Summary

The Asia-Pacific region's rapid population growth and urbanisation are major drivers of the waterborne coatings market. Growing urbanization has triggered a rise in the residential, commercial, and industrial infrastructure, creating a positive impact on the demand of waterborne coatings in the region. Rapid urbanisation and infrastructure development are taking place in the Asia-Pacific area, particularly in China, India, and Southeast Asian countries. Coatings are required in the construction industry for the preservation and aesthetic enhancement of buildings, bridges, and other structures. Because of their low VOC content, durability, and ease of application, waterborne coatings are preferred. Furthermore, Asia-Pacific is a key industrial hub, with China, Japan, South Korea, and India dominating in production quantities. Waterborne coatings are widely used in the automotive industry for body coats, primers, clear coats, and interior components. The region's expanding vehicle demand is propelling the waterborne coating market forward. Energy conservation and sustainability are becoming increasingly important in Asia-Pacific. Waterborne coatings are considered more energy-efficient than solvent-based coating and the s because they require lower cure temperatures and shorter drying times. Because of this, they have seen significant acceptance in a variety of industries, including appliances, electronics, and industrial equipment. The coatings sector, notably water coatings, has paid close attention to nanotechnology. Nanoparticles are used in the coating composition to improve qualities like scratch resistance, UV protection, and antibacterial capabilities. Advanced aqueous coatings with increased performance and functionality are being developed using nanotechnology. Because of their low VOC content and environmental benefits, high-solids waterborne coatings are gaining favour. These coatings have a higher solid content, which reduces the amount of water and solvents used. High-solids formulations provide greater film build, better coverage, and faster drying times, making them an appealing choice for a variety of applications.

According to the research report, “Asia-Pacific Waterborne Coatings Market, Outlook, 2028", published by Bonafide Research, the market is predicted to grow at CAGR of more than 5.57% from 2023 to 2028. The Asia-Pacific area has a sizable and fast-growing consumer market. Rising disposable incomes and urbanisation have boosted demand for consumer items, automobiles, and technology. Because of their environmental friendliness and consumer inclination for eco-friendly products, waterborne coatings are frequently used in these industries. Furthermore, to attain superior performance characteristics, hybrid coatings integrate the advantages of various coating methods, such as water and solvent-based systems. Asia-Pacific has made significant investments in the research and development of hybrid waterborne coatings with improved adhesion, flexibility, corrosion resistance, and other desirable features. These coatings are used in a variety of industries, including automotive, aerospace, and infrastructure. The Asia-Pacific region has implemented strong environmental rules to mitigate the impact of coatings on human health and the environment. Due to the high quantities of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) in solvent-based coatings, governments have put limits on their use. This has resulted in a trend towards aqueous coatings, which emit fewer VOCs and are compliant with laws. The need to meet these regulatory criteria has greatly increased the market for aqueous coatings in the region. With the increased emphasis on hygiene and cleanliness, Asia-Pacific is witnessing the development of anti-microbial waterborne coatings. These coatings incorporate anti-microbial agents that inhibit the growth of bacteria, mold, and fungi on coated surfaces. They find applications in healthcare facilities, food processing plants, and other environments where microbial control is crucial.

China is leading the market of waterborne coating market in Asia-Pacific followed by Japan and India. China has experienced rapid industrialization and urbanization over the past few decades. The country has witnessed substantial growth in industries such as construction, automotive, electronics, and appliances. These industries require a significant amount of coatings, including waterborne coatings, for various applications. China's industrial growth has fueled the demand for waterborne coatings in the market. China's manufacturing sector has witnessed substantial growth, with the establishment of manufacturing facilities across various industries. These facilities require coatings for metal surfaces, plastic components, and other applications. Waterborne coatings have gained popularity due to their environmental advantages and regulatory compliance. The expansion of manufacturing facilities has stimulated the demand for waterborne coatings in China. India is expected to register the highest CAGR of the market during the anticipated time frame.

According to the report, the market is bifurcated into resin type, includes Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, PTFE, PVDF, and PVDC. The Alkyd resin is expected to gain the highest CAGR of the market in Asia-Pacific. Alkyd resins are known for their versatility and compatibility with various coating formulations. They can be modified and tailored to meet specific performance requirements, making them suitable for a wide range of applications. Alkyd resins can be used in combination with waterborne systems to create hybrid formulations that offer enhanced properties. In addition, Alkyd resins are relatively easy to formulate and apply in waterborne coating systems. They can be easily combined with other waterborne binders, additives, and pigments, providing formulators with flexibility and ease of formulation. Additionally, alkyd resin-based waterborne coatings can be applied using conventional coating techniques, such as brushing, rolling, and spraying. Alkyd resins are generally cost-effective compared to some other resin systems used in waterborne coatings. Their availability and affordability make them a preferred choice, particularly in price-sensitive markets like the Asia-Pacific region. The cost-effectiveness of alkyd resin-based waterborne coatings contributes to their growing popularity among manufacturers and end-users.

