Ocean View, DE -- (SBWIRE) -- 06/17/2020 -- In the latest research report compiled by Global Market Insights, Inc., waterborne coatings market size is poised to surpass US$95 billion by 2024.

At the time when sustainability has been gaining grounds, stakeholders are poised to infuse investments in eco-friendly coatings such as waterborne coatings. Environmental compliance has been one of the major reasons that is triggering end-users, including automotive and construction to opt for waterborne coating.

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Prevailing trends in the waterborne coatings market

Increasing trend in automotive refinishing application is being witnessed as rising call to do away with solvent-based paints that contain harmful air pollutants and VOCs, such as ethyl benzene, xylene and methyl ethyl ketone has tightened in recent years.

With a high gloss finish without the added coating, waterborne coating has become an ideal choice for providing corrosion protection for the automotive parts being coated. Waterborne coating has become an apt primer given they have good resistance to abrasion and heat and offer tremendous adhesion.

Growth Opportunities of waterborne coatings market

With both developing and developed countries starting to crackdown on VOC and HAP emissions, waterborne coatings have become an environmentally friendly alternative to solvent-based paint.

Traction for waterborne coatings in architectural paints is expected to witness an upward trend as they are being highly sought-after in roof and floor applications.

There are opportunities galore in North America and Europe as these regions are switching to waterborne from solvent-based automotive refinishing paints for environmental and health reasons.

Automotive OEMs in the U.S. and the U.K. have already started using waterborne paints. These regions have implemented framework that is favoring the expansion of waterborne coatings across applications.

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Challenges for stakeholders

There are some of the challenges such as high cost that are lingering with waterborne coating as the high performance needs use of pigments, additives and fillers.

A few of the major challenges such as reducing the cost of coating formulations and boosting the sustainability of raw materials need major consideration among stakeholders.

A palpable shift from solvent-based coating to waterborne is apparent and investment in these eco-friendly coatings is slated to surge in the ensuing period. Forward-looking companies will further their investments in China and India.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.