How Will Water Borne Coatings Market Grow Through 2024-2033?
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The Business Research Company’s Water Borne Coatings Global Market Report 2024 offers crucial insights into the water borne coatings market help businesses analyse and build stronger strategies.
The water-borne coatings market has experienced a surge in recent years, growing from $114.2 billion in 2023 to $121.47 billion in 2024, marking a commendable CAGR of 6.4%. This momentum can be attributed to consumer demands for eco-friendly products, health and safety concerns, and significant applications in architecture, automotive, and the transportation sector.
- Sailing Towards the Future: Projected Growth
The water-borne coatings market is set for robust growth in the coming years, with an anticipated value of $152.73 billion by 2028, maintaining a CAGR of 5.9%. This expansion is fueled by factors such as the development of renewable energy infrastructure, expansion in infrastructure and construction, advancements in material technologies, and the emergence of smart coatings and specialty applications. Key trends in this period include the rise of bio-based waterborne coatings, high-performance formulations, integration of nanotechnology, and an increasing focus on sustainability certifications.
- Driving Forces: The Automotive Industry
The flourishing automotive industry plays a pivotal role in propelling the waterborne coatings market. Automakers are increasingly turning to waterborne coatings to address environmental concerns, reduce emissions, enhance durability, and improve the aesthetic appeal of vehicles. Notably, car sales volume is predicted to climb by 11.6% annually, reaching 7.65 million units in the first half of 2023. The adoption of waterborne coatings aligns with stringent quality and performance standards within the automotive sector, driving further growth in the market.
- Industry Leaders Setting the Course
Major players in the water-borne coatings market are steering innovation to transform the industry landscape. Notable companies include AkzoNobel NV, BASF SE, PPG Industries Inc., and Sherwin-Williams Company. These industry leaders are instrumental in developing and introducing innovative products that cater to a larger customer base, boost sales, and increase overall revenue.
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- Innovative Product Expansion: Akzo Nobel’s Wandabase WB Plus
In a bid to meet evolving customer needs, major players are focusing on innovative product expansion. In February 2021, Akzo Nobel N.V. unveiled Wandabase WB Plus, a state-of-the-art aqueous basecoat system. This revolutionary coating not only delivers excellent coverage, metallic control, and a flawless finish but is also compatible with AkzoNobel’s cloud-based MIXIT color tool, ensuring consistently accurate color matching. This exemplifies the commitment of industry leaders to staying at the forefront of technological advancements.
- Market Segmentation Insights
The water-borne coatings market is diverse, segmented based on:
- Type: Acrylic, Epoxy, Polyurethane, Polyester, Alkyd, PVDC, PVDF, Other Types
- Application: Appliances, Automotive, Architectural, Marine, Packaging, Wood, General Industrial
- End-User Industry: Building and Construction, Automotive, Industrial, Wood, Other End-User Industries
- Regional Dynamics: Asia-Pacific Takes the Helm
In 2023, Asia-Pacific emerged as the largest region in the water-borne coatings market. With its dynamic economic activities and industrial growth, Asia-Pacific is expected to continue leading as the fastest-growing region during the forecast period. This regional prominence reflects the pivotal role played by Asia-Pacific in shaping the trajectory of the water-borne coatings market.
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The Water Borne Coatings Global Market Report 2024 provides a comprehensive outlook of the water borne coatings market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The water borne coatings market forecast offers a thorough analysis on water borne coatings market size, water borne coatings market share, prominent players and their strategies.
The Table Of Content For The Water Borne Coatings Market Include:
1. Water Borne Coatings Market Executive Summary
2. Water Borne Coatings Market Segments
3. Water Borne Coatings Market Size And Water Borne Coatings Market Growth Rate
4. Key Water Borne Coatings Market Trends
5. Major Water Borne Coatings Market Drivers
……
25. Key Mergers And Acquisitions In The Water Borne Coatings Market
26. Top Water Borne Coatings Companies
27. Water Borne Coatings Market Opportunities And Strategies
28. Water Borne Coatings Market, Conclusions And Recommendations
29. Appendix
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