Architectural Applications Dominate Waterborne Coatings Market
The global waterborne coatings market is expected to reach $146.11 billion by 2022, according to a new study by Grand View Research Inc. Global waterborne coatings market demand was 20.54 million tons in 2014 and is expected to reach 32.71 million tons by 2022, growing at a compound annual growth rate (CAGR) of 6% from 2015 to 2022.
Architectural was the largest application segment, accounting for 86.5% of the total market volume in 2014. Automotive OEM is anticipated to be the fastest growing application segment at a CAGR of 8.1% from 2015 to 2022.
Europe emerged as the largest regional market and accounted for 38.6% of global consumption in 2014. Stringent environmental regulations to minimize the use of solvent-born coatings are expected to drive the regional market over the forecast period. However, Asia-Pacific is predicted to witness the highest growth of 7.9% from 2015 to 2022. Increasing infrastructure activities in India, China and Indonesia is expected to drive the regional market, and Asia-Pacific will reportedly surpass Europe to become the leading consumer by 2022.
Acrylic resins were the most dominant resin in waterborne coatings and accounted for over 80% of total market volume in 2014. Acrylic resins find wide application scope in end-use industries such as infrastructure and automotive refinishes, owing to exterior durability coupled with low production cost. Polyurethane (PU) is expected to emerge as fastest growing resin at an estimated CAGR of 7.5% from 2015 to 2022. Superior PU properties over other resins are expected to drive its demand over the forecast period.
For more information, visit www.grandviewresearch.com.