The Waterborne Automobile Coatings Market Expected to Flourish by Growing Demand for Eco-friendly Products

 

Waterborne automobile coatings are composed of resins that are dispersed or dissolved in water and provide protection and decoration to vehicle bodies. They offer benefits such as excellent durability and corrosion resistance along with low VOCs that help reduce air pollution. Waterborne coatings also enable faster production cycles due to their quick drying properties.

The global Waterborne Automobile Coatings Market is estimated to be valued at US$ 86.39 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the growth of the waterborne automobile coatings market is the wide range of benefits offered compared to solvent-borne coatings. Waterborne coatings produce high-quality finishes and protect vehicles from corrosion, damage, and fading when exposed to sunlight, rain, snow. They contain very low or no VOCs and produce negligible air pollution, which aligns well with the stringent environmental regulations across regions. Waterborne coatings also allow automobile manufacturers to reduce car production times substantially as they dry fast. This enables increased throughput and productivity. Their superior performance characteristics and environmental friendliness are increasing their preference for use over solvent-borne coatings in the automobile industry.

Segment Analysis

The global waterborne automobile coatings market is segmented into primer, base coat, clear coat and electrocoat. The clear coat segment dominates the market and accounted for over 30% of the total market share in 2023. Clear coat provides protection to the painted surface from elements like chemicals, abrasion, sunlight and offers shine and gloss to the painted surface. The increasing preference for automobiles with shiny and glossy finish works in favor of the clear coat segment.

Key Takeaways

The global waterborne automobile coatings market is expected to witness high growth over the forecast period of 2023 to 2030. The global Waterborne Automobile Coatings Market is estimated to be valued at US$ 86.39 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.

Rapid growth in the automotive industry especially in Asia Pacific is one of the key factors driving the demand for waterborne automobile coatings. Asia Pacific holds the largest share in the global waterborne automobile coatings market and is expected to maintain its dominance during the forecast period. China, India and Japan are the fastest growing markets in the region. The presence of key automakers and growing middle class population with increasing disposable income levels in the region drives the market.

Key players

Key players operating in the waterborne automobile coatings market are Akzo Nobel N.V., BASF SE, Axalta Coating Systems, Berger Paints India Limited, Nippon Paint Company Limited, Kansai Paint Company Limited, PPG Industries Inc., Williams-Hayward Protective Coatings Inc., Tikkurila Oyj, The Valspar Corporation, RPM International Inc., and The Sherwin Williams Company.

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