The Water-Based Enamel market accounted for USD 4,924.4 Million in 2020 and is expected to reach USD 8,184.2 Million by 2028, growing at a CAGR of 6.3% from 2021 to 2028.
Water-Based Enamel Market
The Water-Based Enamel Market accounted for USD 4,924.4 Million in 2020 and is expected to reach USD 8,184.2 Million by 2028, growing at a CAGR of 6.3% from 2021 to 2028.
Water Based Enamel is a new generation acrylic paint finish for interior doors, trims, and walls that need a high gloss definition paint finish. Its durable, versatile finish protects it from daily wear and tear for a long time.
The need for a protective coating to protect against external environments is driving up demand for water-based enamels. Glazing, improved corrosion safety, superior wear resistance, and abrasion resistance are all advantages of water-based enamels. By providing thermal protection, electrical resistivity, and insulation, they extend the life of substrates.
The global economy is in extreme slowdown mode amidst worsening credit crunch, disrupting developmental goals of economies and COVID-19 pandemic around the globe. The COVID-19 pandemic has limited expenditure in construction related projects.
The current pandemic has lowered demand for paints and coatings in the automotive, manufacturing, electronics, and white goods industries. The length of the restrictions imposed, as well as their effect on global economic activity, will determine the industry's road to recovery. In contrast to the general trend in the industry, some segments of the market. Despite the industry's general trend, some segments of the sector, such as antimicrobial coatings, are seeing increased demand in the healthcare and food industries.
The global demand for Water Based Enamel is expected to rise rapidly, owing to increased consumption in emerging markets. Further growth prospects will emerge between 2021 and 2028, indicating a rapid pace of transition. Key players in the global Water Based Enamel market have seen increases in both domestic and export-oriented revenues. However, challenges such as growing buyer bargaining power and a focus on high-quality goods at low prices are causing major changes in the Water Based Enamel supply chain.
Government Policy of not using the chemicals that emit high levels of volatile organic compounds are one of the reasons promoting the use of water-based enamel is one of the growth factors of water-based enamel market. The foremost reason that water-based enamels are used widely as compared to other oil-based enamel is its excellent corrosion and chemical resistant properties. The water-based enamel has properties like chemical, abrasion, and salt resistance. These two growth factors are driving the polyester coatings market growth.
Low Sheen water-based enamels have a gloss level that is significantly higher than eggshell paints. Their slightly shiny look, on the other hand, appears to draw attention to surface flaws rather than flat paints. Semi-gloss is a glossier version of semi-gloss. Semi-gloss paints are less reflective than gloss paints and have a slightly shiny look.
Medium Sheen water-based enamels are used for Interior and exterior trims, doors, windows, chairs, and toys are all protected and decorated. Facias, gutters, and windowsills will all benefit from a little tidying up.
Construction, there has been an increase in the development of new residential buildings that can accommodate the growing population. As a result, water-based enamel is in high demand in residential construction to provide better and longer-lasting products that are commonly used in interior applications.
Furniture, Water-based enamel paint formulations clearly have the upper hand when it comes to application and handling. Acrylics dry quicker, have a milder odour, and contain less VOCs (volatile organic compounds), which can be harmful to one's health. It makes furniture glazing, improves its corrosion safety, superior wear resistance, and abrasion resistance are all advantages for furniture having coating of water-based enamels. They help to extend the life of substrates by providing thermal protection.
The Asia Pacific region is projected to fastest growing market for water-based enamel over the forecast period. Due to an increase in construction activities and growth in the furniture industry, Asia Pacific is expected to be a lucrative market. The top countries driving demand for water-based enamel are China, India, Indonesia, South Korea, and Malaysia. The growth of the demand in the region is also fuelled by rising disposable incomes in these countries.
Following Asia Pacific, the North American market is projected to be lucrative due to strong regulatory support for using lower-emission goods. Because of water based enamel growing use in paints and coatings, as well as furniture, North America is expected to see high demand for the product. During the forecasted timeframe, increasing infrastructure expansion in the Middle East and Africa is expected to boost product demand.
The Water Based Enamel market's main strategies include technology releases, acquisitions, and R&D activities. The top five players in the Water Based Enamel industry accounted for xx percent of the market share in 2019. Asian Paints, Nippon Paint, AkzoNobel, BASF, PPG Industries Inc., the Dow Chemical Company, and others are some of the major players in the Water Based Enamel industry.
The Water-Based Enamel Market is segmented as follows:
The Water-Based Enamel market was valued at USD 4,924.4 Million in 2020.
The Water-Based Enamel market is expected to reach USD 8,184.2 Million by 2028, growing at a CAGR of 6.3% between 2021 to 2028.
Factors driving the worldwide Water-Based Enamel market is that the growth of the end-use industries like automotive, construction, and furniture & food industry and others worldwide. And water-based enamel does not emit volatile organic contents once they are dried off. Moreover, Strict government legislation around the world prohibiting the use of chemicals that emit high levels of volatile organic compounds are one of the reasons promoting the use of water-based enamel. Hence, these are few key factors which are driving market growth.
As countries in the region have become more open to foreign investment and their economies have developed, Asia-Pacific has grown rapidly as a market for water-based enamel. Because of their advanced infrastructure, demand for water-based enamel is expected to rise in the United States, Spain, Brazil, India, France, and South Africa. Over the forecast era, rising infrastructure growth in the Middle East is expected to boost demand for the commodity.
Companies such as Sherwin-Williams, Asian Paints, Nippon Paint, PPG Industries, NOROO Paints & Coatings, Taubmans, BASF, AkzoNobel, The Dow Chemical Company, Dulux