Global Water-Based Coatings Market is making good progress and is slated to surpass the expected valuation by 2023. Market Research Future (MRFR) is considering 2018 to 2023 as the forecast period and has assessed factors accordingly. Also, it has included COVID-19 analysis to provide better insights.
Among the factors, the growing demand for eco-friendly products is expected to boost the market expansion. People are trying to avoid chemicals, which will help the market gain this space. End user industries like automotive, construction, packaging, marine, and others are also going to boost the market outcome.
The Global Market Report on Water-Based Coatings has been segmented by Product Type, Resin Type and End-Use Industries to facilitate an understanding that would help in developing better strategies for the market.
By Product Type, the global study related to the Water-Based Coatings Market includes water-soluble paints, colloidal coatings, emulsions/latex paints, and water-based alkyds. The water-soluble paint segment is getting good traction.
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By Resin Type, the global report on the Water-Based Coatings Market has been segmented into formaldehyde, polyurethane, acrylic, epoxy, alkyds, and others. The polyurethane segment is covering the ground at a substantial speed. Acrylic and epoxy segments are also contributing substantially.
By End-User Industries, the market on the Water-Based Coatings has been segmented into automotive, electronics, building & construction, paper & packaging, marine, and others. Booming automotive industry is one of the major support for the Global Water-Based Coatings Market. The paper & packaging segment is also getting backed by the rising e-commerce sector.
BASF SE (Germany), Berger Paints India Limited (India), Jotun (Norway), AkzoNobel N.V. (Netherlands), Axalta Coating Systems (U.S.), PPG Industries Inc. (U.S.), Kansai Paint Co., Ltd. (Japan), Nippon Paint Company Limited (Japan), The Sherwin-Williams Company (U.S.), Rpm International Inc. (U.S.), Tikkurila Oyj (Finland), Chenyang Waterborne Paint (China), asian paints (India), The Valspar Corporation (U.S.), and Sika AG (Switzerland) are some of the prominent names impacting the Water-Based Coating Market. These markets are expecting the benefits of their strategic moves like mergers, acquisitions, partnerships, hike in research-related expenditure, innovations, launching and branding, marketing strategies, and others. MRFR listed the recent changes made by these companies to gauge the flow and trends of the market.
Asia Pacific region is getting backed by the booming automotive industry. The region will also witness thrust from changing lifestyle as that will impact the purchase of electronic goods. In Europe, the popularity of eco-friendly products would boost market growth. The Americas will experience rapid growth due to the US and Canada.
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In May 2020, Fosecos announced that it had launched a new line of water-based fast dry coatings that could be used for various operations. The coating includes pure zircon-based filler formulations that can be used for applications related to the heaviest of iron and steel. It also has aluminum silicate types that can be used for iron and smaller steel castings, and there are other silicate filters that would help in diverse applications by being cost-effective. This new coating is SEMCO FD. It will also provide better results against casting defects.
The COVID-19 analysis reveals how the market is getting restrained by several aspects. For instance, its percolation into the end user industries became limited with the automobile, construction and other sectors witnessing lack in workforces and other effects of lockdowns across the world. The market is expected to take a blow. However, countries have started undertaking procedures to restore normalcy, owing to which the market may find thrust in the growth.
COVID-19 Study in Detail:
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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