The global waterborne coatings market is estimated to exhibit considerable CAGR during the forecast period (2020-2026). The increasing application of different resins such as acrylic, epoxy, polyurethane, and alkyd, among others in a wide range of end-user industries including automobile, footwear, and general industries among others is one of the major factors to drive the growth of the global waterborne coatings industry.
Adhesion to metals, high heat resistance, and superior mechanical strength are the key characteristics of the epoxy resins that make them suitable for the coating of the automotive parts. The use of epoxy resins doubles the lifetime of a car by protecting the parts of the automobile from the external corrosion and other damages. Hence, they are highly adopted for the coating of the automobile parts.
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Furthermore, with the surge in demand forhigh performance and lightweight passenger cars, the demand for the epoxy resin has been increased across the globe. As per a study conducted in Europe, a total of 27,600 tons of epoxy resins are used in Europe on an annual basis during the manufacturing stage, of which 22,500 are found in passenger cars. The growing usage of the epoxy resin in the coating of the passenger vehicles is anticipated to drive the growth of the global waterborne coating market.
The chemical properties of the polyurethane including high strength, high flexibility, and toughness make them suitable for use in the electronics and footwear industry. In the electronics industry, polyurethane resins are used to pot the circuits containing delicate electronic components to increase the speed and the usable life and gel time of these circuits. In the footwear industry, the polyurethane resin is used to join the soles of the shoes. The surge in the demand of the fancy, trendy, and comfortable shoes across the globe is anticipated to create the demand for polyurethane resin, which, in turn, will drive the growth of the global waterborne coating market.
Automotive, electronics, and footwear industry are the major end-users of the waterborne coatings. Apart from these major end-users furniture,medical, home appliances,medical, and textile industry are the other end-users of the waterborne coating. For instance, the adhesives and sealants made from acrylic resins are widely adopted in the furniture industry in the lamination of plastic films for the applications related to the coating of the kitchen or bathroom furniture. The high bonding power of the acrylic resin makes it suitable for use in the furniture industry.
Global Waterborne Coatings Market Segmentation
By Type
By Application
Global Waterborne Coatings Market Segmentation by Region
North America
Europe
Asia-Pacific
Rest of the World