According to the French market research company report, the global water-based coatings will grow at a compound annual growth rate of 3.5% during the forecast period, reaching $117.7 billion by 2026.
The epoxy resin market is expected to have the highest CAGR in the water-based coatings market during the forecast period.
Waterborne epoxy coatings have been introduced into the commercial field as an environmentally friendly alternative to solvent-based epoxy resins. Earlier, demand for epoxy resins was limited to developed countries with strict environmental and worker safety regulations.
There is also increased demand from emerging countries such as China, India and Brazil. The growth in demand for epoxy resins in water-based coatings is mainly due to the need to reduce emissions of organic solvents.
This has led to rapid growth of the technology in the concrete protection market as well as OEM applications.
The demand for epoxy resins in the coatings industry has been increasing. This growth can be attributed to increased demand for dairy, pharmaceutical, food processing plants, electronic equipment, aircraft hangars and automotive workshops.
Due to the increasing demand for automotive and other industrial products, the waterborne epoxy coatings market in countries such as Brazil, Thailand and India is expected to experience high growth.
The residential segment of Construction applications is expected to have the highest CAGR during the forecast period. The residential segment of the water-based coatings market is expected to grow at a higher rate during the forecast period. This growth is expected to be driven by construction activity in Asia Pacific and the Middle East and Africa.
The construction industry in Asia Pacific is expected to grow due to increasing construction projects in Thailand, Malaysia, Singapore and South Korea, driving the demand for water-based coatings in construction applications.
The European Waterborne coatings market is expected to hold the second largest market share during the forecast period. Growing demand from key industries such as automotive, aerospace, General Industrial, coil and rail is driving the European market. The increase in car ownership for personal transportation, advancements in road infrastructure, and economic and lifestyle improvements are some of the major factors driving the development of the automotive industry in the region.
Metal is the main material for making cars. Therefore, it requires a high-quality coating to prevent corrosion, degradation and rust.
During the forecast period, increasing construction activities, increasing demand for industrial and oil and gas applications, and increasing vehicle ownership are expected to stimulate the demand for water-based coatings.
By region, the market is segmented into Asia Pacific, Europe, North America, South America, and the Middle East and Africa. According to Reportlinker, Europe currently accounts for 20% of the market share, North America accounts for 35% of the market share, Asia-Pacific accounts for 30% of the market share, South America accounts for 5% of the market share, and the Middle East and Africa account for 10% of the market share.
Post time: Dec-13-2023
