherlands) have adopted various strategies, such as investment & expansion and merger & acquisition between 2015 and 2019, to enhance their market shares and expand their global presence.
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The Sherwin-Williams Company (US) was the leading company within the global waterborne coatings market in 2018. It has a diversified product portfolio with several investments in capacity expansion and the establishment of new plants. Its customers can choose from a wide variety of waterborne coatings. It has a strong network for distributing and manufacturing coatings through 15 manufacturing and 79 facility locations across the US, Canada, Mexico, and China to meet the changing demands of the paints & coatings industry worldwide. The developing countries of regions such as APAC and the Middle East & Africa offer various growth prospects owing to rapid industrial growth that is expected over the next few coming years. The company can encash on these opportunities. These initiatives taken by Sherwin-Williams are expected to prove beneficial for its growth over the next few years. The company also continuously focuses on its organic growth.
- In July 2018, Sherwin-Williams announced to establish a new manufacturing plant of coating in Nantong, Jiangsu Province, in the Chinese market. The plant is expected to cater to a wide range of applications such as waterborne, UV, and powder coatings for industries such as automotive, furniture, heavy equipment, and infrastructure. This expansion is expected to strengthen its market presence in the Asian market.
PPG Industries Inc. (US) is the manufacturer of coatings, optical & specialty materials, and glass products. The company has a good width and depth of waterborne coatings in its product offering. It has a strong customer base. The company manufactures waterborne coatings for the marine, automotive, aerospace, and general industrial applications. It has 150 manufacturing sites across the globe in the countries of North America, APAC, South America, the Middle East and Africa, and Europe. The company offers customized solutions-based products and paints & coatings for many applications. It focuses on inorganic growth strategies such as expansion and new product launch to expand its business and increase its market share. Investment in R&D to reduce the risk of technical or economic failure may help in further strengthening its global presence.
- In April 2019, PPG acquired Hemmelrath Lackfabrik GmbH, a manufacturer of automotive coatings. The acquisition was made with the intention to help facilitate PPG’s strategic growth plans by adding new products to its existing portfolio.
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