Waterborne Coatings Market Size, Share, Trends, Growth Outlook

Global Waterborne Coatings Market Size is valued at $86.4 Billion in 2024 and is forecast to register a growth rate (CAGR) of 5.2% to reach $129.6 Billion by 2032.

The global Waterborne Coatings Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Resin (Acrylic, Polyurethane (PU), Epoxy, Alkyd, Polyester, Polytetrafluoroethylene (PTFE), Polyvinylidene Chloride (PVDC), Polyvinylidene Fluoride (PVDF), Others), By Application (Architectural, General Industrial, Automotive OEM, Metal Packaging, Protective Coatings, Automotive Refinish, Industrial Wood, Marine, Coil, Others).

An Introduction to Waterborne Coatings Market in 2024

Waterborne coatings to gain popularity as environmentally friendly and high-performance alternatives to solvent-based coatings in various industries in 2024. These coatings are formulated with water as the primary solvent, along with resins, pigments, additives, and crosslinking agents to create durable and protective finishes for substrates such as metal, wood, concrete, and plastics. Waterborne coatings offer several advantages, including low VOC emissions, fast drying times, excellent adhesion, and resistance to chemicals and abrasion. They find applications in architectural coatings, automotive refinishing, industrial coatings, furniture finishes, and packaging, where environmental regulations, health concerns, and performance requirements drive the transition to water-based formulations. In architectural coatings, waterborne paints and varnishes are used for interior and exterior applications such as walls, ceilings, doors, and trim, providing long-lasting protection and decorative finishes with minimal odor and environmental impact. Similarly, in automotive coatings, waterborne paints and clearcoats offer superior gloss, color retention, and durability while reducing emissions of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs). With ongoing advancements in formulation technology, raw materials, and application methods, waterborne coatings to offer versatile and sustainable solutions for protecting and enhancing surfaces in various applications, contributing to environmental stewardship and regulatory compliance across industries.

Waterborne Coatings Market Competitive Landscape

The market report analyses the leading companies in the industry including AkzoNobel NV, Axalta Coating Systems LLC, BASF SE, Berger Paints India Ltd, Kansai Paint Co., Nippon Paint Holdings Company Ltd, PPG Industries Inc, RPM International Inc, The Sherwin-Williams Company, The Valspar Corp, Tikkurila Oyj, and others.

Waterborne Coatings Market Dynamics

Market Trend: Transition Towards Environmentally Friendly Coating Solutions

A significant market trend in the waterborne coatings industry is the transition towards environmentally friendly coating solutions. With increasing environmental awareness and regulations aimed at reducing volatile organic compound (VOC) emissions, there is a growing preference for coatings that have lower environmental impact. This trend is driven by regulatory mandates, consumer demand for eco-friendly products, and corporate sustainability initiatives. Waterborne coatings, which contain water as a solvent instead of traditional solvents, are witnessing higher demand as they offer reduced VOC emissions, improved air quality, and compliance with environmental regulations. As industries strive to reduce their carbon footprint and address environmental concerns, the market for waterborne coatings is experiencing growth and greater adoption as a preferred coating technology.

Market Driver: Stringent Environmental Regulations and VOC Emission Limits

The driver behind the growth of the waterborne coatings market is stringent environmental regulations and VOC emission limits. Governments worldwide impose strict limits on VOC emissions from industrial processes, including coating applications, to protect air quality and human health. Regulatory measures such as the Clean Air Act in the United States and the European Union's VOC Directive set maximum allowable VOC levels in coatings, driving the adoption of low-VOC or VOC-free alternatives. Waterborne coatings offer a solution to meet regulatory requirements and reduce environmental impact, as they emit significantly lower levels of VOCs compared to solvent-based coatings. As industries face pressure to comply with VOC emission limits and reduce their environmental footprint, the demand for waterborne coatings driven by regulatory compliance continues to rise, shaping the market towards greater adoption and innovation of environmentally friendly coating technologies.

Market Opportunity: Expansion into High-Performance Applications and Emerging Markets

An opportunity for growth and diversification in the waterborne coatings market lies in expansion into high-performance applications and emerging markets. While waterborne coatings are commonly used in architectural paints, furniture finishes, and automotive coatings, there is potential for penetration into new sectors with specialized requirements for coating performance and durability. In high-performance applications such as marine coatings, industrial maintenance coatings, and aerospace coatings, waterborne formulations can offer advantages such as corrosion resistance, UV protection, and chemical resistance while meeting stringent VOC regulations. Additionally, in emerging markets such as Asia-Pacific and Latin America, where environmental regulations are evolving, there is growing demand for waterborne coatings as industries seek sustainable coating solutions. By targeting high-performance applications and emerging markets with tailored formulations and value-added services, waterborne coating manufacturers can expand their market presence, address specific industry needs, and capitalize on opportunities for growth and market diversification beyond traditional applications.

