Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Waterborne Acrylic Coatings Market was valued at USD 41.7 billion in 2016 and is expected to grow at 5.77% CAGR to reach USD 61.3 billion by the end of 2023. Waterborne Acrylic Coatings are gaining traction across the global owing to its various advantages over solvent borne coatings such as good resistance to heat and abrasion, low flammability, and excellent adhesion among others. Moreover, less amount of coating material is required for the surface treatment of a desired surface as compared to solvent based coatings. Besides, the environmental feasibility of waterborne acrylic coatings over the solvent based coatings, which is highly regulated and restricted in the developed markets will be a significant factor driving the market for Global Waterborne Acrylic Coatings.
Segment Analysis:
The Global Waterborne Acrylic Coating Market is segmented on the basis of applications, end use and region. On the basis of applications, Global Waterborne Acrylic Coating Market is segmented into construction material, architectural wood, automotive OEM, automotive aftermarket, metal packing, and protective coatings among others. Based on the end use industry, the Global Waterborne Acrylic Coatings Market is divided into building & construction, automotive, woodworking, packaging, and general industries among others.
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The various applications of Waterborne Acrylic Coatings discussed in the report includes construction material, architectural wood, automotive OEM, automotive aftermarket, metal packing, and protective coatings among others. As an application, the construction material and architectural wood segments accounted for the largest market share in the Global Waterborne Acrylic Coatings Market followed by the automotive OEM and aftermarket. Rapid infrastructural developments and increasing demand for passenger cars among the middle class population in the developing regions are some of the market impetus factors driving the consumption of waterborne acrylic coatings in the developing markets, whereas, stringent legislations on VOCs from coatings is driving the demand for Waterborne Acrylic Coating in the developed markets. Cumulatively, the construction material and architectural wood segments was valued at USD 31.8 billion in 2016.
Regional Analysis:
Geographically, the global market for Waterborne Acrylic Coating is divided into five main regions namely — North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Among the aforementioned regions Asia pacific dominated the market in terms of volume and value. The regional market trends substantiating the growth of Waterborne Acrylic Coatings in the region includes the immense infrastructural developments in the region, which in turn is witnessing considerable demand for Waterborne Acrylic Coatings in the construction activities. Furthermore, the rapid urbanization in the region is considered to have a positive impact on the overall Waterborne Acrylic Coatings Market in the region. Also, penetration of waterborne acrylic coatings into different industrial sectors is anticipated to boost the demand further, for instance, the increasing consumption of Waterborne Acrylic Coatings in the overall automotive sector i.e., OEM and Aftermarket of the Asia Pacific region is further anticipated to offer lucrative opportunities in the market. A similar trend has been observed in other developing markets such as Latin America and Middle East & Africa.
Waterborne Acrylic Coatings Market in the developed markets like North America and Europe is projected to grow moderately during the forecast period at CAGR of nearly 5.5%. North America is the second largest market for Waterborne Acrylic Coatings in the global market which is followed by Europe. Waterborne Acrylic Coatings demand in the latter regions is primarily attributed towards the regaining pace of construction industry in the region after the economic crisis which had an adverse effect on the construction industry. Also, the automotive industry witnessed an increased production with declining crude oil prices in the recent past. Collectively, these factors are primarily driving the waterborne acrylic coating in the region. Apart from these factors, strict environmental regulations allied with the emission of VOCs in the regions is recognized as an imperative factor.
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