The global water-based coatings market is expected to reach 78.24 billion USD by 2021.
A recent research report released by the research institution Zion Market Research shows that the global water-based paint market size was $58.39 billion in 2015 and is expected to reach $78.24 billion by 2021, with a compound annual growth rate of 5%.
Water-based paints are widely used in the automotive coating field, and all automobile manufacturers are paying attention to the water-based coating technology and recognizing its significant importance. Moreover, the development speed of water-based coating technology in this field is very fast. It is well known that water-based paints use water as a solvent, which has characteristics such as environmental friendliness, ease of application, heat resistance, and wear resistance, and is suitable for application using spraying equipment.
Although there are some limitations in the performance of water-based paints, their development momentum is strong due to strict regulatory oversight and increased awareness of the environmental hazards of solvent-based paints. Furthermore, more and more environmentally friendly water-based paints have been successfully developed and applied in downstream industries, including construction engineering, shipbuilding, wood manufacturing, and the automotive industry.
Water-based paints can be subdivided according to the type of resin base: acrylic paints, polyester paints, alkyd paints, epoxy paints, polyurethane paints, PTFE paints, PVDF paints, PVDC paints, etc. Among them, acrylic resin is the most widely used in water-based paints, accounting for 80% of the entire variety of water-based paints (according to 2015 data), and its cost is relatively low, with a very wide range of applications. Water-based paints can also be subdivided according to application fields: architectural paints, automotive paints, industrial paints, protective paints, wood paints, marine paints, packaging paints, and coil paints, etc. Among these, the application in the construction field accounts for the highest proportion, about 85% (according to 2015 data). Analysis indicates that in the coming years, the development speed of water-based paints in the automotive industry in developing countries and regions will be the fastest.
Research indicates that in 2015, the Asia-Pacific region was the largest market for water-based paints, followed by North America and Western Europe, and this trend is expected to continue in the coming years. In the Asia-Pacific region, the market potential for water-based paints is enormous, mainly stimulated by the increasingly prosperous infrastructure construction in countries such as India, China, and Indonesia. It is worth noting that some countries, such as the United States, China, and Germany, are gradually becoming major regional markets for global water-based paints due to factors such as increased domestic demand, rising income levels, and the availability of abundant resources.
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