Waterborne Coatings Market Share Analysis: Acrylic segment generated the highest revenue in 2024

The largest segment in the Waterborne Coatings Market by resin is Acrylic. Acrylic resins are highly favored in various applications due to their excellent properties, including durability, flexibility, and resistance to UV radiation and weathering. This makes them ideal for use in architectural, automotive, and industrial coatings. The environmental advantages of acrylic waterborne coatings, such as low volatile organic compound (VOC) emissions, align with the increasing regulatory pressures and consumer demand for eco-friendly products. Additionally, acrylic resins offer superior adhesion and color retention, which are critical for maintaining the aesthetic and protective qualities of coatings over time. The versatility of acrylics allows for their use in a wide range of surfaces, including metal, wood, and plastic, further driving their adoption. Innovations and advancements in acrylic technology continue to enhance their performance characteristics, making them a preferred choice in the waterborne coatings market. The growing construction and automotive industries, particularly in emerging economies, are significant contributors to the expansion of the acrylic segment, reinforcing its position as the largest and most dynamic segment in the market.

Waterborne Coatings Market Share Analysis: Architectural is poised to register the fastest CAGR over the forecast period

The fastest-growing segment in the Waterborne Coatings Market by application is the Architectural segment. This rapid growth is driven by the increasing demand for sustainable and environmentally friendly building materials. Waterborne coatings are favored in the architectural sector due to their low volatile organic compound (VOC) emissions, which contribute to better indoor air quality and meet stringent environmental regulations. The rising awareness and adoption of green building practices and certifications, such as LEED (Leadership in Energy and Environmental Design), further boost the demand for waterborne architectural coatings. Additionally, the robust growth in the construction industry, particularly in emerging economies, fuels the need for high-performance, durable, and aesthetically pleasing coatings. Waterborne coatings provide excellent protection against weathering, UV radiation, and wear and tear, making them ideal for both interior and exterior applications. Technological advancements have enhanced the performance and application properties of these coatings, making them more competitive with traditional solvent-based coatings. As a result, the architectural segment is witnessing significant expansion and is expected to continue its upward trajectory, driven by ongoing urbanization, infrastructure development, and the global shift towards sustainable building practices.

Waterborne Coatings Market

By Resin
Acrylic
Polyurethane (PU)
Epoxy
Alkyd
Polyester
Polytetrafluoroethylene (PTFE)
Polyvinylidene Chloride (PVDC)
Polyvinylidene Fluoride (PVDF)
Others
By Application
Architectural
General Industrial
Automotive OEM
Metal Packaging
Protective Coatings
Automotive Refinish
Industrial Wood
Marine
Coil
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)

Waterborne Coatings Companies Profiled in the Study

AkzoNobel NV
Axalta Coating Systems LLC
BASF SE
Berger Paints India Ltd
Kansai Paint Co.
Nippon Paint Holdings Company Ltd
PPG Industries Inc
RPM International Inc
The Sherwin-Williams Company
The Valspar Corp
Tikkurila Oyj
*- List Not Exhaustive

TABLE OF CONTENTS

1 Introduction to 2024 Waterborne Coatings Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Waterborne Coatings Market Size Outlook, $ Million, 2021 to 2032
3.2 Waterborne Coatings Market Outlook by Type, $ Million, 2021 to 2032
3.3 Waterborne Coatings Market Outlook by Product, $ Million, 2021 to 2032
3.4 Waterborne Coatings Market Outlook by Application, $ Million, 2021 to 2032
3.5 Waterborne Coatings Market Outlook by Key Countries, $ Million, 2021 to 2032

4 Market Dynamics
4.1 Key Driving Forces of Waterborne Coatings Industry
4.2 Key Market Trends in Waterborne Coatings Industry
4.3 Potential Opportunities in Waterborne Coatings Industry
4.4 Key Challenges in Waterborne Coatings Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Waterborne Coatings Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Waterborne Coatings Market Outlook by Segments
7.1 Waterborne Coatings Market Outlook by Segments, $ Million, 2021- 2032
By Resin
Acrylic
Polyurethane (PU)
Epoxy
Alkyd
Polyester
Polytetrafluoroethylene (PTFE)
Polyvinylidene Chloride (PVDC)
Polyvinylidene Fluoride (PVDF)
Others
By Application
Architectural
General Industrial
Automotive OEM
Metal Packaging
Protective Coatings
Automotive Refinish
Industrial Wood
Marine
Coil
Others

