Albany, NY -- (SBWIRE) -- 10/13/2017 -- The global water-based coatings market is led by key companies such as PPG industries, Akzo Nobel, and Sherwin Williams, which accounted for 55% of the market in 2015, states Transparency Market Research (TMR) in its latest study. The report further adds that mergers and acquisitions will be a key strategy for most players. So as to gain competitive edge among other players, leading players will enhance their services such as customer relationships and support services. Vendors in the market are also offering customized colors to their clients and attracting them.
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As per TMR, the global opportunity in the water-based coatings market will be worth US$80.3 bn by 2024. On the basis of end use industries, the construction industry segment is leading and is anticipated to continue to retain its position for the rest of the forecast period. By geography, the market will witness high growth in Asia Pacific with China leading in the water-based coatings market. The markets for Latin America and the Middle East and Africa will also witness a staggering growth. The growth in commercial sectors such as healthcare, tourism, and hospitality in the GCC countries will fuel the growth of the market. North America and Europe are estimated to witness moderate growth.
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Acrylic Coatings to Register High Demand
By resins, the acrylic coatings are registering a higher demand as compared to others. Acrylic coatings are highly used in architectural coatings and their market is estimated to be worth US$24.3 bn by 2024. "The demand for formaldehyde coatings is likely to decline on account of its high VOC content, leading to concerns for human health," said a TMR analyst. On the other hand, the demand for polyurethane coatings will witness a healthy growth owing to their use in furniture coloring.
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Demand for Eco-friendly Coatings to Boost Market for Water-based Coatings
The global water-based coatings market is driven by the advancements in infrastructure development. The market is also receiving an impetus from the strengthening of the economies, leading to a rise in the expenditure on infrastructure development. There is an increasing number of construction projects in the pipeline and this will continue to create a heightened demand for water-based coatings market. The growing awareness regarding the benefits of eco-friendly coatings will boost the adoption of water-based coatings across the globe.
On the other hand, the fluctuation in the pricing of raw materials will hamper the growth of the market. The market will also be obstructed by the susceptibility of water-based coatings to environmental conditions. However, the implementation of stringent environmental rules and regulations regarding VOC content will work in favor of water-based coatings and boost their
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