Waterborne Coatings Market

Market Leader - Waterborne Coatings Market

The global waterborne coatings market size was USD 77.9 billion in 2020 and is projected to grow at a CAGR of 3.5% during the forecast period to reach USD 117.7 billion by 2026. The growing demand for the product in architectural applications, such as residential and non-residential construction, and industrial applications such as automotive, packaging, construction, wood, and general industrial coupled with their underlying growth, is the key factor driving the waterborne coatings market growth.

Players including PPG Industries Inc., (US), Nippon Paint Holdings Co., Ltd. (Japan), and AkzoNobel N.V. (Netherlands) have adopted various strategies, such as investment & expansion and merger & acquisition between 2017 and 2021, to enhance their market shares and expand their global presence. New product launches were an important strategy adopted by market players. Rising investments in the market as well as support through government policies and subsidies are driving the growth of the market in both, architectural and industrial applications.

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The Sherwin-Williams Company (US) was the leading company within the global waterborne coatings market in 2021. It has a diversified coatings company and a leading supplier of advanced technology liquid and powder coatings for the global OEM market through 15 manufacturing and 79 facility locations across the US, Canada, Mexico, and China. The company has a wide product portfolio which includes brands such as Sherwin-Williams, HGTV HOME by Dutch Boy, Krylon, Minwax, and Thompsons Water Seal. Sherwin-Williams has a strong customer base and operates in various countries in Europe, North America, Asia- Pacific, and other regions. The company has increased growth year-on-year by innovating upon their existing products. The products timeline indicates that it has been continuously adding new developed products to the existing product range. As a part of its growth strategy and to meet the rising demand for waterborne coatings in the architectural, energy, and construction sectors, the company entered into joint ventures with other manufacturers. In October 2020, Sherwin-Williams launched Pro Industrial Pre-catalyzed Water-based Urethane, a single-component product but with comparable performance attributes of a two-part coating, helps professionals meet esthetics and performance needs of light industrial or commercial environments.

PPG Industries, Inc. manufactures and distributes coatings, optical & specialty materials, and glass products. The company operates through two segments, namely, industrial and healthcare. It also provides industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pre-treatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food, and beverage container manufacturers. It has 150 manufacturing sites across the globe in the countries in North America, Asia Pacific, South America, the Middle East & Africa, and Europe. The company has undergone various small and large acquisitions and expansions. The major acquisition by the company is that of Tikkurila, headquartered in Vantaa, Finland, which is a leading producer and distributor of decorative coatings with operations in 11 countries. Tikkurila has a strong presence in the Nordic countries and Eastern Europe. This acquisition has helped the company gain additional customary benefits like achieving wider customer reach in the Nordic countries and Eastern Europe. In June 2021, PPG announced the expansion of its coatings manufacturing capacity in Europe for packaging applications. The investment is expected to meet the rising customer demand in the region for the latest generation coatings for aluminum and steel cans used in packaging for beverage, food, and personal care items.

Related Reports:

Waterborne Coatings Market by Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, PVDC), Application (Architectural and Industrial), Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2026

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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[email protected]

Waterborne Coatings Market Size,  Share & Growth Report
Report Code
CH 2609
RI Published ON
2/23/2022
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