Water Based Coatings Market Size, Share, and Industry Analysis, By Resin (Acrylic, Polyester, Epoxy, Polyurethane, and Others), By End-use Industries (Building & Construction, Automotive, Electronics, Paper & Packaging, and Others), and Regional Forecast, 2024-2032

Water based coatings are widely used due to their environmental friendliness and low toxicity. Applications include automotive finishes, offering a durable layer that protects vehicles from corrosion and wear. In the construction industry, they're used for indoor paints and varnishes, enhancing walls and surfaces with minimal odor. Additionally, water-based coatings are crucial in the wood finishing sector, providing a safe, effective sealant for furniture and flooring.

The electronics segment primarily drives the water based coatings market. Electronic segments play a crucial role in enhancing water-based coatings, mainly through improving their durability, conductivity, and anti-corrosive properties. They enable the incorporation of smart functionalities such as self-healing, UV resistance, and temperature adaptability. Furthermore, electronic components facilitate the integration of sensors within coatings, allowing for real-time monitoring of environmental conditions and coating integrity, thereby significantly extending the lifespan of various substrates in harsh environments.

The paper & packaging segment also drives the water based coatings market. In the paper and packaging segment, water-based coatings are extensively utilized to enhance product durability, appearance, and resistance to elements. They provide a sustainable solution for improving print quality, preventing moisture damage, and extending shelf life. These coatings are applied to food packaging, corrugated boxes, and labels, making them more recyclable and environmentally friendly. Their use ensures products are protected while maintaining a focus on eco-friendly packaging solutions.

• The Indian Union Budget of February 2020 aimed to build 100 new airports by 2024 as part of the Udan program created by the Center to accommodate the expanding aviation traffic.

• In 2022, Asia Pacific dominated the water based coatings market with approximately 42% of the share.

The major water based coatings market consumers by region are China, Japan, and India in Asia Pacific; the U.S. and Canada in North America; Germany and France in Europe; and Saudi Arabia and UAE in the Middle East.

• In 2022, the total production of automotive vehicles in North America was 14.90 million units.


• Europe’s total production of vehicles in the year 2022 was 16.39 million units.

Segmentation

Key Insights

The report covers the following key insights:

• Key Emerging Trends – For Major Regions


• Key Developments: Mergers, Acquisitions, and Partnerships


• Latest Technological Advancements


• Insights on Sustainability


• Porter’s Five Forces Analysis


• Impact of COVID-19 on the Market

Analysis by Resin

By resin, the market is segmented into acrylic, polyester, epoxy, polyurethane, and others. The acrylic segment holds a significant share of the global water based coatings market.

• Acrylic segments are crucial in the water-based coatings market, particularly for their excellent adhesion, clarity, and resistance to weathering and UV light.


• They are extensively used in architectural paints, wood finishes, and industrial coatings, offering enhanced durability and aesthetic appeal while being environmentally friendly due to their low VOC emissions.

Analysis by End-use Industries

By end-use industries, the market is segmented into building & construction, automotive, electronics, paper & packaging, and others. The building & construction segment holds a considerable share of the global water based coatings market.

• Water-based coatings in the building and construction segment are extensively used due to their eco-friendly properties. Applications include interior and exterior wall paints, which offer excellent adhesion and durability. They're also used in protective floor coatings owing to their resistance to abrasion and chemicals.


• Additionally, these coatings are applied on metal structures and roofing materials to prevent corrosion and extend lifespan, showcasing their versatility and importance in construction projects.

Regional Analysis

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The global market is geographically segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific holds a considerable share of the water based coatings market. The APAC water-borne coatings market is being driven by factors such as the rapid expansion of the automotive industry in China, India, South Korea, and Japan, favorable government policies, growth in the building and construction sector, and changing lifestyles with increasing disposable incomes in the region. China is at the forefront of this market due to its lower taxes on water-based coatings manufacturers and rising income levels.

Distribution of Vehicle Production Globally, 2022

• Asia Pacific – 42%


• Europe- 26%


• North America - 21%


• Middle East & Africa- 7%


• Others- 4%

Key Players Covered

The report includes the profiles of key players, such as AkzoNobel N.V., Axalta Coating Systems, BASF SE, Berger Paints India Limited, Kansai Paint Co., Ltd., Nippon Paint Company Limited, PPG Industries Inc., Rpm International Inc., The Sherwin-Williams Company, and Asian Paints.

Key Industry Developments

• In July 2023, Tikkurila introduced a new range of water-based coatings for the marine industry, engineered to offer enhanced durability and corrosion resistance compared to traditional solvent-based coatings.


• In June 2023, BASF developed a new water-based coating resistant to extreme temperatures, designed for use in applications with temperatures up to 200 degrees Celsius.