Waterborne Coatings Market Report Scope & Overview:

The Waterborne Coatings Market Size was valued at USD 61.05 billion in 2023 and is expected to reach USD 93.65 billion by 2031 and grow at a CAGR of 5.5% over the forecast period 2024-2031.

Waterborne coatings are environmentally beneficial since they use water as a solvent and can be sprayed quickly. They can be used in appliances, architecture, marine, packaging, wood, general industrial, and other applications. Flexibility, adhesion, stain resistance, hardness, and corrosion resistance are some of the features they have.

Waterborne Coatings Market Revenue Analysis

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Waterborne coatings contain up to 80% water to dissolve additives, resin, pigments, and resin before applying the mixture to the material to be painted's body surface. These eco-friendly coatings are utilised for a wide range of applications, including protective coatings, coils, maritime, and industrial wood. Because of its low toxicity, aqueous coating is in great demand in the automotive industry, and its expanding use in a variety of applications, such as metal packaging and architectural applications, will boost industry growth in the near future.

Market Dynamics:


  • Waterborne coatings are becoming more popular in OEM vehicle applications.

  • Infrastructural development spending should be increased.

  • Demand for VOC-free coatings is increasing as a result of new environmental legislation.


  • Waterborne coatings must have a longer drying time.

  • The cost of aqueous coatings is rising.

  • A lower level of performance than solvent-based coatings


  • Emerging economies have plenty of potential to grow.

  • Automobile production and sales are increasing.


  • The government is enacting a growing number of regulatory policies.

  • Waterborne coating technology's drawbacks

Impact of COVID-19:

The installation of lockdowns across the globe to reduce the spread of COVID-19 is having a cascading effect on the global waterborne coatings sector. The epidemic has posed various hurdles for waterborne coatings producers and suppliers, including disruption in the supply chain, a halt in the manufacturing process, and ongoing transportation and shipment issues for both raw materials and completed goods. To avoid the spread of coronavirus, some testing laboratories were shut down. However, many manufacturing facilities are currently attempting to increase production capacity by refining COVID-19 standards and adjusting to the increasing challenges of product and process innovation. By the end of 2022, the market is predicted to have overcome this position.

Market Segmentation:

By Type

  • Acrylic

  • Polyurethane

  • Epoxy

  • Alkyd

  • Polyester

  • PTFE

  • PVDC

  • PVDF

  • Others

By Application

  • Architectural

  • General Industrial

  • Automotive OEM

  • Metal Packaging

  • Protective Coatings

  • Automotive Refinish

  • Industrial Wood

  • Marine

  • Coil

  • Others

Waterborne Coatings Market Segment Analysis

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Regional Analysis:

The Asia-Pacific waterborne coatings market is expected to account for the greatest share of the waterborne coatings industry and have the highest CAGR over the projected period. The growing demand for these coatings from various end-use industries, such as general industrial, automotive, new construction, marine, and remodel & repaint, in countries such as India, China, Malaysia, Taiwan, Indonesia, South Korea, and Vietnam, is expected to drive the region's waterborne coating market.


  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Key Players:

Nippon Paint Holdings Co. Ltd,  Kansai Paint Co. Ltd,Tikkurila OYJ, AkzoNobel N.V., Sherwin-Williams Company, RPM International Inc., Asian Paints Limited, BASF SE, Jotun Group (Norway, , PPG Industries Inc., Axalta Coating Systems LLC, and other players.

