Waterborne coatings market to surpass 30 million tons consumption by 2024
Shifting trends towards environment friendly products to reduce harmful effects on surroundings should favor waterborne coatings market size. These coatings are categorized as eco-friendly products containing, low VOC & HAP content which pose potentially less risk to human as well as living environment thereby promoting product demand. Strict amendments by EU Commission and EPA pertaining to VOC content in coating and ensure safety supported by adoption of green technologies and bio based materials for architectural applications may positively impact waterborne coatings demand.
Architectural applications may witness gains at above 5.5% during forecast timeframe. Increase in living standards has led to rise in renovation, interior decoration and remodeling activities in both residential and commercial construction which should drive waterborne coatings market size. Government initiatives and financial assistance in restoration activities and public infrastructure development mainly in India and China should contribute towards industry growth.
Application outlook in automotive industry
Increasing application outlook in automotive industry owing to compliance with low emission standards set forth by automotive emission control agencies mainly in the U.S. and Europe should propel product demand. These products also provide additional benefits which include protection from harsh weather, UV rays, discoloration and acid rain, thereby promoting waterborne coatings demand.
Global waterborne coatings industry share is fragmented with industry players including PPG Industries, AkzoNobel, Valspar, Kansai Paints, Sherwin Williams, Axalta and BASF. Key industry participants strategize to expand is production capacity, adopt new production technology and expand its distribution network to other regions.
The study is available via the website of Global Market Insights.