Global Water-based Alkyd Coatings Market - Segmented by Application and Geography - Growth, Trends, and Forecast (2018-2023)
The global water-based alkyd coatings market is projected to grow at a significant rate during the forecast period, 2018-2023. Asia-Pacific is expected to hold the largest share of the market owing to the increasing residential construction in China and India. Architectural end-user accounts for the largest share of the market.
Shift from Solvent-based Coatings to Water-based Coatings
The large number of regulations pertaining to the use of solvent-based coatings, owing to the adverse impact it has on the environment, has led to a shift to water-based coatings among major players. Even though the water-based coatings are assumed to take more time to dry, certain methods involving the use of microwave technology has led to the significant reduction of drying time.
Major economies in North America and Asia-Pacific have already seen a shift towards water-based coatings due to its zero VOC emission. Rest of the world is expected to follow this trend by the end of the next decade.
Architectural End-user Holds Largest Share of the Market
The construction industry is by-far the largest consumer of water-based alkyd coatings. With a rising number of building codes that promote eco-friendly and energy-efficient structures, home builders and consumers are gradually moving toward building strategies that deliver performance and energy savings in the long run. With a consistent economic growth in the Asian countries, such as India, China, Indonesia, Thailand, Malaysia, and Singapore, the demand for construction of new buildings, both commercial and residential, is consistently increasing, which, in turn, is increasing the demand for water-based alkyd coatings in the region.
Asia-Pacific to Dominate the Market
China’s transport ministry and National Development and Reform Commission (NDRC) has planned to invest USD 724 billion during 2016–2018 to construct 303 vital transportation projects, including railways,highways, waterways, airports, and urban rail. Under the 13th five-year plan (2016–2020), the Chinese government is planning for infrastructure development of 30,000 km of railway lines and 30,000 km of expressways. The Indian government has declared a target of USD 376.5 billion investment in infrastructure over a period of three years, including USD 120.5 billion for developing 27 industrial groups, and USD 75.3 billion for road, railway, and port connectivity projects. All these factors are set to propel the growth of the market in the region.
Notable Developments in the Market
June 2017: Hempel established a new R&D facility solely focused on passive fire protection (PFP) coatings near Barcelona, Spain. The center is likely to be fully functional by the end of 2018.
February 2016: Akzo Nobel acquired BASF’s Industrial Coatings business to become the number one supplier of coil coatings in the world.
Major Players: AkzoNobel N.V., Axalta Coating System, PPG Industries, and The Sherwin Williams Company, among others.
Reasons to Purchase the Report
To understand the impact of increasingly stringent regulations on the market.
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
To understand the dominating technology in the market.
Countries expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support along with the Market Estimate sheet (in Excel).
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