Global Paints & Coatings Market: Waterborne Technology’s Lucrative Foothold Paints & coatings comprise a mixture of components, such as a carrier (water, solvent, or both), a film-forming element in the coating, such as polyurethanes, alkyds, and oils, as well as pigments or dyes that add color. Although their primary purpose is protecting the surface to which they are applied, paints & coatings also add aesthetic value to interiors and exteriors. According to Inkwood Research, the global paints & coatings market is set to record a CAGR of 4.97% during the forecast period of 2023 to 2032, capturing a revenue share of $241.624 billion by 2032.
Waterborne Paints & Coatings: What’s the Appeal? While some wooden houses, bridges, signs, and stores were painted as early as the 18 th century, it wasn’t until recently that mass manufacturing rendered a broad variety of paints universally indispensable. Today, paints & coatings are utilized in interior and exterior house painting, planes, appliances, boats, automobiles, furniture, and other surfaces where aesthetics and protection are essential. In this regard, waterborne coatings constitute a major percentage as solvents, binders, pigments, and performance additives, based on the applications’ requirements. Also, waterborne is the dominant type of paints & coatings technology utilized globally and is expected to capture the highest share of 43.23% by 2032. (Source: Inkwood Research) The market share of waterborne paints & coatings has grown rapidly over the years, given their favorable properties such as increased availability, fast-drying nature, and lower VOC levels. Moreover, they entail a wide variety of resin types, like acrylic, urethane, polyester, alkyd, fluoropolymer, epoxy, and waterborne powders. As per Inkwood Research, the acrylic segment, under the resin type category, is expected to grow with the fastest CAGR of 5.11% by 2032, capturing the highest revenue share of 31.35% in 2022. Waterborne Technology: Market Observations –
Waterborne coatings in the architectural (interior/exterior) segment [expected CAGR by 2023: 5.29%] are projected to show healthy growth in the next five years. The growth is mainly driven by the following: o Significant investments in infrastructure developments o Rise in housing projects o Renovation of existing residential and commercial buildings The increasingly eco-friendly nature of waterborne coatings, along with their versatile properties, are boosting their demand across developing economies, primarily in the AsiaPacific. o Accordingly, Asia-Pacific is set to lead and dominate the global paints & coatings market over the forecast period, capturing a revenue share of 49.38% by 2022 and a CAGR of 5.85% by 2032.