Waterborne Acrylic Coatings Market Highlights:
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, COVID-19 analysis on waterborne acrylic coatings market 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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Waterborne Acrylic Coatings Market Segment Analysis
The global waterborne acrylic coatings industry is segmented on the basis of applications, end use and region. On the basis of applications, global waterborne acrylic coating market growth 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 size is divided into building & construction, automotive, woodworking, packaging, and general industries among others.
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.
The various applications of waterborne acrylic coatings discussed in the report includes construction material, architectural wood, automotive OEM, automotive aftermarket, metal packing, and protective coatings among others. As an application, the construction material and architectural wood segments accounted for the largest market share in the global waterborne acrylic coatings market followed by the automotive OEM and aftermarket. Rapid infrastructural developments and increasing demand for passenger cars among the middle class population in the developing regions are some of the market impetus factors driving the consumption of waterborne acrylic coatings in the developing markets, whereas, stringent legislations on VOCs from coatings is driving the demand for waterborne acrylic coating in the developed markets. Cumulatively, the construction material and architectural wood segments was valued at USD 31.8 billion in 2016.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.