The global waterborne coatings market size was USD 76.96 billion in 2020 and is expected to register a revenue CAGR of 5.2% during the forecast period. Market revenue growth is primarily driven by increasing demand for waterborne coatings for constructional activities. Increased reconstruction and building activities in developing countries is also expected to drive revenue growth of the market during the forecast period. Growing demand for eco-friendly coatings is resulting in increasing popularity of waterborne coatings. Waterborne coatings use water as a solvent to disperse a resin and hence these coatings are eco-friendly and easy to apply.

According to Paint Quality Institute, a paint advising and testing organization, water-based paints make up about 80% of household paints. This growth is mainly attributable to increased volume in the automotive and construction sectors with acrylics being the largest single type of waterborne resin system representing over 80% of the total waterborne market. Coatings manufacturers supplying products to the aircraft industry are working on developing waterborne chromate-free primers in order to reduce carbon footprint. Waterborne coatings are mainly utilized in the automotive and transportation sector for routine maintenance or for coating interior areas.

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The architectural segment is anticipated to hold a significant revenue share of the global waterborne coatings market. The demand for waterborne coatings in the building and reconstruction projects in developing nations is expected to increase. The construction industry is trying to comply with stringent government regulations to reduce VOC emissions, which is further increasing the demand for waterborne coatings. Additionally, waterborne coatings are being used more frequently in the building and construction sector due to their low toxicity and flammability.

The Asia Pacific market is expected to have the largest revenue share and experience rapid revenue CAGR growth during the forecast period. Rising construction and reconstruction projects in developing nations are anticipated to fuel market expansion in this region. Waterborne coatings are being used more frequently in decorative applications on wood flooring, furniture, sculptures, and wall paintings. The growing demand for waterborne coatings is a result of increasing car production and expansion of the automotive industry in developing nations.

The report segments the global waterborne coatings industry into resin type, application, and regional outlook categories. The resin type category includes polyurethane, acrylic, and others, while the application category includes industrial, architectural, and others. The regional outlook category includes North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa.

Waterborne Coatings Market: Drive Factors

The waterborne coatings market is being driven by various factors, including environmental regulations, personal health and safety laws, and sustainability practices. The demand for waterborne coatings in the automotive and transportation industries is expected to increase due to the EPA's strict regulations on VOCs. Waterborne coatings are preferred over solvent-based coatings in these industries because they reduce VOC emissions, improve air quality, and lower health risks for factory workers.

In addition, the construction industry is also trying to comply with stringent government regulations to reduce VOC emissions, which is increasing demand for waterborne coatings. Waterborne coatings are being used more and more in architectural applications like window frames, doors, wood varnishes, trims, and interior exterior walls, as they are low in toxicity and flammability.

Furthermore, the rising construction and reconstruction projects in developing nations are anticipated to fuel market expansion in the Asia Pacific region. Growing demand for waterborne coatings is also a result of rising car production and expansion of the automotive industry in developing nations.

Overall, manufacturers of coatings are working tirelessly to reduce energy consumption and VOC emissions during painting operations, which is anticipated to further drive the growth of the waterborne coatings market during the forecast period.

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