In water soluble paints, water is used as a dispersal agent for resins. Unlike conventional organic solvent based paints, water soluble paints are eco-friendly and easy to use. Water content in water soluble paints accounts for 80% of the total paint volume. Other solvents, such as glycol ethers, are also used in the water soluble paints market to increase the viscosity of the paints. Attributed to their low volatile organic compounds (VOC) content, these paints are gaining popularity, especially in the developing markets such as the U.S. and Western Europe. According to The Dow Chemical Company, water-based paints are the dominant segment in residential paint market. The company also claimed that about 80% of paints sold in the residential market are water soluble paints.
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The surging urbanization, increasing urban and sub-urban residential infrastructure projects, and upcoming government residential projects in urban and sub-urban area in developing economies such as India, China and Brazil are some of the most dominant growth drivers of the water soluble paint market in Asia-Pacific region. The water soluble paint market in developed region is driven by the stringent environment regulation, regarding the use of organic solvent. In Canada and the U.S., total VOC’s of 100 g/l paints is applicable; however, the manufacturers are predicting the maximum VOC content will fall down to 50 g/l during the forecast period and hence the demand of water soluble paint is expected to escalate in this region. Moreover, increasing consumer awareness about the health and environment friendly paints and coating is expected to spur the growth of the water soluble market during the forecast period.
Based on the various product types, the global water soluble paints market can be segmented as Polyacrylate-based/Acrylic, Polyester-based, Alkyd-based, Epoxy-based, and Epoxy Ester-based water soluble paints. Based on the various applications the global water soluble paints market can be segmented as Industrial, Residential, and others.
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The demand for cost-effective, bio-sourced, and low-VOC paints are increasing. Hence, the appropriate research and development towards the development of cost-effective raw materials can provide new opportunities in the market. Stringent government regulation towards conventional organic solvent based paints in developed market is expected to impact the market positively during the forecast period.
Advancing manufacturing technology of the water soluble paint is one of the key trends in the market. Recently, Dow Chemical introduced a new technology called AVANSE MV-100. It has high performance acrylic binders, which are particularly used for the metal coating. Similarly, the other manufactures are also expected to introduce new and cost-effective manufacturing technique in coming years.
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