Known to be environmental friendly owing to reduced volatile organic compounds (VOC) content, water borne coatings account for almost half the share in the global coatings market. They use water as a solvent to disperse the resin used to formulate the coating or paint. Water borne coatings are easy to apply and are usually applied on wooden furniture and plastic substrates. They are also used in printing inks.
What technologies are bolstering the market?
Continued thrust on product development in the global market for water borne coatings has given rise to an impressive array of technologies such as core-shell technology, resins with easy-to-clean properties, resins based on green chemistries, latent crosslinking, and 1K technologies that perform similar to 2K. Such constant developments is expected to open up new opportunities for growth in the market.
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Which unique perceived benefits of water borne coatings are driving their demand?
A prominent growth driver in the global market for water borne coatings is the increasing number of regulations to curb emission of VOCs from coatings. Since water-borne paints emit far less VOCs than the usual permissible levels, they have been enjoying a steady demand these days. In fact, the new generation of water-borne architectural coatings used in commercial and residential buildings are witnessing swift uptake by dint of being environmentally neutral, harder, and more durable and weather-resistant than traditional latex paints. Yet another unique perceived benefit of water borne coatings stoking their demand is that they dry faster than alkyds and give out much less odor.
On the flip side, water-borne coatings do not adhere as effectively over marginally prepared surfaces such as grimy, chalky, and peeling surfaces as traditional alkyds. They result in increased costs when used on such surfaces. Apart from that, they are not easy to apply in cold climatic conditions on account of poor adhesive property at low temperatures. These two factors have proved detrimental to their demand to some extent.
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What makes Asia Pacific a crucial market?
From a geographical standpoint, Asia Pacific holds a leading share in the global market for water-borne coatings in terms of volume. The market in the region has been bolstered primarily by different industrial applications such as general industrial which includes aluminum extrusions, automotive components, HVAC, metal furniture, and appliances; automotive OEM; automotive refinishes; metal packaging; and protective coatings. Of them, the general industrial applications contributes the most to the market. A burgeoning construction industry has also been driving growth in the Asia Pacific market.
Acrylic-based waterborne coatings are seeing rapid increase in demand. What factors are responsible for it?
Depending upon the types of resins, the global market for water borne coatings can be segmented into acrylic, epoxy, polyester, alkyd, polyurethane, PVDF, PTFE, PVDC, etc. The acrylic-based waterborne coatings segment among them is expanding at a healthy clip. Southeast Asia accounts for most of their demand because of the rapidly expanding automotive and construction sectors in the region.