Market Overview
Water-soluble paints are generally referred to as coatings in which water is used as a dispersal agent for the resin. This makes the product easy to use and environment-friendly. Water is the key ingredient of the paint, with traces of other solvents such as glycol ethers. These coatings are gaining popularity, especially in the regions of Western Europe and the U.S. due to their low VOC content. The global water-soluble paints market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 3.24% during the forecast period (2020-2027).
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The recent boom in the building & construction industry, rapid urbanization, and expanding automobile sector across the globe are some of the key factors driving the water-soluble paints market. Governments have introduced certain strict policies for minimizing the use of VOCs in paints as they result in global warming, which further depletes the ozone layer and affects the air quality, leading to several health issues like eye, nose, and throat irritation, nausea, headaches, and damage to the central nervous system, liver, and kidney. Moreover, water-soluble paints provide benefits such as low VOC content, low fire hazard, and low toxicity, which makes them a better alternative compared to other paints. These factors are likely to encourage the market growth in the foreseeable future.
On the contrary, the increasing prices of raw materials and slow drying rate are some of the concerns likely to vitiate the market growth in the coming years.
Key Players
Some of the prominent players in the global water-soluble paints market are AkzoNobel N.V. (Netherlands), Axalta Coating Systems (US), BASF SE (Germany), Berger Paints India Limited (India), Kansai Paint Co., Ltd. (Japan), NIPSEA GROUP (Japan), PPG Industries Inc. (US), Rpm International Inc. (US), The Sherwin-Williams Company (US), Asian Paints (India), Valspar (US), TIKKURILA OYJ (Finland), Chenyang Group Ltd (China), Jotun (Norway), and Sika AG (Switzerland).
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Global Water-Soluble Paints Market: Segmental Analysis
The water-soluble paints market has been segmented on the basis of material type and application.
Based on the material type, the market is segmented into polyurethane, acrylic, alkyd, polyester, epoxy esters, epoxy, and others. Of these, the acrylic segment is likely to gain significant prominence. Acrylics are available in several forms like lacquers, emulsions (latex), powders, and enamels. Acrylics possess gloss retention and good colors. Moreover, the key components of acrylic, acrylic polymers, and methacrylic acid offer a polymer structure tending to absorb UV light. This enhances its resistance to oxidation and weathering than alkyds, oil-based paints, and epoxies.
The application segment comprises commercial, residential, automotive, infrastructure, and others. Of these, the construction industry involving residential and commercial constructions is likely to gain prominence. The increasing number of building codes promoting energy-efficient and eco-friendly structures has resulted in the consumers and home builders to embrace building strategies, which deliver energy savings and performance.
Regional Frontiers
Geographically, the water-soluble paints market spans across Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific region dominated the market in 2018 and is likely to retain its pole position in the coming years. The recent boom identified in the building & construction industry, along with the high standard of living has resulted in an increased demand for water-soluble paints. Rising per capita disposable income and the surging health concerns associated with conventional solvent-based paints are likely to augment the growth of the regional market.
Europe has managed to seize the second-largest share globally, and the growth can be majorly credited to the strict government mandates associated with VOCs emissions, compelling the manufacturers to shift towards the production of paints with zero-VOCs. This factor has led to the adoption of water-soluble paints in the region.
The key factor fueling the market in North America is the surging preference of individuals for water-based paints as they ensure improved indoor air quality and are environmentally friendly. The region has the presence of a strong GDP per capita, and the individuals are highly becoming health conscious, which is further contributing to the market’s growth. Environmental organizations have set strict regulations for the use of VOC, which is encouraging the adoption of water-soluble paints in North America.
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Industry Updates
March 2019: Arkema continues to develop innovative and more effective coating materials that are tougher and easy to apply as well. The company will be exhibiting its latest innovations at ECS 2019 for long-lasting and tougher coatings while addressing environmental constraints. The group markets an all-new multi-product and multi-technology offering for the coatings, paint, and adhesives markets.
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