In the global water-based coatings market, PPG
industries, Akzo Nobel, and Sherwin Williams are the main
competitors. In 2015, these three players together held a share of
more than 55% in the overall market. Mergers and acquisitions has
been the most preferred strategy among the leading participants for
the development of their businesses. TMR expect the trend to continue
over the next few years, intensifying the competition.
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As per TMR’s estimations, the global market for
water-based coatings, which offered an opportunity worth US$46.1 bn
in 2015, is likely to rise at a CAGR of 6.40% over the period of 2016
to 2024 and reach US$80.3 bn by the end of the forecast period. With
a share of nearly 58%, the building and construction industry emerged
as the key consumer of water-based coatings across the world.
Researchers at TMR expect this scenario to remain more or less same
over the forecast period.
Asia Pacific to Remain Leading Contributor to
Global Waterbased Coatings Market
The report also presents a geographical analysis of
the global market for water-based coatings. According to it, Asia
Pacific, Latin America, the Middle East and Africa, North America,
and Europe are the main geographical segments of this market. Thanks
to the swift rise in the pace of infrastructural development, boosted
by the increasing disposable income of consumers, Asia Pacific has
emerged as the leading contributor to the worldwide water-based
coatings market. Analysts expect this regional market to retain its
position over the forecast period, rising at a CAGR of 7.0%. China
will lead the water-based coatings market in Asia Pacific over the
next few years.
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The markets for water-based coatings in Latin America
and the Middle East and Africa are also expected to witness strong
growth during the forecast period. The rise in economic
diversification of the GCC countries and the increasing focus on the
commercial sectors such as hospitality, healthcare, and tourism are
likely to boost these markets in the near future. On the flip side,
North America and Europe are likely to register moderate growth in
their respective markets for water-based coatings over the
forthcoming years. Although the revival of the economy in the
European Union is likely to provide momentum to the Europe market for
water-based coatings, it will present less lucrative prospects than
Asia Pacific over the years to come.
Increasing Infrastructural Developments to Fuel
Demand for Waterbased Coatings
“Infrastructural advancements across the world is
having the most prominent impact on the global demand for water-based
coatings,” says the author of the study. With the strengthening of
economies, the expenditure on the development of infrastructure has
been increasing, globally. A number of new construction projects have
begun, which has fueled the need for paints and coatings. Thanks to
the growing awareness pertaining to the benefits of eco-friendly
coatings, the adoption of water-based coatings has increased
remarkably, leading to the rise of the global water-based coatings
market.
Going forwards, the increasing implementation of
stringent government regulations concerning VOC contents and their
negative impact on the environment is projected to boost this market
considerably over the forecast period. However, the volatile prices
of raw materials may limit the demand for these coatings to some
extent in the near future, notes the study.
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The study presented here is based on a report by
Transparency Market Research (TMR) titled “Waterbased Coatings
Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2016 - 2024.”
The global waterbased coatings market has been
segmented as follows:
By Resins
- Acrylic
- Styrene Acrylic
- Formaldehyde
- Polyurethane
- Epoxy
- Alkyds
- Others (fluoro-polymers etc.)
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Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
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