The application type include, architectural and industrial. The industrial segment is dominating the market with significant market share. Furthermore, the industrial application is classified into Protective Coatings Automotive (OEM and After) Coatings , Wood Coatings, Marine Coatings, Coil Coatings , Packaging Coatings, Aerospace Coatings , Rail Coatings and General Industrial Coatings. Among the automotive application is the significant user of waterborne coating in Asia-Pacific. Waterborne coatings have undergone significant advancements in recent years, resulting in improved performance and durability. They offer excellent adhesion, corrosion resistance, weather resistance, and durability, ensuring long-lasting protection for automotive surfaces. These properties are crucial for automotive coatings, which need to withstand various environmental and mechanical stresses. Waterborne coatings offer excellent color matching capabilities, allowing automotive manufacturers to achieve precise and consistent color tones across different parts of a vehicle. This is important for maintaining brand identity and ensuring uniformity in appearance. Waterborne coatings also provide a smooth and high-quality finish, enhancing the overall aesthetics of automotive vehicles. Original Equipment Manufacturers (OEMs) in the automotive industry are increasingly specifying waterborne coatings for their production processes. OEMs often require suppliers to meet certain environmental standards and coating performance criteria. This has driven the adoption of waterborne coatings by automotive manufacturers in the Asia-Pacific region to meet OEM requirements and ensure supply chain compliance.

Major companies present in the market:
Akzo Nobel N.V, PPG Industries, Inc., The Sherwin-Williams Company, BASF SE, Kansai Paint Co.,Ltd., Jotun Group, Axalta Coating Systems Ltd., Arkema S.A., Hempel A/S, Nippon Paint Holdings Co., Ltd, NOROO PAINT & COATINGS CO.,LTD., Cabot Corporation, Sika AG, RPM International Inc, The Dow Chemical Company, Asian Paints Ltd., Terraco Group Limited, Altana AG.

Considered in this report
• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia-Pacific Waterborne Coatings market with its value and forecast along with its segments
• Country-wise Waterborne Coatings market analysis
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries Covered in the report:
• China
• Japan
• India
• Australia
• South Korea

By Resin Type
• Acrylic
• Polyester
• Alkyd
• Epoxy
• Polyurethane
• PTFE
• PVDF
• PVDC
• Others

By Application
• Architectural
• Industrial

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Waterborne Coatings industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.






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Table of Contents

Table of Contents

1. Executive Summary
2. Research Methodology
2.1. Secondary Research
2.2. Primary Data Collection
2.3. Market Formation & Validation
2.4. Report Writing, Quality Check & Delivery
3. Market Structure
3.1. Market Considerate
3.2. Assumptions
3.3. Limitations
3.4. Abbreviations
3.5. Sources
3.6. Definitions
4. Economic /Demographic Snapshot
5. Global Water Borne Coatings Market Outlook
5.1. Market Size By Value
5.2. Market Share By Region
5.3. Market Size and Forecast, By Resin Type
5.4. Market Size and Forecast, By Application Type
6. Asia-Pacific Water Borne Coatings Market Outlook
6.1. Market Size By Value
6.2. Market Share By Country
6.3. Market Size and Forecast, By Resin Type
6.4. Market Size and Forecast, By Application Type
6.5. Market Dynamics
6.5.1. Market Drivers & Opportunities
6.5.2. Market Restraints & Challenges
6.5.3. Market Trends
6.5.4. Covid-19 Effect
6.5.5. Supply chain Analysis
6.5.6. Policy & Regulatory Framework
6.5.7. Industry Experts Views
6.6. China Water Borne Coatings Market Outlook
6.6.1. Market Size By Value
6.6.2. Market Size and Forecast By Resin Type
6.6.3. Market Size and Forecast By Application Type
6.7. Japan Water Borne Coatings Market Outlook
6.7.1. Market Size By Value
6.7.2. Market Size and Forecast By Resin Type
6.7.3. Market Size and Forecast By Application Type
6.8. India Water Borne Coatings Market Outlook
6.8.1. Market Size By Value
6.8.2. Market Size and Forecast By Resin Type
6.8.3. Market Size and Forecast By Application Type
6.9. Australia Water Borne Coatings Market Outlook
6.9.1. Market Size By Value
6.9.2. Market Size and Forecast By Resin Type
6.9.3. Market Size and Forecast By Application Type
6.10. South Korea Water Borne Coatings Market Outlook
6.10.1. Market Size By Value
6.10.2. Market Size and Forecast By Resin Type
6.10.3. Market Size and Forecast By Application Type
7. Competitive Landscape
7.1. Competitive Dashboard
7.2. Business Strategies Adopted by Key Players
7.3. Key Players Market Positioning Matrix
7.4. Porter's Five Forces
7.5. Company Profile
7.5.1. The Sherwin-Williams Company
7.5.1.1. Company Snapshot
7.5.1.2. Company Overview
7.5.1.3. Financial Highlights
7.5.1.4. Geographic Insights
7.5.1.5. Business Segment & Performance
7.5.1.6. Product Portfolio
7.5.1.7. Key Executives
7.5.1.8. Strategic Moves & Developments
7.5.2. Akzo Nobel N.V
7.5.3. Jotun Group
7.5.4. BASF SE
7.5.5. Sika AG
7.5.6. Cabot Corporation
7.5.7. Wacker Chemie AG
7.5.8. Kansai Paint Co.,Ltd.
7.5.9. Axalta Coating Systems Ltd.
7.5.10. Nippon Paint Holdings Co., Ltd
7.5.11. 3M Company
7.5.12. Arkema S.A.
7.5.13. Asian Paints Ltd.
7.5.14. The Dow Chemical Company
7.5.15. DIC Corporation
7.5.16. Solvay NV/SA
7.5.17. Eastman Chemical Company
7.5.18. Croda International plc
8. Strategic Recommendations
9. Annexure
9.1. FAQ`s
9.2. Notes
9.3. Related Reports
10. Disclaimer