Kansai Paint Co. Ltd-Company Financial Analysis

Waterborne Coatings Market Report Scope:
Report Attributes Details
Market Size in 2023 US$ 61.05 Billion
Market Size by 2031 US$ 93.65 Billion
CAGR CAGR of 5.5% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Acrylic, Polyurethane, Epoxy, Alkyd, Polyester, PTFE, PVDC, PVDF, Others),
• By Application (Architectural, General Industrial, Automotive OEM, Metal Packaging, Protective Coatings, Automotive Refinish, Industrial Wood, Marine, Coil, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Nippon Paint Holdings Co. Ltd,  Kansai Paint Co. Ltd,Tikkurila OYJ, AkzoNobel N.V. , Sherwin-Williams Company, RPM International Inc., Asian Paints Limited, BASF SE, Jotun Group (Norway, , PPG Industries Inc., Axalta Coating Systems LLC, and other players.
DRIVERS • Waterborne coatings are becoming more popular in OEM vehicle applications.
• Infrastructural development spending should be increased.
• Demand for VOC-free coatings is increasing as a result of new environmental legislation.
Restraints • Waterborne coatings must have a longer drying time.
• The cost of aqueous coatings is rising.
• A lower level of performance than solvent-based coatings

Frequently Asked Questions

Ans: Nippon Paint Holdings Co. Ltd (Japan),  Kansai Paint Co. Ltd (Japan),Tikkurila OYJ (Finland), AkzoNobel N.V. (The Netherlands), Sherwin-Williams Company (US), RPM International Inc. (US), Asian Paints Limited (India), BASF SE (Germany), Jotun Group (Norway, PPG Industries Inc. (US) and Axalta Coating Systems LLC (US) are the major key players of  Waterborne Coatings Market.


Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.


Ans: Primary or secondary type of research done by this reports.

Ans: Waterborne coatings must have a longer drying time, The cost of aqueous coatings is rising and a lower level of performance than solvent-based coatings are the restraints for Waterborne Coatings Market.


Ans: Waterborne Coatings Market Size was valued at USD 61.05 billion in 2023, and is expected to reach USD 93.65 billion by 2031, and grow at a CAGR of 5.5% over the forecast period 2024-2031. 


Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

8.Waterborne Coatings Market Segment, By Type

8.1 Acrylic

8.2 Polyurethane

8.3 Epoxy

8.4 Alkyd

8.5 Polyester

8.6 PTFE

8.7 PVDC

8.8 PVDF

8.9 Others

9.Waterborne Coatings Market Segment, By Application

9.1 Architectural

9.2 General Industrial

9.3 Automotive OEM

9.4 Metal Packaging

9.5 Protective Coatings

9.6 Automotive Refinish

9.7 Industrial Wood

9.8 Marine

9.9 Coil

9.10 Others

10. Regional Analysis

10.1 Introduction

10.2 North America

10.2.1 USA

10.2.2 Canada

10.2.3 Mexico

10.3 Europe

10.3.1 Germany

10.3.2 UK

10.3.3 France

10.3.4 Italy

10.3.5 Spain

10.3.6 The Netherlands

10.3.7 Rest of Europe

10.4 Asia-Pacific

10.4.1 Japan

10.4.2 South Korea

10.4.3 China

10.4.4 India

10.4.5 Australia

10.4.6 Rest of Asia-Pacific

10.5 The Middle East & Africa

10.5.1 Israel

10.5.2 UAE

10.5.3 South Africa

10.5.4 Rest

10.6 Latin America

10.6.1 Brazil

10.6.2 Argentina

10.6.3 Rest of Latin America

11. Company Profile

11.1  Axalta Coating Systems LLC

11.1.1 Financial

11.1.2 Products/ Services Offered

11.1.3 SWOT Analysis

11.1.4 The SNS view

11.2 Nippon Paint Holdings Co. Ltd

11.3 Tikkurila OYJ

11.4 AkzoNobel N.V.

11.5 Sherwin-Williams Company

11.6 RPM International Inc.

11.7  Asian Paints Limited

11.8 Kansai Paint Co. Ltd

11.9 BASF SE

11.10 Jotun Group (Norway)

11.11 PPG Industries Inc.

12.Competitive Landscape

12.1 Competitive Benchmark

12.2 Market Share analysis

12.3 Recent Developments

13. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

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Data Bank Validation

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