8 North America Waterborne Coatings Market Analysis and Outlook To 2032
8.1 Introduction to North America Waterborne Coatings Markets in 2024
8.2 North America Waterborne Coatings Market Size Outlook by Country, 2021-2032
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Waterborne Coatings Market size Outlook by Segments, 2021-2032
By Resin
Acrylic
Polyurethane (PU)
Epoxy
Alkyd
Polyester
Polytetrafluoroethylene (PTFE)
Polyvinylidene Chloride (PVDC)
Polyvinylidene Fluoride (PVDF)
Others
By Application
Architectural
General Industrial
Automotive OEM
Metal Packaging
Protective Coatings
Automotive Refinish
Industrial Wood
Marine
Coil
Others

9 Europe Waterborne Coatings Market Analysis and Outlook To 2032
9.1 Introduction to Europe Waterborne Coatings Markets in 2024
9.2 Europe Waterborne Coatings Market Size Outlook by Country, 2021-2032
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Waterborne Coatings Market Size Outlook by Segments, 2021-2032
By Resin
Acrylic
Polyurethane (PU)
Epoxy
Alkyd
Polyester
Polytetrafluoroethylene (PTFE)
Polyvinylidene Chloride (PVDC)
Polyvinylidene Fluoride (PVDF)
Others
By Application
Architectural
General Industrial
Automotive OEM
Metal Packaging
Protective Coatings
Automotive Refinish
Industrial Wood
Marine
Coil
Others

10 Asia Pacific Waterborne Coatings Market Analysis and Outlook To 2032
10.1 Introduction to Asia Pacific Waterborne Coatings Markets in 2024
10.2 Asia Pacific Waterborne Coatings Market Size Outlook by Country, 2021-2032
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Waterborne Coatings Market size Outlook by Segments, 2021-2032
By Resin
Acrylic
Polyurethane (PU)
Epoxy
Alkyd
Polyester
Polytetrafluoroethylene (PTFE)
Polyvinylidene Chloride (PVDC)
Polyvinylidene Fluoride (PVDF)
Others
By Application
Architectural
General Industrial
Automotive OEM
Metal Packaging
Protective Coatings
Automotive Refinish
Industrial Wood
Marine
Coil
Others

11 South America Waterborne Coatings Market Analysis and Outlook To 2032
11.1 Introduction to South America Waterborne Coatings Markets in 2024
11.2 South America Waterborne Coatings Market Size Outlook by Country, 2021-2032
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Waterborne Coatings Market size Outlook by Segments, 2021-2032
By Resin
Acrylic
Polyurethane (PU)
Epoxy
Alkyd
Polyester
Polytetrafluoroethylene (PTFE)
Polyvinylidene Chloride (PVDC)
Polyvinylidene Fluoride (PVDF)
Others
By Application
Architectural
General Industrial
Automotive OEM
Metal Packaging
Protective Coatings
Automotive Refinish
Industrial Wood
Marine
Coil
Others

12 Middle East and Africa Waterborne Coatings Market Analysis and Outlook To 2032
12.1 Introduction to Middle East and Africa Waterborne Coatings Markets in 2024
12.2 Middle East and Africa Waterborne Coatings Market Size Outlook by Country, 2021-2032
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Waterborne Coatings Market size Outlook by Segments, 2021-2032
By Resin
Acrylic
Polyurethane (PU)
Epoxy
Alkyd
Polyester
Polytetrafluoroethylene (PTFE)
Polyvinylidene Chloride (PVDC)
Polyvinylidene Fluoride (PVDF)
Others
By Application
Architectural
General Industrial
Automotive OEM
Metal Packaging
Protective Coatings
Automotive Refinish
Industrial Wood
Marine
Coil
Others

13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
AkzoNobel NV
Axalta Coating Systems LLC
BASF SE
Berger Paints India Ltd
Kansai Paint Co.
Nippon Paint Holdings Company Ltd
PPG Industries Inc
RPM International Inc
The Sherwin-Williams Company
The Valspar Corp
Tikkurila Oyj

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By Resin
Acrylic
Polyurethane (PU)
Epoxy
Alkyd
Polyester
Polytetrafluoroethylene (PTFE)
Polyvinylidene Chloride (PVDC)
Polyvinylidene Fluoride (PVDF)
Others
By Application
Architectural
General Industrial
Automotive OEM
Metal Packaging
Protective Coatings
Automotive Refinish
Industrial Wood
Marine
Coil
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)