List of Figures

Figure 1: Global Water Borne Coatings Market Size (USD Billion) By Region, 2022 & 2028
Figure 2: Market attractiveness Index, By Region 2028
Figure 3: Market attractiveness Index, By Segment 2028
Figure 4: Global Water Borne Coatings Market Size By Value (2017, 2022 & 2028F) (in USD Billion)
Figure 5: Global Water Borne Coatings Market Share By Region (2022)
Figure 6: Asia-Pacific Water Borne Coatings Market Size By Value (2017, 2022 & 2028F) (in USD Billion)
Figure 7: Asia-Pacific Water Borne Coatings Market Share By Country (2022)
Figure 8: China Water Borne Coatings Market Size By Value (2017, 2022 & 2028F) (in USD Billion)
Figure 9: Japan Water Borne Coatings Market Size By Value (2017, 2022 & 2028F) (in USD Billion)
Figure 10: India Water Borne Coatings Market Size By Value (2017, 2022 & 2028F) (in USD Billion)
Figure 11: Australia Water Borne Coatings Market Size By Value (2017, 2022 & 2028F) (in USD Billion)
Figure 12: South Korea Water Borne Coatings Market Size By Value (2017, 2022 & 2028F) (in USD Billion)
Figure 13: Competitive Dashboard of top 5 players, 2022
Figure 14: Porter's Five Forces of Global Water Borne Coatings Market

List of Tables

Table 1: Global Water Borne Coatings Market Snapshot, By Segmentation (2022 & 2028) (in USD Billion)
Table 2: Top 10 Counties Economic Snapshot 2020
Table 3: Economic Snapshot of Other Prominent Countries 2020
Table 4: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 5: Global Water Borne Coatings Market Size and Forecast, By Resin Type (2017 to 2028F) (In USD Billion)
Table 6: Global Water Borne Coatings Market Size and Forecast, By Application Type (2017 to 2028F) (In USD Billion)
Table 7: Asia-Pacific Water Borne Coatings Market Size and Forecast, By Resin Type (2017 to 2028F) (In USD Billion)
Table 8: Asia-Pacific Water Borne Coatings Market Size and Forecast, By Application Type (2017 to 2028F) (In USD Billion)
Table 9: Influencing Factors for Global Water Borne Coatings Market, 2022
Table 10: China Water Borne Coatings Market Size and Forecast By Resin Type (2017 to 2028F) (In USD Billion)
Table 11: China Water Borne Coatings Market Size and Forecast By Application Type (2017 to 2028F) (In USD Billion)
Table 12: Japan Water Borne Coatings Market Size and Forecast By Resin Type (2017 to 2028F) (In USD Billion)
Table 13: Japan Water Borne Coatings Market Size and Forecast By Application Type (2017 to 2028F) (In USD Billion)
Table 14: India Water Borne Coatings Market Size and Forecast By Resin Type (2017 to 2028F) (In USD Billion)
Table 15: India Water Borne Coatings Market Size and Forecast By Application Type (2017 to 2028F) (In USD Billion)
Table 16: Australia Water Borne Coatings Market Size and Forecast By Resin Type (2017 to 2028F) (In USD Billion)
Table 17: Australia Water Borne Coatings Market Size and Forecast By Application Type (2017 to 2028F) (In USD Billion)
Table 18: South Korea Water Borne Coatings Market Size and Forecast By Resin Type (2017 to 2028F) (In USD Billion)
Table 19: South Korea Water Borne Coatings Market Size and Forecast By Application Type (2017 to 2028F) (In USD Billion)