There has been a phase of significant transition in the global market for water-based coatings. The continual increase in building and construction activities is influencing the demand for water-based coatings substantially across the world, reflecting greatly on this market. The implementation of strict environmental rules and regulations regarding VOC content favoring eco-friendly products is projected to boost the adoption of these coatings remarkably over the next few years while the volatility in the prices of raw materials and the susceptibility of these coatings to environmental conditions may hamper the growth of this market to some extent
In the global water-based coatings market, acrylic, polyurethane, formaldehyde, alkyds, epoxy, and fluoropolymers are the predominant resins available. Acrylic coatings have been registering a higher demand than other coatings. As acrylic coatings are majorly utilized in architectural coatings, the rising pace of infrastructural development is fueling their demand across the world. The acrylic coatings segment is expected to remain the market leader by the end of the forecast period, with an estimated contribution of US$24.3 bn by 2024. Thanks to wood coatings, the demand for polyurethane coatings is also projected to rise considerably over the forecast period.
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