Waterborne coatings are green substrates using water as solvent to dissolve a resin, making them environment friendly and easy to apply. These coatings usually contain approximately 80% of water with minimum quantities of other solvents such as glycol ethers. As per the U.S. and European regulations of waterborne coatings to have a VOC content less than 3.5 gallons of water, these are considered eco-friendly in nature. Various types of coatings such as water-soluble paints, water-dispersible paints, latex paints and water-based alkyds are used for a variety of applications including automotive, industrial, architectural, wood, and packaging.
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Significant investments from certain large scale companies such as BASF SE, AkzoNobel, and Valspar among others to expand in quite a few countries of Asia Pacific and Latin America have been witnessed. Demand for green coatings in these regions have still been in the development and are anticipated to have a huge potential in the near future. Moreover, focus on R&D activities in the green coatings industry coupled with product innovation has also contributed to the growth of the market.
Growing demand for non-hazardous, eco-friendly, low VOC green coatings from the end-user industry are expected to boost the demand for waterborne coating over the next few years. In addition, growth of the automotive and construction industry has also been the current growth factors for waterborne coatings. However, increasing use of other better performing green substrates such as powder coatings is expected to hamper the growth of the waterborne coatings market.North America was the largest consumer for waterborne coatings. However, future market growth is expected to be from Asia Pacific. Green coatings are expected todominate the market over the next few years due to the expansions by the major manufacturers in emerging economies such as China and India in the region.
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AkzoNobel, Asian Paints Limited, BASF SE, Hempel A/S, Jotun A/S, Masco Corporation, PPG Industries Inc., Rpm International Inc., The Valspar Corporation, and Tikkurila OYJ among others are some of the key players involved in the waterborne coatings industry.