Water-borne coatings have water as liquefying agent or solvent to disperse all the elements for coating such as resin. Polyacrylate, polyvinyl ethers, or polyurethane resins are incorporated as binders in water-borne coatings. Such coatings are used for enclosed areas and do not cause any harmful emissions. Usage of water as a solvent makes them environment-friendly as compared to other coating systems such as solvent-borne coatings or powder coatings. In water-borne coatings, Volatile Organic Compounds (VOCs) are present in fewer quantities thereby, producing less atmospheric emissions. Additionally, they possess good resistance to heat and abrasion. These factors led to significant growth of water-borne coatings market over the past few years.
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Acrylic coating, polyurethane coating, epoxy coating and alkyd coatings are some of the major types of water-borne coatings. Water-borne acrylic coatings are based on acrylic and water as a film forming agent and are mainly used in architectural and industrial coatings. Water-borne polyurethane coatings are based on polyurethane, water and resins including pre-polymer, adduct, biuret and an aliphatic isocyanurate. Water-borne epoxy coatings have epoxy and water as a film forming agent including epoxy or acrylic hybrids. Water-borne alkyd coatings have alkyd and water as a film forming agent including resins such as polyhydric alcohol, polybasic acid, fatty acid and water.
The global water-borne coatings market is expected to witness robust growth during the forecast period (2017-2023) owing to the growing environmental concerns and increasing awareness among consumers. By resin, acrylic resin segment is projected to witness significant growth due to low production cost, thereby finding application in automotive and infrastructure sectors. Architectural is expected to be the largest application segment while automotive segment is expected to be the fastest growing application segment in global water-borne coatings market during the forecast period owing to growing automotive industry in the developing regions.
In recent years, the water-borne coatings market has witnessed new product developments and innovations such as the emergence of eco-friendly coatings. These eco-friendly coatings are temperature and heat resistant and are suitable for end-use industries such as architecture, marine, wood, and automotive.
Enforcement of government regulations against emission of Volatile Organic Compounds (VOCs) from coatings has been a key driver for the growth of the global water-borne market. Water-borne coatings have VOC content below the permissible levels that emits less emissions into the atmosphere. Additionally, the water-borne coatings are environmentally-neutral and provide harder coatings which are more weather-resistant. They also have greater durability and less odor.
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The major challenge faced by the water-borne coatings market is the inability of these coatings to adhere on grimy, chalky and peeling surfaces, thereby demands thorough surface preparation. Surface preparation would require increase in cost and time. Additionally, uneven enforcement of existing government environmental regulations, availability of cheaper substitutes, which reduces the performance of water-borne coatings, are restraining the growth of the water-borne coatings market.
Key players in the global water-borne coatings market include Akzo Nobel N.V., Asian Paints Ltd., Nippon Mektron, Ltd., PPG Industries, Inc., The Sherwin-Williams Company, The Valspar Corporation, Axalta Coating Systems, Benjamin Moore & Co., Berger Paints India Limited, and BASF SE.
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