Waterborne Coatings Market in Europe and Africa: Introduction
The waterborne coatings market in Europe was valued at ~US$ 4 Bn in 2018 and is anticipated to expand at a CAGR of 4% from 2019 to 2027. The waterborne coatings market in Africa stood at ~US$ 200 Mn in 2018 and is anticipated to expand at a CAGR of 3% by the end of the forecast period. Rise in regulatory compliance on paints and coatings in Europe and Africa, due to their high VOC emissions, is estimated to increase the shift toward waterborne coatings in the near future.
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Key Drivers of Waterborne Coatings Market
Waterborne coatings are usually thin films, which are applied to steel, concrete, and other materials in order to impart properties such as corrosion resistance, wear resistance, and conductivity. Waterborne coatings also act as ideal primers, as they provide superior resistance to heat and abrasion and offer excellent adhesion and low toxicity and flammability due to low VOC (Volatile organic compounds) levels and hazardous air pollutant (HAP) emissions. Increase in regulatory compliance on paints and coatings in Europe and Africa due to their high VOC emission has led to a shift toward waterborne coatings. Conventional basecoats possess VOC solvent content of about 84%, with about 16% solids, while waterborne basecoats comprise about 70% water, about 20% solids, and approximately 10% solvents. Waterborne coatings consist of smaller amount of solvents than solvent-borne coatings. This is expected to drive the demand for solvent-borne coatings in Europe and Africa in the near future.
The global harmonization of product quality and safety standards is another important trend in the waterborne coatings market. Internationally, consumer preference is rising for products that address problems of air and water pollution and help protect the environment.
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Europe is likely to Dominate Waterborne Coatings Market
Based on volume and value, Europe accounted for the higher share of the waterborne coatings market than Africa. Rapid urbanization and increase in investments in construction and manufacturing industries in Europe are expected to drive the demand for waterborne coatings in the region in the near future. Additionally, increase in infrastructure spending and rise in demand for corrosion and fire protection coating solutions are estimated to fuel the waterborne coatings market in Europe during the forecast period. Increase in R&D spending in waterborne coatings is also projected to create immense opportunities for market participants in the industrial sector in the near future. The waterborne coatings market in Africa is projected to expand at a slower pace, owing to presence of a few manufacturers of waterborne coatings in the region. The growth of oil & gas and manufacturing sectors is also estimated to boost the market in Africa in the near future. Properties of waterborne coatings such as thermal resistance and resistance to wear & tear and corrosion are likely to augment the demand for waterborne coatings in chemical plants, oil refineries, public utility works, pulp and paper mills, and other facilities. This, in turn, is estimated to propel the demand for waterborne coatings in Africa.
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Key Players Operating in Europe and Africa Waterborne Coatings Market
The waterborne coatings market is highly fragmented. Prominent producers operating in Europe and Africa are extensively engaged in new product launch and merger & acquisition activities to gain high share. For instance, on February 21, 2020, Teknos Group Oy announced it had launched two-component waterborne polyurethane coatings for uPVC windows and doors. These coatings were launched under the name HYDROPUR 2K COLOR. Players operating in the waterborne coatings market in Europe and Africa include Sherwin William Company, PPG Industries, Inc., Akzo Nobel N.V., RPM International Inc., Axalta Coating Systems Ltd., Nippon Paint Holdings Co., Ltd, Kansai Paint Co.Ltd., Rembrandtin, Rudolf Hensel GmbH, Winkelmann GmbH & Co. KG, Teknos Group Oy, Sika AG, Jotun A/S, Altana AG, Henkel AG & Company KGaA, Hempel A/S, Tikkurila Oyj, Acrymatic Coating ApS, RD Coatings, and Baril Coatings.
Global Waterborne Coatings Market: Segmentation
Waterborne Coatings Market, by Resin
- Acrylic
- Formaldehyde
- Polyurethane
- Alkyd
- Epoxy
- Others (including PTFE, PVDF, PVDC, and Fluorinated Polymer)
Waterborne Coatings Market, by End User
- Structural Steel
- Industrial
- Vehicle (Refinish)
- OEM
- Railways
- Passenger
- Cargo
- Flooring
- Marine
- Others
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